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Deutsche Post invests 7 billion euros to go greener

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·1-min read
FILE PHOTO: A Deutche Post sign stands in front of the Bonn Post Tower in Bonn
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BERLIN (Reuters) - Deutsche Post, one of the world's biggest logistics companies, is investing seven billion euros ($8.32 billion) in measures to cut its CO2 emissions by the end of the decade, in a step towards hitting zero emissions target by 2050.

The company, which is flush with cash after raising its profit guidance earlier this month, plans to spend the money on making 60% of its global delivery vehicles for the last mile electric by 2030, up from 18% last year.

The German group, which has benefited from a boom in ecommerce driven by the coronavirus pandemic, said it will push for using renewable fuels for longer routes, aiming to cover 30% of its fuel needs in aviation and line haul by sustainable sources by 2030.

"We are turning our yellow Group into a green company and making an important contribution to our planet and society," said Chief Executive Frank Appel in a statement, referring to the company's yellow branding.

The Bonn-based company has been using its own electric minivan, StreetScooter, which it acquired in 2014 and for which it was seeking new investors and customers to further ramp up production.

(Reporting by Riham Alkousaa; Editing by Caroline Copley)