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.
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.
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.
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:
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: