Climate change

Energy efficiency

Constantly striving to be more efficient

We believe energy efficiency is one of the most effective ways to reduce greenhouse gas (GHG) emissions. Although energy efficiency has always been a part of our projects, in recent years we have gone one step further by promoting ambitious goals and plans to lessen the energy and carbon intensity of our operations.

Shaping the future of our industry

1. Controlling and reducing our greenhouse gas emissions

Around 60% of a refinery’s variable costs are related to energy. Improving the efficiency of our processes solves the two-fold challenge of cutting expenses and reducing GHG emissions. To guarantee operational excellence in terms of energy, we constantly monitor our energy and carbon plans.

2. Limiting emissions from flaring

Flares are a key factor in ensuring our refining facilities and the surrounding areas are safe and the environment is protected. Actions to reduce emissions from the routine burning of hydrocarbons in flares are especially important as they allow us to reduce GHG emissions and minimize the loss of products or fuel.

In 10 years, we have cut back 327,000 metric tons of CO₂ a year by implementing over 40 actions for reducing flaring emissions.

We have also joined the World Bank’s Zero Routine Flaring by 2030 program, in which we cooperate with other companies in the sector, as well as governments and other institutions to reduce these emissions worldwide.

Memberships in global initiatives

3. Pioneers in sustainable investment

In 2017, we issued a certified green bond valued at €500 million and became the first Oil & Gas company to use this type of asset. It will be used to fund over 300 initiatives designed to improve energy efficiency and reduce CO₂ emissions.

A green bond is a fixed income security issued with a guarantee that the amount deposited will be used for sustainable activities.
Our bond was well received and in just two hours purchase orders worth €3 billion came in.
The green bond issued has a five-year term to maturity.

4. Working to make engines use fuel more efficiently in transportation

Sustainable mobility will help society transition to a low-emissions future.

The following steps are being taken to achieve this:

Developing and marketing improved fuels for transportation that are more efficient and release fewer GHG into the atmosphere
Working with vehicle manufacturers to progress toward more efficient engines and less polluting engine-fuel-lubricant combinations
Working on new propulsion systems that use different sources of energy (fossil fuels and renewables) to find more efficient and economically sustainable solutions

Our emissions in the value chain

We are identifying and measuring our emissions in order to adopt measures designed to reduce them along the entire value chain.

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See reports and indicators

Reducing our carbon footprint

At Repsol, we calculate the carbon footprint of our products by analyzing their impact in all stages of their life cycle. The methodology that we use for the calculation is ISO 14067 certified, an international standard that validates the rigor of our work.

Calculating our carbon footprint allows us to:

See the impact of our products with respect to greenhouse gases.
Take steps to reduce this footprint by better adapting our products to the environmental challenges of our society.
Understand and improve the performance of our value chain.
Identify areas for improvement in order to offer our customers increasingly competitive and sustainable products.

We believe it is essential to have sound climate change governance systems that promote accountability and transparency. The ability to respond to the needs and expectations of our stakeholders is a key element for us.

Our work is recognized worldwide

We voluntarily participate in sustainability indexes such as the Carbon Disclosure Project (CDP), FTSE4Good, MSCI, Sustainalytics, and Vigeo which allow us to demonstrate transparency not only to the financial markets but also to other stakeholders.

Best practices

The best way to show our commitment to the fight against climate change is by telling real stories about the steps we have taken.

The repHEN Project