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Ferrari and Philip Morris to collaborate to cut carbon footprint

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Ferrari announced a collaboration with Philip Morris International (PMI) to study ways to reduce the carbon footprint of their factories in Italy's Emilia-Romagna region
• This initiative, named Ferrari E-Lab, focuses on industrial electrification, particularly in renewable energy generation, storage, and transformation

🔭 The context: The companies have previously announced various sustainability initiatives, with Ferrari developing its first fully-electric car and aiming to be carbon-neutral by 2030
• Meanwhile, PMI is also exploring industrial electrification's potential in its strategy

🌍 Why it matters for the planet: This collaboration represents a significant effort by two major companies to adopt sustainable practices and reduce industrial carbon emissions, contributing to global environmental conservation efforts

⏭️ What's next: A study to assess the feasibility of long-term energy storage technologies is set to be completed by September 2024, marking an important step towards practical implementation of these initiatives

💬 One quote: "Our companies will collaborate to research new technology solutions to develop and optimize the use of energy in our industrial processes," (Benedetto Vigna, Ferrari CEO)

📈 One stat: The Ferrari facility in Maranello employs almost 5,000 people, while PMI's Crespellano site has over 2,000 workers

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