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  • Roadmap towards decarbonization:

    Net zero emissions by 2050 target

    The main purpose of our 2021-2025 Strategic Plan is to help us become a net zero emissions company by 2050, in line with the goals set out by the Paris Agreement regarding climate change. In order to continue successfully making progress with this objective, our Company has drawn a stringent roadmap that includes ambitious targets for cutting emissions and a reduction in carbon intensity of 12% by 2025, 25% by 2030, and 50% by 2040, compared to the 10%, 20%, and 40% respectively, that had been previously established.*
    2050 decarbonization targets chart
  • *Our metric refers to the use of products which are obtained from our primary energy production. This approach is rational to set a common sectorial framework for all O&G companies along their value chain without double counting emissions and focusing on the evolution of the primary energy mix as the key driver of the energy transition towards net-zero.

    Other methodologies are being used by several stakeholders, considering the products sold instead of those from the primary energy production, regardless of whether the volume of products obtained from the primary energy of the company is higher or lower than the volume of products sold. For the sake of transparency we have applied this methodology, calculating products sold in the future with our projected evolution of product demand, leading to the following decarbonization pathway in terms of carbon intensity reduction: 7% by 2025, 14% by 2030, 38% by 2040, and 74% by 2050.

Industrial transformation towards decarbonization

In our refining area, we have started a transformation process that will allow us to convert our refineries into multi-energy hubs, which, in the short term, will be able to process alternative raw materials to generate low-carbon fuels and materials. The 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 will be used to make synthetic fuels. Both low-carbon products will be essential for future mobility.

Five pillars to reduce our carbon intensity

At Repsol, we see decarbonization as an opportunity to develop more profitable businesses, an opportunity to keep growing and become during this decade the multi-energy company that society requires to cover all its needs in a sustainable way.

Energy efficiency
Portfolio transformation
Low-carbon fuel and circular economy
Low-carbon electricity generation
Technological breakthroughs and carbon sinks
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Energy efficiency

We will invest more than €400 million by 2025 to reduce 800,000 tons of CO2 and lay the groundwork to transform our industrial centers into net zero emissions facilities.

Learn more >

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Portfolio transformation

The transformation of our Upstream portfolio with a lower production of hydrocarbons will contribute 16-18% to our roadmap towards decarbonization.

Upstream

Key role of natural gas >

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Low-carbon fuel and circular economy

We will produce 1.3 million tons of sustainable biofuels by 2025 and more than 2 million tons by 2030. At Repsol, we are committed to an efficient product business that's geared to the circular economy and the production of advanced biofuels. 

Circular economy

Biofuels

Carbon-neutral fuels >

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Low-carbon electricity generation

Our objective is for our low-emissions electricity generation capacity to reach 7,500 MW by 2025, with an increase of up to 15,000 MW by 2030 that will be achieved through an investment in wind and solar energy generation. 

Low-emissions businesses >

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Technological breakthroughs and carbon sinks

Carbon capture, use, and storage technologies play an important role in Repsol's decarbonization strategy. We also promote other initiatives such as carbon offset reforestation projects.

New technological developments

Carbon offsetting

Repsol Foundation reforestation >

Formula for measuring the carbon intensity indicator

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.

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At the forefront of the sector in the fight against climate change

In 2030, Repsol will be a multi-energy company that's more sustainable and focused on value creation.