The Spanish oil and gas giant Repsol has committed to investing €5.5 billion (£4.9bn) in low carbon generation between 2021 and 2025.
The company aims to become a global operator, with a generation capacity of 7.5GW by 2025 and 15GW by 2030.
Repsol aims to have a biofuels production capacity of 1.3 million tonnes and a renewable hydrogen production of the equivalent of 400 MW by 2025.
It also aims to spend more than €400 million in energy efficiency technologies, which are predicted to allow it to reduce carbon dioxide emissions by 800,000 tonnes in the next five years.
Josu Jon Imaz, Respol Chief Executive Officer, said: “Our strategy is based on a multi-energy offering that combines all the technologies for decarbonisation of energy.
“We will be more efficient and increase our renewable energy objectives as well as our manufacture of products with a low, neutral, or even a negative carbon footprint.”