Repsol announces plans for renewable energy

According to Bloomberg, Spanish oil company Repsol will cut its dividend in 2021 after defining plans to slow the oil search and quintuple renewable energy capacity over the next decade.

The company, which was the first major oil company to set a goal to zero net emissions, plans to channel oil sector resources to expand renewable energy capacity to 15 gigawatts – including wind and solar – from the current 2.95 gigawatts. 

Repsol's new strategy also includes a concrete target for green hydrogen production, differentiating it from other oil companies. The company also plans to use three types of technology to produce green hydrogen: electrolysis, using renewable electricity to generate hydrogen from water; biomethane in steam reformers, which extracts hydrogen from gas produced from biological sources; and photoelectrolysis, where sunlight is used to extract hydrogen from water.

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