* Iberdrola announces $88 billion green spending plan
* Europe's Big Oil to spend up to $70 bln by 2025 on
low-carbon
* GRAPHIC: Green spending spree https://tmsnrt.rs/3p2kPvg
By Ron Bousso
LONDON, Nov 5 (Reuters) - Spanish wind energy group
Iberdrola's plans to spend around $88 billion on
renewable power by 2025 eclipse Europe's top oil companies'
combined planned investments in low-carbon over the same period.
Royal Dutch Shell, BP, Total,
Norway's Equinor, Spain's Repsol and Italy's
Eni aim to grow their low-carbon businesses after
setting out plans to sharply reduce greenhouse gas emissions in
the coming decades.
The group's combined spending on renewables such as offshore
wind and solar power as well as retail businesses in some cases
is set to grow nearly 10-fold over the next five years from
$7.35 billion in 2020 to $69.2 billion by 2025, according to
company announcements and Reuters estimates.
Iberdrola said on Thursday it plans to invest 75 billion
euros ($88 billion) in its renewable energy production, grids
and retail business by 2025 to capitalise on growing global
demand for clean power.
Goldman Sachs estimates that Europe's Big Oil companies
could spend close to half of their capital expenditure on low
carbon activities compared with 10% to 15% in 2019.
Their installed power capacity is expected to grow 20 fold
from 7 gigawatt (GW) currently to over 140 GW by 2030, the bank
said in a note in September.
For an interactive version of this chart see https://tmsnrt.rs/3p2kPvg
(Reporting by Ron Bousso; Editing by Kirsten Donovan)
BP (BP.)
