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Spanish Oil Giant Now Spends More on Renewable Energy Than Oil Drilling

  • It’s the latest sign of European majors’ shift to clean energy
  • Company to devote about 25% of capex to low-emission projects
   

Photographer: Angel Navarrete/Bloomberg

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Repsol SA has invested more in recent months in developing renewable power projects than searching for oil and gas, offering the latest example of how Europe’s energy giants are accelerating their shift away from fossil fuels.