Enel, Italy's largest utility provider and the seventh largest electricity company in the world has committed to phasing out future investments in coal and to ramp up investment in, and production of renewable energy in an effort to become "energy neutral" by the year 2050.

A statement from the company stated that "Enel shares the same concerns about the global climate expressed by most of the international scientific community as well as the goal to keep the worldwide temperature rise below 2°C." It went on to state that "in the lead-up to the Climate Change Conference in Paris, Enel is ready to tackle this challenge and lead the industry’s effort to reach this target." The climate change conference, set to take place in Paris in December of this year is seen by the international community as a critical moment to set the world on a path towards addressing dangerous effects of climate change before it's too late.

The move received praise from Greenpeace Executive Director Kumi Naidoo, saying the company deserved praise for being a "first mover" in the sector. Greenpeace Italy had previously been heavily critical of Enel due to its greenhouse-gas emissions from coal.

To learn more about Enel's pledge to tackle climate change read this article from Financial Times and a reaction from Greenpeace.