If Europe’s eight largest oil companies want to meet the climate and carbon-reducing goals they have set, their spending on new, low-carbon energies must double by 2020, and then double again within five years, with total spending seen as ‘ monumental ’, according to JP Morgan. Currently, Europe’s big oil—the eight largest companies Shell, Total, BP, Eni, Equinor, Repsol, OMV, and Galp—spend on average around 5 percent of their capital expenditures on “new energies,” JP Morgan said in a report, carried by Bloomberg. According to the JP Morgan analysis on company statements and best practices in the industry, if Europe’s Big Oil were to meet climate goals and don’t lose credibility that they work toward their goals, they would need to raise the share of the ‘new energy’ spending to 9 percent of capital budgets by 2020, and to 17 percent of capex by 2025. “If they’re really going […]