Siemens has created a spinoff energy company dedicated to confronting climate change
The growing chorus of climate change discourse and challenges of meeting rising energy demand have incited a global energy transition. This march toward decarbonization is dramatically changing the relationship societies around the world have with energy.
To meet these challenges, energy giant Siemens is placing itself at the forefront of this revolution. Last May, Siemens announced that Siemens Gas and Power (GP) would be given complete independence and entrepreneurial freedom through a spinoff, creating a pure-play energy company with an unprecedented value proposition in conventional and renewable energies.
Further fueling the new company, Siemens AG plans to contribute its 59% stake in Siemens Gamesa Renewable Energy to GP. This new energy giant will cover the complete energy value chain, a requisite portfolio for steering transformation in the energy industry from carbon-intensive systems to renewable resources, implementing new technologies such as the Internet of Things, and achieving the long-term mission of full decarbonization.