European Oil Majors Doubled Spending On Low-Carbon Energy Sources

In just two years, Europe’s oil and gas majors have doubled their planned spending on low-carbon energy—from 10 percent of capex in 2019 to 25 percent of overall spending per current expenditure plans, Wood Mackenzie said on Thursday. In 2019, the European majors were targeting on average $2 billion each per year invested in alternative energy sources, or 10 percent of capex.

In 2021, those companies now shoot for $4 billion annual investment on average in clean energy, or 25 percent of capex on average.   Spain’s Repsol…