European oil majors double their investment in low-carbon energy

European oil and gas majors have doubled their planned spending on low-carbon energy in just two years, from 10% of capital spending in 2019, Wood Mackenzie said on Thursday.
25% of the total expenditure of the current spending plan
.

In 2019, European oil majors are targeting an average annual investment of $2 billion in alternative energy, or 10% of capital expenditures
.
By 2021, the companies aim to invest an average of $4 billion annually in clean energy, representing an average of 25% of capital expenditures
.

According to Tom Ellacott and Greig Aitken of WoodMac's corporate research team, Spain's Repsol has the most aggressive investment targets in low-carbon energy, accounting for 35% of its total annual spending
.

Experts at WoodMac say most European giants are targeting renewable energy, especially solar, onshore and offshore wind, as these technologies are already commercialized and scalable, giving big oil companies access to the low-carbon energy sources they seek
.

In addition to doubling investments in clean energy, the key difference from 2019 is that U.
S.
supergiants ExxonMobil and Chevron have also committed to investing in low-carbon energy, WoodMac noted
.

American giants are betting on renewable fuels and carbon capture and storage (CCS) projects, but they eschew solar and wind power
.

In Europe, bp, Shell, Eni, Equinor and Total Energy have increased their investments in renewable power generation, electric vehicle charging networks, hydrogen and CCS
.
In the offshore wind sector, oil and gas majors say they have the ability and skills to develop offshore wind
.