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.
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.
Now, our target for 2020 is to cut another 1.9 million metric tons to reach the overall target of 5 million metric tons. This target is included in our Global Sustainability Plan.
We plan to invest approximately €500 million between 2011-2020 through our plans for GHG emissions reduction and energy efficiency at our refineries and chemical plants.
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.
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.