Repsol has set targets to increase activity in renewables and decrease its carbon dioxide emissions by 2050, the Spanish multinational announced on Tuesday.
The company has increased its investment plans to USD 22.4 billion between 2021 and 2025, with USD 1.16 allocated to increasing its renewable electricity generation capacity and production of renewable hydrogen.
The super-major also plans on increasing electricity produced by renewables by 60% to reach an installed capacity of 20 GW by 2030, with an earlier goal of 6 GW by 2025.
“The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050. Ambition, technology, and project execution are enabling us to increase the speed at which we will achieve this target,” said Josu Jon Imaz, CEO of Repsol.