Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.
Repsol will allocate an additional €1 billion (US$1.15 billion) to low-carbon projects between 2021 and 2025, up to a total of €6.5 billion, as it builds on a previous strategic plan that saw the company aim for 15GW of renewables assets by the end of this decade.
Supported by a “sizeable and diversified” pipeline, the company said it has been able to update its growth targets, which include an ambition of having 6GW of renewables by 2025, up from 5.2GW in its previous roadmap.
A presentation accompanying the announcement shows that solar PV will grow from around 27% of the company’s current renewables capacity to well over half by 2030, with the remainder corresponding to onshore wind and hydropower.
Repsol has also announced an absolute emission reduction target for the first time, pledging to reduce 55% of emissions from its operated assets and 30% of net emissions by 2030.