Spanish energy and petrochemical giant Cepsa has said that it will invest between 7 billion and 8 billion euros in the energy transition business as part of its newly announced 2030 strategy. Cepsa plans to generate more than half of its profits from sustainable businesses by 2030 and reduce carbon dioxide emissions by 55%.
      By 2023, more than 60% of the investment of 7 billion to 8 billion euros will be used for the sustainable development business, mainly to create an e-mobility ecosystem and charging network in Spain and Portugal, and become the leader of green hydrogen in Iberia producer, with a target capacity of 20 GW. The company also plans to produce 2.5 million tonnes/year of biofuel by 2030, as well as 800,000 tonnes/year of sustainable aviation fuel.
      Cepsa said that in the 2030 strategy, the chemical business target is to achieve 30% of sales of low-carbon products by 2026. The company will continue to execute on its previously announced plans to provide its chemicals business with greater autonomy to maximize value. Cepsa said the company's chemicals division will develop and manufacture products from renewable and recycled raw materials, strengthening its leadership in the linear alkylbenzene and phenol markets.