Munich-based Siemens intends to be the world’s first major industrial company to achieve a net-zero carbon footprint by 2030. The company plans to cut its carbon dioxide (CO2) emissions, which currently total about 2.2 million metric tons a year, in half by as early as 2020. To achieve these goals, Siemens will invest some $112 million over the next three years in order to reduce the energy footprint of its production facilities and buildings.

By investing in technologies such as energy management systems and automation systems for buildings and production processes as well as energy-efficient drive systems for manufacturing, Siemens expects to slash its energy costs by approximately $22 million a year.

The company will launch its CO2 reduction program next fiscal year, investing in 15 different manufacturing locations.