German energy giant RWE has outlined plans to invest more than €50bn ($54.9bn) in the energy transition by 2030.

The move is part of the company’s Growing Green investment and growth strategy, which aims to build a sustainable energy system.

RWE CFO Michael Müller stated: “We are vigorously driving forward the expansion of our green portfolio and investing more than €50bn gross in the green energy world by 2030.

“With our new Green Financing Framework, which is aligned with the EU taxonomy, we are strengthening RWE's position in the market for green financing instruments and thus the sustainable development of our company.”

The company aims to enhance its renewable energy generation capacity, battery storage technologies and carbon-free backup, along with ramping up the hydrogen economy.

RWE presented its initial Green Bond Framework in 2020. The new and updated framework now gives the company a platform to issue “green bonds" and use other green financing instruments.

It also reflects the goals of the "growing green" strategy presented in 2021 and expands its scope to battery storage and green hydrogen projects as well as wind and solar.

The new framework meets all requirements of the EU taxonomy and other international financing guidelines for sustainable investments.

It is in line with the 2021 ICMA green bond principles as well as the 2023 green loan principles and follows the recommendations of the latest proposed EU green bond standard.