Spanish wind energy group Iberdrola has announced massive spending plans on renewable energy. The company intends to invest $88 billion on renewable power, such as solar power and offshore wind, by 2025. Iberdrola said its total spending on renewables and retail businesses would expand by nearly ten-fold from $7.35 billion this year to $69.2 billion by 2025 to capitalise on growing global demand for clean power.
This figure eclipses the combined green spending plans by Shell, BP, Total, Equinor, Eni, and Repsol. Goldman Sachs estimates these oil companies could spend about 50% of their capex on low-carbon energy in 2030, compared to 10% to 15% in 2019. Their total installed power capacity is expected to grow to more than 140 GW by 2030, surging by 20 fold from 7 GW currently.
