Internal carbon pricing.
Internal carbon pricing.
Key role of natural gas.
Carbon Capture, Utilization, and Storage (CCUS).
We explore the possible role of new “zero emissions” or even negative emissions technologies, such as the so-called e-fuels, green hydrogen, and natural carbon sinks.
To make progress in this line, we have developed a carbon intensity indicator to measure the CO2 emissions generated for each unit of energy we produce for society (t CO2/GJ), which allow us to develop reduction objectives, make strategic decisions, and monitor their evolution.
Our commitment to reducing the carbon intensity indicator materializes in a short-term objective and a long-term ambition, which take 2016 as a baseline:
We consider energy efficiency to be one of the fundamental springboards in our ambition to reduce our emissions and energy intensity.
In 2018, we defined a new 2018-2025 GHG emissions reduction plan for the Company, with the aim of reducing CO2e emissions by 3 million metric tons per year at the end of the period, with regards to 2017.
Flares are a safety mechanism in hydrocarbon processing plants. At Repsol, we are aware that routing gas flaring not only increases CO2 emissions, but also wastes this product that is leftover from our processes. That’s why we joined the World Bank’s Zero Routine Flaring by 2030 in order to minimize this practice by 2030.
Our commitment to reducing methane emissions in the use of natural gas has lead us to join several global initiatives:
In our strategic plan we have developed a clear roadmap to attain a significant size in new low-emissions businesses. We will invest €2.5 billion in renewable energies and other low-emissions technologies between 2018 and 2020 with the aim of having an installed capacity of 4.5 GW by 2025. We already have 0.7 GW of hydraulic capacity and 1.6 GW of combined-cycle natural gas capacity, which adds to the 0.6 GW from our cogeneration units.
We also have a stake in the WindFloat Atlantic offshore wind farm project, with three 8-MW turbines.
Actively taking part in the debate against climate change
At Repsol, we are tackling this challenge by joining a variety of associations, such as the ipieca and the OGCI. As part of our membership in these international institutions, we take part in work groups dedicated to exploring these scenarios. The ultimate goal is to identify the most effective levers to help us meet this target as a group and transform ourselves as individuals.