Rolls-Royce, which makes engines for aircraft and ships, has outlined plans to reach net-zero emissions by 2050.
Reuters reports that the company will increase its investments in decarbonizing technologies and use more sustainable aviation fuel.
The company has outlined plans for all its new products to be compatible with net-zero targets by 2030, en route to achieving net-zero by 2050 at the latest.
To ensure it reaches that target, the company said it will lift its research and development spending on low carbon and net-zero technologies to 75% of its total budget by 2025 from the current 50%.
Rolls-Royce is placing its hopes on synthetic fuels as it plans to gain regulatory approval by 2023 for using the fuels in all engine models that are currently in production.
Chief executive Warren East said that the switch was both a societal imperative and one of the greatest commercial and technological opportunities of our time.
“Our innovative technology has a fundamental role to play in enabling and even accelerating, the overall global transition to a net-zero carbon future,” he added.