Spain’s oil major Repsol plans to reduce its oil business operations and increase five times its renewable energy portfolio by 2030 as part of its latest strategic plan unveiled on Thursday. Repsol was the first oil major anywhere in the world to announce late last year a target to become a net-zero emissions company by 2050. This was back in December 2019 and before the COVID-19 pandemic slashed demand for oil and fuels in 2020. This year, Repsol was followed by all major oil firms based in Europe, including BP, Shell, Total, Eni, and Equinor, all of which pledged net-zero targets by 2050 or sooner and said they would invest much more in renewable energy, transport electrification, and hydrogen. In today’s plan, Repsol said that it aims to become a global renewables operator with a generation capacity of 7.5 gigawatts (GW) by 2025 and 15 GW by 2030. This […]