Net zero emissions by 2050
Path towards decarbonization
The main goal is to become a net zero emissions company by 2050, in line with the targets set out in the Paris Agreement. In order to reach this goal, our company has set itself a demanding roadmap, which includes ambitious emissions reduction targets that were initially established in our 2021-2025 Strategic Plan and updated on Low Carbon Day.*
* 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.
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.
“The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050. Ambition, technology, and project execution are enabling us to increase the speed at which we will achieve this target.”
Josu Jon Imaz
We aim to achieve increasingly more ambitious goals as set out in our roadmap to step up the energy transition.
Net 0 emissions
by 2030 in scope 1, 2, and 3 net emissions compared to 2016.
by 2025 in scope 1 and 2 emissions reduced in our operated assets compared to 2016.
as a renewable generation capacity target for 2030 and 6 GW for 2025.
of advanced biofuel production capacity in 2030 and 1.3Mt in 2025.
of net renewable hydrogen capacity in 2030 and 0.55 GWeq in 2025.
of E&P's carbon intensity in tonnes of CO2/kboe in 2025 with respect to 2016.
of CO2e GHG emissions reduction in 2021-2025 period.
in 2025 of routine flaring in our operated assets compared to 2018 and minimized by 2030.
of methane intensity emissions by 2025 with respect to 2017, and reaching a value of 0.2% in operated assets.
Building the road towards our goal
Industrial transformation for moving towards decarbonization
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.
"The energy transition is full of challenges that we can't overcome on our own."
Executive Managing DIrector of Energy Transition, Sustainability, and Technology