Energy major Repsol aims to achieve net-zero emissions by 2050, making it the first oil and gas company in the world to assume this ambitious goal. At the same time, it is setting a decarbonisation path with intermediate targets for 2020 to 2040.
The company is increasing its target for low-carbon electricity generation capacity by 3,000MW to 7,500MW by 2025 and will begin to expand into other markets to become a leading international player in renewable energies.
Repsol is setting new goals for the reduction of its carbon intensity indicator from a 2016 baseline: 10% by 2025, 20% by 2030, 40% by 2040, and net-zero CO2 emissions by 2050.
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The company’s 2021-2025 Strategic Plan, will be presented to the market and investors in the first half of 2020.
Repsol would if necessary, additionally offset emissions through reforestation and other natural climate sinks to achieve zero net emissions by 2050.
The company currently has 2,952 MW in operation and 1,083 MW under development and the Board has approved new investments to incorporate and build two photovoltaic and one wind power projects totalling an additional 1,600 MW.
With these projects, the renewable power portfolio reaches a total capacity of 5,600MW.
This ambition entails directing all of its activities and investments to meet new and more stringent plans all in alignment with the energy transition and the effort to limit the planet’s temperature rise to well below 2 degrees Celsius according to the Paris Agreement’s climate goals.
“We are convinced that we must set more ambitious objectives to fight climate change. We believe now it is the right time for Repsol. Addressing the significant challenges that lie ahead with strategic clarity is what will allow us to turn them into opportunities. We are convinced that this strengthens our project that is sustainable, attractive and profitable for all our stakeholders” said Chief Executive Officer Josu Jon Imaz.
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The Climate Action 100+ initiative, which groups over 370 international investors managing over $35 trillion, recently recognised the company’s efforts in sustainability.
Standard & Poor has also ranked Repsol among the companies in its industry with the most advanced sustainability strategy.