Europe IOCs claim early progress in push for low carbon

Both Repsol and Total will funnel 25pc of 2021 investments towards low carbon ventures

Europe’s integrated oil companies have moved to reassure investors over their ability to deliver the transition to a low carbon energy system, after reporting significantly higher first-quarter earnings on the back of stronger oil prices. All of the European IOC’s reported progress on investment in renewables during the first quarter, while divestments of upstream and downstream hydrocarbon assets are also gathering pace as the companies restructure their portfolios and direct capital toward low carbon assets. Total and Repsol will both invest 25pc of their overall capital expenditure into low carbon platforms in 2021, they say in the first quarter updates. “We want to keep investing, growin

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