Materiality analysis

Listening to our stakeholders

Our company, corporate areas, and business units have identified their stakeholders and have permanent and transparent channels and mechanisms for dialogue with them.

In Repsol, we work proactively and systematically to identify and understand stakeholder expectations in relation to our sustainability performance. Since 2005, we have annually conducted a materiality analysis in order to identify which issues are most relevant for our stakeholders. These issues are integrated into our internal decision-making processes, thus advancing in the creation of economic, social, and environmental value.

We structure our relationship with our stakeholders at three levels: global, business, and local. Our relationship at each of these three levels requires specific mechanisms adapted to our context in order to adequately identify their needs and expectations in relation to our ethical, social, and environmental performance.


How do we do it?

Through the materiality analysis, which we conduct annually based on the GRI reporting standard and in which we integrate the concept of double materiality, we analyze both the impact of our activities on the environment, as well as the Company's evolution, results, and situation. Our materiality analysis is integrated into the company and involves all those areas that interact with stakeholders. The results of the analysis are validated by the Executive Committee and the Sustainability Committee and are integrated into our Sustainability Strategy and deployed downstream through Sustainability Plans.

The process of materiality, step by step

  • Analysis and relationship with stakeholders

  • Identification of potentially material topics and associated impacts

  • Prioritization of material topics

  • Building the materiality matrices

  • Validation of results, communication and integration into the Sustainability Strategy


Analysis and relationship with stakeholders

In 2023, the stakeholder map was revised. It is structured into 9 groups, which are then subdivided into 45 categories. To determine which stakeholder carries the most weight for Repsol, a ranking was conducted based on the criteria of power and interest in the Company.

Repsol stakeholder map

Periodic review in collaboration with stakeholder management areas

How we relate

At Repsol, the relationship is both direct and indirect and we work to identify the preferred channels for each stakeholder

Shareholders and financial community

Results presentations, Senior management roadshows, Events (AGM, Low Carbon Day)


Commercial network, specialized events and trade fairs
Television, social networks and Repsol website


Social programs
Grievance mechanisms
Televisión, social networks and Repsol website

Regulatory bodies and institutions

Forums, seminars and conferences
Digital apps (webinars, etc)
Repsol website (queries mailbox)

People in the organization

Presentations or events
Intranet and e-mail
Trade union representatives

Media and opinion formers

Press releases Specific interviews
Repsol website and Trade union representatives

Companies and business associations

Trade negotiations
Seminars and conferences
Sector associations (OGCI, etc.)

Suppliers and partners

Trade negotiations
Trade fairs, forums and conferences
Digital platforms

Research center

Digital platforms
Seminars and conferences

(1) The pilars have been selected based on the top no issues in the materiality matrix for each stakeholder.
(2) Further information in Chapter 7 "Sustainability" and at

How we add value at Repsol(1)(2)

Climate change

The energy transition is the central pillar of the company's strategy: commitment to have net zero emissions by 2050. Carbon Intensity Indicator (CII) targets for 2030, 2040 and 2050.

Ethics and transparency

Comprehensive compliance management model. Rejection of all forms of corruption and commitment to compliance with anti-trust regulations. Governance system established in accordance with national and international best practices and standards.

Natural capital

Priority is given to minimizing potential impacts. Circular economy, biodiversity and water management strategy. Targets defined in the Sustainability Plans for 2025.

Human Capital

Work environment based on equal opportunity, diversity and inclusion. Targets in the Sustainability Plans for 2025. Commitment to safety is embedded in the culture of the organization. It ensures spill management, process safety, and crisis and emergency management.

Commitment to society

Policies and regulations aligned with the UN United Nations Guiding Principles on Business and Human Rights. Targets in the Sustainability Plans for 2025.

Managing the value chain

Innovation and research in technologies to develop sustainable products. Managing the safety of products and services throughout the life cycle.

Identification of potentially material topics and associated impacts

A list of 21 material topics was defined, with each one having a positive impact and a negative impact. The list is separated into 3 dimensions (environmental, social and governance) and includes sustainability issues with the potential to generate challenges and opportunities, both in the Company and among its stakeholders.

To draw up this list, the opinion of a panel of experts within Repsol was obtained and the specific context of the company, as well as current and future trends in sustainability were analyzed.

