Can A Big Oil Company Go Carbon Free
Oil companies increasingly tout emissions reduction targets. But it’s often unclear how they plan to actually cut greenhouse gases. The Spanish oil giant Repsol SA offered some clues earlier this week when it unveiled its goal to achieve net-zero emissions by 2050. The announcement itself was notable. While a growing number of companies have pledged to reduce greenhouse gases from their operations, none has committed to eliminating them, until now. The Madrid-based major said it planned to increase spending on renewables, tie 40% of executive compensation to emissions reductions and revamp industrial processes like refining so they release less carbon dioxide....