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Repsol, Spain's largest oil and gas company, is under fire from environmental groups for "greenwashing" its fuelsmeaning using palm oil instead of natural gasand is now facing a lawsuit from another company, Iberdrola, accusing it of unfair competition and misleading advertising, the Guardian reports.
Iberdrola, which is based in the country's Basque region and has more than 2 million electricity and gas customers, says Repsol's push for "sustainable, eco-fuels, carbon neutral, with a low carbon footprint or renewable" fuels doesn't jibe with the European Union's criteria for green products.
"They favor the overvaluation of assets considered green, which fuels the risk of bubbles," Iberdrola CEO Jon Imaz says.
Repsol, for its part, says it's focusing on decarbonization, meaning using less fossil fuel, while Iberdrola says it's focusing on competition, the Local reports.
Repsol, for its part, says Iberdrola's claims are "without foundation."
It says Iberdrola's claim that it's competing in an open market is "without foundation," as most of its customers use agricultural crops or Read the Entire Article