Spanish oil company Repsol has raised its ambitions for renewable energy generation and the production of green hydrogen as part of its goal to reach net zero emissions by mid-century.
The company now plans to boost its renewable energy capacity to 6GW by 2025, more than the 5.2GW previously envisaged, Repsol said during a first half earnings conference call. That also pushes higher its target for so-called lower carbon generation (including gas-fired generation) to 8.3GW by 2025, instead of the 7.5GW previously aimed for.
Repsol in a presentation on first half earnings also said it now plans to produce hydrogen from 0.55GW of renewable power in 2025 and from 1.9GW of renewables in 2030. The company previously had aimed for a green H2 output from 0.4GW of clean power in 2025 and 1.2GW in 2030.
The company announced the higher targets as earnings in its Commercial and Renewables segment rose by 40% to €228m ($270.7m) in the first half, helped by the easing of Covid-19 lockdown restrictions.
Repsol’s overall adjusted net income rose to €959m in the first half of 2021, from €189m a year earlier.
"The steps we've taken have allowed us to obtain the maximum possible value in this complex scenario, taking immediate advantage of the recovery indicators that we see, with signals that bring us closer to pre-pandemic levels,” chief executive Josu Jon Imaz said.
“At the same time, we are responding to society's needs and moving decidedly towards our goal of zero net emissions by 2050."
