On sustainable finance, the Chairman of Repsol warned of "unnecessary" biases in the denoted European Taxonomy and suggested that there is still time to define a standard that respects technological neutrality. Furthermore, regarding the allocation of the European Next Generation Funds, he said that they should consider areas that could favor the industrial fabric and create more jobs, such as those related to the circular economy to produce fuels and materials.
Antonio Brufau vindicated the company's sustained commitment over decades in the fight against climate change and referred to Repsol's energy transition strategy, which today was supported by shareholders after being submitted to a consultative vote of the Annual General Shareholders’ Meeting for the first time at the proposal of the Board of Directors. The company will report annually on its implementation and decarbonization plans, committing to submit them again to shareholders when updated or significantly modified.
“These complex times require us to give the best of ourselves. Rest assured of Repsol's commitment to society to respond to its energy needs, making the energy transition to zero net emissions profitable for our shareholders," he concluded.
Industrial transformation, quality employment, commitment to the environment and guarantee of attractive shareholder returns
In his speech to shareholders, Repsol's CEO, Josu Jon Imaz, reviewed the 2021 financial year, which was the first year of the Strategic Plan. According to him, it was an important year for the company, in which it took advantage of the opportunities offered by the recovery of the economy and mobility to begin to return to its pre-pandemic trajectory.
Imaz reflected on the "significant" negative economic impact of the war generated by the Russian invasion of Ukraine due to increases in energy and raw material prices, the disruption of international trade and a decline in confidence. In this respect, he highlighted Repsol's "continuous" commitment to its customers, to whom it has offered discounts in Spain on fuels in addition to and in advance of those established by the Administration.