General Motors (GM, Detroit, Mich., U.S.) wants to end production of all diesel- and gasoline-powered cars, trucks and SUVs by 2035 and shift its entire new fleet to electric vehicles as part of a broader plan to become carbon neutral by 2040, the company said Thursday. The company plans to use 100% renewable energy to power its U.S. facilities by 2030 and global facilities by 2035 — five years ahead of a previously announced goal.

“General Motors is joining governments and companies around the globe working to establish a safer, greener and better world,” said Mary Barra, GM chairman and CEO. “We encourage others to follow suit and make a significant impact on our industry and on the economy as a whole.”

General Motors has committed to becoming carbon neutral by 2040. It also aims to have 40% of its vehicles be battery powered by 2025. Transportation is the largest contributor of greenhouse gas emissions in the United States, just over 28%, the Environmental Protection Agency reported. Which is why GM and other industry leaders have joined the Science Based Targets initiative, which calls on businesses to take action to combat climate change.

To make this happen, GM has promised to invest $27 billion in autonomous and electric vehicles in the next five years. The company said that by 2025 it would offer 30 global electric models and that 40 percent of its U.S. models would be electric. It plans to offer the new vehicles across a range of price points.

In addition to GM’s carbon goals, the company worked with the Environmental Defense Fund (EDF) to develop a shared vision of an all-electric future and an aspiration to eliminate tailpipe emissions from new light-duty vehicles by 2035. GM’s focus will be offering zero-emissions vehicles across a range of price points and work with all stakeholders, including EDF, to build out the necessary vehicle-charging infrastructure and promote consumer acceptance while maintaining high-quality jobs, which will all be needed to meet these ambitious goals.