Shell, BP Total now Repsol to Boost Renewables Fivefold, Cuts Dividend For 2021
Repsol’s decision last December to write down the value of its oil assets by 4.8 billion euros ($5.7 billion) and promise to eliminate net emissions of greenhouse gases from its operations by 2050 was the first step in a dramatic shift for the oil industry. It plans to funnel cash from the petroleum business into an expansion of renewable capacity to 15 gigawatts -- including wind and solar -- from the current 2.95 gigawatts.
Why not join me at the oil and gas to hydrogen https://bit.ly/2Vbgpoi professionals group?
Dr Massey and I chinwag around the decarbonisation of the oil and gas industry:
This week - the one in which BP announced its intention to be 'net zero' by 2050 - we decided to chat about the oil and gas industry. It's an industry which is often painted as the flat-out enemy of decarbonisation, and one that needs to simply go away rather than adapt. But its also one that employs an awful lot of people, pays out big amounts of tax to the government and has both a lot of attributes (such as big project and risk management expertise) and a lot of investment clout - both of which should be helpful in speeding any energy transition.
So how realistic are targets like BP's, where might traditional oil and gas company expertise play into the clean energy sector and what other challenges does the fossil fuels industry face
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