Prioritization of material topics

Material topics are prioritized by applying the concept of ‘double materiality’ set out in Article 1 of Directive 2014/95/ EU on disclosure of non-financial information. Financial materiality is based on expert judgment and takes the Company’s risk analysis as reference, among others.

To prioritize issues, the positive and negative impacts associated with each one are assessed, and an aggregation is subsequently carried out according to material topic. Impact materiality is mainly determined by using the results obtained after performing the assessment through the monitoring channels. Said results are weighted taking into consideration the stakeholder ranking that was conducted with the power-interest matrix. In 2023, surveys (>2,800) were used as a monitoring channel to collect the information provided by the stakeholders. The response rate was 38%.

Building the materiality matrices

To define the double materiality matrix, the results obtained for the financial materiality are transferred to the X axis, and the results of the impact materiality are transferred to the Y axis. To identify the material topics, thresholds for categorizing the most significant or material topics are established. After applying them in 2023, 21 material topics were identified. As in the previous year, a global matrix and 9 specific stakeholder matrices were obtained.

Validation of results, communication and integration into the Sustainability Strategy

The results of the materiality assessment are evaluated by a committee of experts comprising risk, reputation and sustainability specialists, and said results are then presented to the Executive Committee, which is responsible for validating them. The resulting materiality is then integrated into the Sustainability Strategy and implemented through the Global Plan and local sustainability plans.

The actions envisioned in these plans, both locally and globally, are aimed at improving performance and minimizing the impact of the identified sustainability risks. This makes it possible to think strategically and make decisions to evolve the business model to ensure economic, environmental and social sustainability.

Material matters

    • R(1)
    • Topic
    • ID
    • Category
      • 01

        Energy transition strategy and sustainable technologies



      • 02




      • 03

        Health and prevention of work-related accidents



      • 04

        Circular economy and waste management



      • 05

        Labor rights and employee satisfaction



      • 06

        Human rights



      • 07

        Sustainable finance



      • 08

        Adaptation to climate change: environmental management and natural disaster protocol



      • 09

        Just transition for communities



      • 10

        Air quality



      • 11

        Water quality and management



      • 12

        Biodiversity and ecosystems



      • 13

        Regulatory compliance



      • 14

        Customer satisfaction and safety



      • 15

        Social commitment and community relations



      • 16

        Sustainable supply chain



      • 17

        Transparent relationship with the Public Administration



      • 18

        Responsible communication



      • 19

        Diversity and equal opportunities



      • 20

        Physical security



      • 21

        Talent attraction, retention, and development



      • 22

        Good governance and responsible leadership



    (1) Ranking.

    Double materiality matrix

  • 5
  • 18
  • 9
  • 3
  • 8
  • 8
  • 13
  • 7
  • 6
  • 15
  • 1
  • 2
  • 4
  • 19
  • 17
  • 14
  • 16
  • 21
  • 22
  • 11
  • 10
  • 12
  • 20
  • Financial materiality

    Impact materiality             

  • Natural capital

  • Commitment to society

  • Climate change

  • Managing the value chain

  • Human capital

  • Ethics and transparency

Why do we do it?

The results of the materiality analysis are integrated into the Sustainability Strategy and deployed through the Global Plan and Local Sustainability Plans. In this way we ensure that our strategy focuses on the areas that are most relevant to our stakeholders and to the company, adapting to a rapidly evolving environment with respect to sustainability issues. The actions set out in these Plans, both locally and globally, aim to improve performance and minimize the impact of identified sustainability risks. This allows the company to make strategic reflections and decisions that evolve the business model to ensure its economic, environmental, and social sustainability.
In addition, the materiality analysis helps us identify the issues of greatest relevance to Repsol and our stakeholders to report in the company's Integrated Management Report.
Workers in an office

Conducting studies to identify expectations

These studies allow us to know the issues that are of most interest, both internally and externally, and are used to establish actions to improve our risk management and sustainability performance and to report on the company's performance in the aspects identified

This systematic process is completed with the different communication channels that the business units establish with their stakeholders, through dedicated channels on the company's website, launching surveys, organizing conferences to exchange good practices or disseminate issues of interest, as well as sending out communication bulletins, among others.

Once the expectations of each stakeholder have been assessed, we analyze the results in order to take them into account in our decision-making processes.

Contact the Sustainability area