Repsol has announced more ambitious targets that will accelerate its energy transition to become a net zero emissions company by 2050.
Repsol said it will increase the amount of renewable generation in its portfolio by 60% to reach an installed capacity of 20GW by 2030, with previously announced target of 6GW by 2025.
The company said it will increase investments in the 2021-2025 period to €19.3bn, allocating an additional €1bn over the period of its strategic plan to step up its renewable electricity generation capacity and production of renewable hydrogen.
Repsol CEO Josu Jon Imaz said: “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.”
Investments earmarked for low-emission initiatives account for 35% in the 2021-2025 period, increasing to 45% in 2030.