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, the relationship with stakeholders is a key aspect of our business model. We work proactively and systematically to identify and understand stakeholder expectations in relation to our sustainability performance. We have tools to transparently cover their information needs.

The stakeholder map is regularly updated, in collaboration with the areas of Repsol that are in direct contact with the groups. With the aim of improving communication and meeting expectations, the available channels and their effectiveness are reviewed.

Repsol aims to create value in a sustainable way by involving all its stakeholders.

How do we do it?

Through the materiality analysis, which we conduct annually in order to identify which environmental, social and governance (ESG) issues are most relevant for Repsol and its stakeholders.

During 2022, we have developed a methodology to integrate the concept of double materiality, in accordance with the new requirements of reference standards. This concept involves the union of two elements of equal relevance:

- On the one hand, impact materiality, which reflects the current or potential effect of the company's activities on the environment, society, and people.

- On the other hand, financial materiality, which reflects the current or potential impact of sustainability issues on the company's value.

The process of materiality, step by step

  • Analysis and relationship with stakeholders

  • Identification of sustainability matters

  • Prioritization of material topics

  • Building the materiality matrices

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


Analysis and relationship with stakeholders

  • At Repsol we interact with a wide variety of stakeholders on a daily basis. Dialogue and transparency are essential to sustainably creating value and take on challenges and opportunities. Some of our stakeholders participate directly in our value chain. Others influence the way we do business by establishing laws and regulations in the countries in which we operate.
  • In 2022, the stakeholder map was reviewed. It is divided into 9 broad groups, which are sub-divided into 40 categories.
  • To determine which stakeholder group has the most weight, we carried out a ranking exercise based on their capacity to influence Repsol's decision-making and their interest in the company's activities. As a result of this analysis, a power-interest matrix was constructed.
  • In addition, at Repsol we evaluate the channels and frequency of communication, as well as their expectations of information regarding our management, to ensure that the relationship process is adequate.
  • The stakeholder groups identified are shown below:

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), Television, social networks and Repsol website


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

Presentations or events
Intranet and e-mail
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.

How we add value at Repsol(1)

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 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 sustainability matters

Drawing up a base list of sustainability issues with the potential to generate challenges and opportunities which may impact both the interests of the company itself and those of our stakeholders in the short/medium/long term.

The list is made up of 22 issues articulated in six axes: natural capital, climate change, human capital, commitment to society, managing the value chain, ethics and transparency. For each of the issues we have defined positive and negative impacts.

To prepare it, we consider the opinion of a panel of experts within Repsol as well as the specific company context, and current and future trends in terms of sustainability.

        • Natural capital
        • Air quality
        • Water quality and management
        • Circular economy and waste management
        • Biodiversity and ecosystems
        • Climate change
        • Energy transition strategy and sustainable technologies
        • Adaptation to climate change: environmental management and natural disaster protocol
        • Sustainable finance
        • Human capital
        • Labor rights and employee satisfaction
        • Health and prevention of work-related accidents
        • Physical security
        • Diversity and equal opportunity
        • Talent attraction, retention and development
        • Commitment to society
        • Human rights
        • Social commitments and relationship with communities
        • Just transition for communities
        • Management of the value chain
        • Sustainable supply chain
        • Costumer satisfaction and safety
        • Ethics and transparency
        • Integrity
        • Regulatory compliance
        • Good governance and responsible leadership
        • Transparent relationship with the public administration
        • Responsible communication

Prioritization of material topics

Material topics are prioritized by applying the concept of ‘double materiality’ in accordance with the Corporate Sustainability Reportig Directive (CSRD). The positive and negative impacts associated with each of the identifiedl topics are assessed, and afterwards an aggregation is carried out at the material topic level.

  • Financial materiality is based on expert judgment and takes the Company’s risk analysis, among others, as a reference.
  • Impact materiality is mainly determined using the results obtained after the assessment carried out through the listening channels ( workshops, interview, surveys). These results are weighted considering the stakeholder hierarchy made with the power-interest matrix.

Building the materiality matrices

To define the double materiality matrix, the results obtained for financial materiality are moved to the X axis, and the results of impact materiality to the Y axis. To identify the material topics, the categorization thresholds for the most significant topics are designated.

After applying them in 2022, 22 material topics were identified. A global matrix and nine stakeholder-specific matrices were obtained during the process.

Validation of results, communication and integration into the Sustainability Strategy

The results of the materiality analysis are appraised by a committee of experts comprising risk, reputation and sustainability specialists and 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 the plans, both locally and globally, are aimed at improving performance and minimizing the impact of the identified sustainability risks. This enables the Company to think strategically and take 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 materiality analysis helps us to identify the levers that we need to act to advance in the achievement of the Sustainable Development Goals, taking into account both the perception of stakeholders and the financial impact on the company.

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 minimise 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 to report in the company's Integrated Management Report.

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, organising 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 analyse the results in order to take them into account in our decision-making processes.

Paisaje con picos de montes nevados

Net zero emissions by 2050

We are the first energy company to take on the commitment of reaching net zero emissions by 2050.