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Socially responsible investor

Public policy engagement on climate change

Public policy engagement on climate change

At Repsol, we are committed to a sustainable energy future and to the fight against climate change. To this end, we have set clear pathways with measurable targets to achieve its goals in the short and long term. Therefore, we have worked together with investors to develop further commitments in this regard that underpin our public positioning and govern our compliance procedure with the utmost transparency that these initiatives demand.

1. Positive lobbying action in favor of the Paris Agreement goals

We will support and lobby for effective measures across all areas of public policy that aim to mitigate climate change risks and share the ambition to limit temperature rise to well below 2 degrees Celsius. This support will apply to all engagement conducted by our Company in Spain and in other regions, at European and global levels, and to policy engagement conducted indirectly via third party organizations of which we are members or that we financially support.

2. Ensuring Robust Governance Procedures

We will ensure that robust governance processes remain in place to guarantee that all public policy engagement we support is aligned with our climate change commitments and upholds appropriate policy measures to mitigate climate risks. We will maintain a clear framework that has:

  • Board oversight: assignment of governance roles at Board of Directors and Senior Management levels.
  • Monitoring and Review: we will continuously monitor our climate policy engagement, both direct and indirect, across all geographic regions.
  • Consistency: a transparent process to ensure consistency between our Company’s public policy positions and our engagement with climate policy including through third parties will be established. This process will include:    
    • An assessment of our relationship with third party organizations, having regard to the nature of the material difference and the extent of the benefit derived from the broader activities of the third party, and
    • Actions to be taken where material differences have been identified to ensure alignment.

3. Taking action on misalignment

We will act in situations where policy engagement is found to be misaligned with our climate policy or with the goals of the Paris Agreement. For engagement undertaken by third party organizations of which we are members or that we financially support, actions may include:

  • Making public statements where the third-party organization’s position is incompatible with our Company's public position.
  • Working with the organization to make the case for constructive engagement.
  • Requiring the organization to stop lobbying on issues where there is not alignment amongst all members/funders.
  • Discontinuing membership or support for the organization.
  • Forming proactive coalitions to counter the organization's lobbying.

4. Fostering transparency

The governance framework described in section 2 will be disclosed to ensure investor and public confidence in the practices and processes of our Company. Actions undertaken in accordance with section 3 will also be made public. We will also disclose:

  • Its position on climate change and policies to mitigate climate risks.
  • Its lobbying on climate change policies.
  • Its membership of, or support for, third party organizations that engage on climate change issues (including political organizations).
  • The assessment that we have made of the material impact of lobbying by the organization taking a position incompatible with the public position of our Company.
Unas gafas encima de un libro abierto por la mitad

Reports and presentations

Useful documents to follow the company's profitability and sustainability-related measures and initiatives.
A pocket watch with gears exposed

A strong commitment to sustainability

Useful documents to follow the company's profitability and sustainability-related measures and initiatives.