Net zero emissions by 2050

Roadmap towards decarbonization

The main purpose of the new Strategic Plan 2021-2025 is to help us become a net zero emissions company by 2050, in line with the targets set out in the Paris Agreement on climate change. To continue to make successful progress towards this goal, our company has set itself a demanding roadmap, which includes ambitious emissions reduction targets, with a reduction in carbon intensity of 12% by 2025, 25% by 2030 and 50% by 2040, compared to 10%, 20% and 40%, respectively, set previously.

Carbon intensity indicator

* Our metric refers to the use of products obtained from our primary energy production. It is a rational approach to establish a common sectoral framework for all O&G companies along their value chain, without double counting emissions and focused on the progression of the primary energy mix as the key driver of the energy transition towards zero net emissions.

Other methodologies used by various stakeholders consider products sold instead of primary energy production, regardless of whether the volume of products obtained from the company's primary energy is higher or lower than the volume of products sold. For the sake of transparency, we have applied this methodology by calculating the products sold going forward according to our projection of their demand, leading to the following decarbonisation pathway in terms of percentage reduction in carbon intensity: 7% in 2025, 14% in 2030, 38% in 2040, and 74% in 2050.


 

Industrial transformation to move towards decarbonisation

In our refining area, we have initiated a transformation process that will enable us to turn our refineries into multi-energy hubs, which in the short term will be able to process alternative feedstocks to generate fuels and materials with a low carbon footprint. Technology will make it possible, for example, to use urban, agricultural, forestry or agri-food industry waste to produce advanced biofuels. In addition, renewable hydrogen and CO2 captured in the refineries themselves will be used to make synthetic fuels. Both of these low-carbon products will be essential for the mobility of the future.

Five levers to reduce carbon intensity

At Repsol, we see decarbonisation as an opportunity to develop more profitable businesses, an opportunity to continue growing and to become in this decade the multi-energy company that society needs to meet all its needs sustainably.

Tarragona industrial complex facilities

Energy efficiency

We will invest more than 400 million euros by 2025 to reduce 800,000 tonnes of CO2 and lay the groundwork for transforming industrial sites into net zero emission facilities.
View of an upstream well

Portfolio transformation

The transformation of the Exploration and Production portfolio with lower hydrocarbon production will contribute 16-18% to Repsol's path towards decarbonisation.
Aerial view of a road crossing a green area

Low carbon fuel and circular economy

We will produce 1.3 million tonnes in 2025 and more than 2 million tonnes in 2030 of sustainable biofuels. At Repsol, we are committed to a business of efficient products, focused on the circular economy and the production of advanced biofuels.

View of an offshore wind turbine

Low carbon power generation

We have set a target of 7,500 MW of low-emission electricity generation capacity by 2025, with an increase to 15,000 MW by 2030 to be achieved through investment in wind and solar generation.
Off-road vehicles crossing an area of land where reforestation is taking place.

Technological developments and sinks

Carbon capture, use and storage technologies play an important role in Repsol's decarbonisation strategy. We also promote other initiatives, such as emission compensation projects through reforestation.

Carbon pricing

Designing efficiently, controlling the impact that our project may have and, ultimately, making an appropriate decision for our current and future investments. It allows the energy transition to be managed in an orderly manner with the minimum cost for the consumer. In addition, it encourages companies to reduce their emissions.

Setting a global carbon price and applying it equally to all sectors is the best tool for the transition toward a low-emissions future. 

Carbon pricing >

 

Review of participation in industry initiatives

We work to ensure that all partnerships and initiatives in which it participates are aligned with meeting the goals of the Paris Agreement.

See the report | PDF | 3.6 MB

Image with the formula for the carbon indicator intensity

Carbon intensity indicator

In response to our need to move towards a business model compatible with the Paris Agreement in order to achieve net zero emissions by 2050, we developed this Carbon Intensity Indicator (CII), expressed in g CO2eq/MJ (CO2 emissions by energy unit we place at the service of society). This indicator enables us to define reduction objectives, support strategic and investment decision-making, and monitor the progress.

[1] Direct and indirect emissions are included from Upstream, Refining, and Chemicals businesses at our Industrial Facilities in Spain, Portugal, and Peru, as well as from the low-emissions electricity generation of our subsidiary Repsol Electricidad y Gas. 

Also included are emissions associated with the use of our products corresponding to our oil and gas production in Upstream operations. Emissions corresponding to the biofuels used in said oil production is also taken into account.

[2] Energy corresponding to oil and gas production in our Upstream businesses is included. Energy corresponding to the biofuels used during oil production is also taken into account.

Chemical products are considered carbon sinks, and although they are not strictly energy products, the energy of the oil necessary for their production is taken into account. Energy from the generation of renewable and non-renewable (via natural gas) electricity sources is included.
 

View of a lake and sky in a mountainous terrain

At the forefront of the fight against climate change

By 2030, we'll be more sustainable
and focused on value creation.