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.
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.
We have already invested approximately €375 of the 500 million earmarked for 2011-2020 in 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.