The renewable energy investments of a Spanish oil and gas company will grow to €19.3 billion between 2021 and 2025.
Increasingly aggressive objectives have been set by Repsol, which will help the business speed its energy transformation and achieve a net zero emissions company by 2050.
It has been previously stated that Repsol would raise the quantity of renewable power in its portfolio by 60% in order to reach an installed capacity of 20GW by 2030, an increase from the prior aim of 6GW by 2025.
The firm said that it will raise its investments in the 2021-2025 period to €19.3 billion, dedicating an additional €1 billion over the course of its strategic plan to expand its renewable energy generating capacity and production of renewable hydrogen, among other things.
“The upward revision of our objectives reflects the significant progress the firm has made toward its goal of becoming carbon neutral by 2050,” said Repsol CEO Josu Jon Imaz.
“Through the use of ambition, technology, and project execution, we are able to accelerate our progress toward this goal.”
Investments in low-emission projects amount for 35 percent of total investments in the period 2021-2025, growing to 45 percent in 2030.