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Climate change

Our climate change strategy

Our climate change strategy

The climate change roadmap: Our Energy and Carbon Plan

We believe that we must meet the growing energy demand in a responsible and sustainable way. Our strategy is based on five pillars: energy efficiency; carbon pricing; the key role of natural gas; carbon capture, use, and Storage (CCUS); and renewable energies.

2020 Target: reduce CO2

Between 2006 and 2013, we made a commitment to reduce our emissions by 2.5 million metric tons of CO2 equivalent (CO2e), and we far surpassed that goal by cutting 3.1 million metric tons of CO2e by the end of 2013.

The 2014-2020 emissions reduction plan set a target of 1.9 million tons. We revised this figure in our strategic plan and made it more ambitious, setting the 2020 target to 2.1 million metric tons of CO2e.

Transitioning to a low-emissions economy

Our plans are based on driving initiatives that reduce energy use and carbon emissions from our operations
  • The target of our 2014-2020 emissions reduction plan is to cut back 1.9 million metric tons of CO2e
    The target of our 2014-2020 emissions reduction plan is to cut back 2.1 million metric tons of CO2e
  • Optimizamos el consumo
    We succeeded in cutting 1.4 million metric tons of CO2e between 2014 and 2017.
  • Reducimos nuestros residuos
    In 2017, we invested more than €37.5 M in emission reduction shares
  • Trabajamos para cuidar el aire
    In 2017, we cut 216 metric kilotons of CO2e with plans that focused on lowering the energy intensity of our operations
  • The Repsol strategy, step by step

Short term

  • Verification of GHG inventories according to standard ISO 14064-1
The international standard ISO 14064-1 sets the requirements for designing and creating GHG inventories and describes how to quantify and report information about emissions reduction.
We have also extended this practice to the assets acquired from Talisman by including them in the company’s verification plan.
  • Monitoring of the reduction plan in each area of the company, while promoting energy efficiency at our facilities
One of the drivers of our strategy is to contribute to energy efficiency by using technologies that will optimize the design of the processes and operations of our facilities.
  • We have already invested approximately €375 million of the 500 million earmarked for 2011-2020 in our plans for GHG emissions reduction and energy efficiency at our refineries and chemical plants.

  • We set an internal carbon price upon assessing our investments as a way to prioritize those that produce the lowest emissions
We implemented internal carbon pricing as a risk assessment tool to be used upon making investment decisions, thus ensuring our portfolio complies with external CO2 regulations and policies. In addition, it is another solid step in our transition from being an Oil & Gas company to an integrated energy company.

Medium term

  • Efficient management and a reduction in methane emissions
We believe that natural gas is the most efficient solution for promoting a structured transition to a low-emissions future, especially in the area of electricity generation. However, we must reduce the methane emissions linked with the production of this source of energy.
Our commitment to reduce methane emissions as a result of natural gas has led us to join various global initiatives:
Committed to reducing routine flaring
  • Committed to reducing routine flaring

One of the flare's functions is to burn gases and non-reusable fluids that are diverted to them during scheduled shut down operations or due to an emergency.

We have been taking measures to minimize these emissions by recovering the gas and using it as fuel to generate process heat or produce electricity.

  • Investment in Research and Development and Innovation projects
For years we have continuously and consistently invested in R&D+i projects and we will continue to support them in the future.
We collaborate with other OGCI member companies on low-emission projects and technologies
  • Synergies with other sectors, including the automotive industry
We set up synergies and collaborations with other sectors, including the automotive industry, based on the development and marketing of improved fuels and biofuels for transportation.
We continuously monitor trends and the latest technologies that are being developed in the field of renewable energy. We are involved in offshore wind farm projects, we invest in electric transport, and we help reduce emissions in downstream by researching and producing biofuels.
  • Development of low-carbon energies
In our strategic plan we have developed a roadmap to achieve a significant size in our new business with low greenhouse gas emissions. Between 2018 and 2020 we intend to invest 2.5 billion euros in renewable energies, combined cycles, and other low-emission technologies with the aim of boosting our installed capacity to 4.5 GW by 2025. We currently have an installed hydraulic capacity of 0.7 GW and 1.6 GW in natural gas combined cycles, on top of the 1.6 GW generated by our cogeneration units.
We also plan to continue work on the WindFloat Atlantic project as part of a consortium made up of EDP Renewables, Mitsubishi Corp., Chiyoda Corp., Engie, and Repsol. Startup is expected in 2019, with an installed capacity of 25 MW, and this will be the first next-generation offshore wind farm on the Iberian Peninsula, constructed using Windfloat technology provided by Principle Power, a company that we hold shares in.

Long term

Development of R&D long-term projects
  • Development of R&D projects
We help reduce CO2 emissions by using biofuels, adding bioethanol to gasoline and biodiesel and vegetable oil (VO) to diesel.
We certify the traceability of our raw materials in order to guarantee the sustainability of our biofuels. The percentage of biofuels included in our gasolines and diesels is higher than the limits required by current legislation.
  • Carbon capture, use, and storage (CCUS)
Carbon capture, use, and storage (CCUS) will be an essential element in achieving the objectives of the Paris Agreement, since it is the only method able to substantially reduce fossil fuel GHG emissions. This is one of the OGCI’s lines of work in which we are participating.

Actively taking part 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.