Repsol's energy transition plan to major on renewables and green hydrogen
Spanish oil giant to spend $746m on low carbon projects this year and over $1.8bn on upstream oil.
Repsol's strategy of becoming a net zero emissions company by 2050 will see it develop around 400 to 500MW of new renewables projects per year, the Spanish giant said.
Under its plans to transition to a lower carbon business, the Madrid-headquartered company lowered the long-term value of its oil and gas projects and booked a nearly €4.85bn ($5.17bn) impairment on production assets, which it said was "consistent with the Paris Agreement's climate goals".
Repsol posted a loss of €3.82bn for the full year compared to a profit of €2.34bn for 2018.
After putting a price tag on its environmental ambitions, Repsol said that in order to reach its goal, using 2016 as the baseline, it is targeting a 10% reduction by 2025, 20% by 2030 and 40% by 2040.
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