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Climate change

Our climate change strategy

Shot of some small waves in the blue sea with texto about Repsol's 2020 objective.

We integrate climate change into our strategy

We believe that we can meet the growing energy demand responsibly and sustainibly. That's why we've developed these five action lines that we integrate into our strategy:

Internal carbon pricing.


Energy efficiency.


Key role of natural gas.


Low-emissions businesses.


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:

  • The ambition to achieve a 40% reduction by 2040, in line with the Paris Agreement, moving our Company forward in step with the energy transition that the world needs.
  • The objective to reduce the carbon intensity indicator by 3% by 2020.

Repsol's strategy, step by step

Carbon pricing
Energy efficiency
Natural gas
Low-emissions businesses
CCUS
Sustainable mobility
Technology
Stacks of coins with plant life sprouting from their tops.

Carbon pricing

As a company, we are convinced that setting a global carbon price and applying it throughout all sectors is the best way to move towards a low-emissions future.

Energy efficiency

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.

Natural gas

Our commitment to reducing methane emissions in the use of natural gas has lead us to join several global initiatives:

  • The UN-backed Climate and Clean Air Coalition – O&G Methane Partnership (CCAC-OGMP) to reduce methane emissions.
  • Methane Guiding Principles. A group that creates guiding principles for the correct management of methane emissions, including measurement, mitigation, and transparent reporting.
  • Principles for Responsible Investors (PRI) Methane Initiative. An initiative that shares best methane emission management practices.
Rotor and blade of a windmill.

Low-emissions businesses

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.

Two employees staring at a computer screen.

Carbon capture, utilization, and storage

Part of the solution in the fight against climate change should come from new developments, which includes carbon capture, utilization, and storage. CCUS technologies are becoming necessary in the scenarios planned to meet the commitments of the Paris Agreement, which is why we support the development and implementation of this technology.
An electric car charging station at a Repsol service station

Sustainable mobility

There is no single solution for the future of mobility and we should explore all the promising possibilities, focusing on each mode of transport. Aware of the key role we play in the development of the mobility of the future, we have launched different action lines that allow us to be part of a sustainable mobility solution that contributes to the fight against climate change: liquid AutoGas injection, high-octane gasoline: Repsol Efitec 100 Neotech, electric mobility and carsharing
Partial view of an Iberia aircraft

Technology

We believe that technology and innovation are motors of growth and sustainability. Many of our projects are focused on solutions to help mitigate climate change: hydrogen production without CO2 emissions, production of fuels from waste, CO2 capture and use systems, residual heat recovery in industrial processes, and advanced biofuels.
Actively participating in the debate against climate change

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.