Europe IOCs claim early progress in push for low carbon
Both Repsol and Total will funnel 25pc of 2021 investments towards low carbon ventures
Europe’s integrated oil companies have moved to reassure investors over their ability to deliver the transition to a low carbon energy system, after reporting significantly higher first-quarter earnings on the back of stronger oil prices. All of the European IOC’s reported progress on investment in renewables during the first quarter, while divestments of upstream and downstream hydrocarbon assets are also gathering pace as the companies restructure their portfolios and direct capital toward low carbon assets. Total and Repsol will both invest 25pc of their overall capital expenditure into low carbon platforms in 2021, they say in the first quarter updates. “We want to keep investing, growin
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist