Access to energy is a universal right, and demographic and economic growth mean that energy demand is constantly rising. At Repsol, we share society’s concern for the effects that man’s actions have on the climate and we want to be an active part of the solution.
We believe that to be able to successfully tackle this two-fold challenge, we must take on some solid and even more ambitious commitments. It's time for a new sustainable energy model based on innovation and technology.
"At Repsol, we are committed to an energy transition towards a low-emission future in which no energy source should be written off. Each source has its context, place, and role to play in the growth of the global economy."
4.5 M metric tons of CO2e reduced
between 2006 and 2017.
74% of our total
proved reserves are gas.
€395 M invested out of the
€500 M earmarked for emission reduction shares by 2020.
€500 M earmarked for
energy efficiency projects and low-emission technology.
We are firmly committed to the goal of limiting the average temperature increase of the planet to 2°C compared with preindustrial levels.
This scenario means that, in the second half of this century, net CO2 emissions into the atmosphere must be zero and, as signatories of the “Paris Pledge for Action,” we are working to make our company part of the solution to the climate change problem.
We have been working on this for some time; between 2006 and 2017 we reduced the CO2 equivalent emissions from our processes and activities by 4.5 million metric tons.
Among other projects, we belong to the Oil & Gas Climate Initiative (OGCI) along with another nine companies from the sector. Its aim is to share best practices and technological solutions that will spur on the fight against global warming.
In 2016, a fund was created that will invest $1 billion over a 10-year period to develop and speed up the commercial rollout of low-emissions technologies.
As another way to show our commitment to the fight against climate change, our CEO — Josu Jon Imaz — signed the membership agreement and leads our role in the initiative.
We are a responsible company that is committed to sustainability and the implications of climate change. Therefore, we have some specific initiatives:
1. We promote the use of natural gas as an essential fuel for generating electricity because we see it as the most efficient solution for promoting a structured transition to a low-emissions future. Natural gas will play a critical role in achieving our sustainable development goals.
In addition, we believe that every source of energy has a role to play in the energy mix. Renewable energies will come into their own when they mature technologically to become more competitive.
2. We believe in technological innovation as a way to create a new energy model, in which growth and competitiveness coexist with emissions reduction. We are committed to a new model that will:
“We believe that natural gas will play a key and immediate role in the reduction of greenhouse gas emissions, mainly in electricity generation.”
(Antonio Brufau, Repsol Chairman)
3. We have an Integrated Risk Management System (IRMS) that allows us to identify, manage, and control the risks and opportunities arising from climate change and classify them as legislative, physical, and reputational or market-related.
5. We believe in carbon pricing for all productive sectors worldwide as a key factor in climate change mitigation policies.
Including the price of carbon in the final cost of all products would give companies an incentive to reduce their emissions and its implementation would promote innovative technologies that are compatible with the 2°C scenario.