Partnerships in sustainability field
A global commitment
We actively join international initiatives aimed at implementing sustainability principles.
The Climate Neutrality Strategy developed by the UN in 2007 highlighted the advantages of acting in coordination to achieve greater impact, reduce transaction costs, develop common tools, ensure comparability, and facilitate common decision-making.
Repsol is an active member of the United Nations Global Compact and the IPIECA Executive Committee. It works in this framework to unify how sustainability is integrated into companies’ activities. In this way, we anticipate governments when it comes to adapting our strategy to national regulations.
Global Oil and Gas Industry Association For Environmental and Social Issues (IPIECA).
Since 2002, IPIECA's efforts have focused on helping member companies to improve their management systems by establishing and disseminating social and environmental good practices in the oil and gas industry. We form part of the Executive Committee and Strategy and Planning Committee. We also participate actively in a number of working groups, including: Biodiversity, Water, Climate Change, Health, Oil Spills, Reporting, Social Responsibility, and Business Relations.
Oil and Gas Climate Initiative (OGCI)
The OCGI initiative is a CEO-led consortium that aims to accelerate the industry's response to climate change. OGCI member companies expressly support the Paris Agreement and its objectives. As industry leaders representing more than 30% of the world's operated oil and gas production, they aim to play an active role in defining the global pathway to net zero emissions. Their investment fund, OGCI Climate Investments, will invest more than $1 million in solutions to decarbonise certain sectors such as oil and gas, industrial, and commercial transportation.
Climate and Clean Air Coalition – Oil & Gas Methane Partnership
Reducing fugitive methane emissions is one of the most relevant issues in our sector: the greenhouse effect of this gas is 21 times more powerful than that of CO2. In order to address this issue, UNEP (United Nations Environment Program) seeks to bring together different sectors through the ‘Climate and Clean Air Coalition’ to commit to improving air quality, and has therefore launched a voluntary initiative to reduce methane emissions, specifically focused on the oil & gas sector.
At Repsol, we make efforts to detect and mitigate methane emissions through programs such as Hybrid LDAR (Leak Detection And Repair), which we apply in our exploration and production facilities and in our refineries.
By partaking in this initiative, we strive to boost the analyses of our emission sources, and we develop mitigation plans in order to align ourselves with the best standards. UNEP offers its support in all these tasks, and also acts as our point of contact with the rest of companies, institutions, and governments that are also part of the initiative, eliminating barriers. This allows us to find technically and economically feasible solutions for a common goal: reducing methane emissions in our facilities.
World Bank Group – Zero Routine Flaring by 2030
Estimates by the World Bank show that 140 billion cubic meters of natural gas are burned in flares each year. This means that over 300 million tonnes of CO2 are released into the atmosphere, a similar amount to that emitted by Spain or the state of Alberta, for example. Sending gas to a flare or flaring is a safety measure that prevents overpressure at our facilities. However, at times, for technical or economic reasons, part of the gas production may be flared routinely.
The routine flaring of gas means not only increased CO2 emissions but also a loss of production and fuel that is not used in our processes.
By joining this initiative, we are committing to seeking technically and economically viable solutions to minimize routine flaring as soon as possible, and not later than 2030.
Numerous governments, institutions, and other companies in the oil and gas industry are also part of this initiative, so that joining it opens doors for us to cooperate with them in searching for opportunities and developing projects for reducing flaring.
It is important to note that this initiative focuses on routine flaring and not non-routine flaring, which is done for safety reasons but should also be reduced as much as possible.
Voluntary Principles on Security and Human Rights
We are members of the Voluntary Principles on Security and Human Rights Initiative, which aims to ensure the security of our operations in sensitive areas and conflict zones through work procedures that guarantee respect for human rights.
International Oil and Gas Producers (IOGP)
The IOGP is an organization that represents the exploration and production industry. We are a member and have representatives on the following committees and working groups: EU Committee, Energy and Climate Committee, and Marine and Environment sub-committee.
International Energy Agency (IEA)
An inter-governmental organization that gives advice on economic policy to its 29 member countries. Its policies are based on ensuring energy supplies, economic development, and environmental protection.
American European Community Association (AECA)
A transatlantic alliance that serves as a platform for discussing key global economic, political, and business issues. It is an independent, non-profit, non-partisan association that promotes open dialogue on a variety of issues with the aim of improving international cooperation and understanding.
Business and Industry Advisory Committee (BIAC)
An organization of the business community in OECD countries that contributes to companies taking OECD decisions into account in their decision-making processes. We are on the Investment and Taxation Committees, and we took part in a public consultation on transfer prices at the OECD headquarters in Paris.
United Nations Global Compact
We have been members of the United Nations Global Compact since 2002. The aim of the Compact is for companies like ours to put into practice and promote the 10 UN principles for human rights, working conditions, the environment, and the fight against corruption in our strategies and operations.
We also belong to local networks in Spain (Spanish Global Compact Network), Bolivia (Bolivian Corporate Social Responsibility Corporation), and Ecuador (Ecuadorian United Nations Global Compact Network).
Task Force on Climate-related Financial Disclosures (TCFD)
The TCFD is a working group that was established in 2015 by the Financial Stability Board (FSB) at the request of the G20 leaders. The Financial Stability Board is an international organization that monitors and makes recommendations about the global financial system.
The TCFD has developed a voluntary reporting framework for companies to disclose information on the financial impact of climate change risks and opportunities, as well as the integration of theses issues with corporate strategy and governance and associated metrics and targets.
The objective is for companies to publish clear, coherent and consistent information that is useful for decision making by investors and other stakeholders.
In 2018, our CEO signed Repsol's support for the TCFD recommendations. Since the 2017 Management Report, the structure of the climate change section was adapted to the TCFD recommendations.
Extractive Industry Transparency Initiative (EITI)
Repsol is a founding member of the Extractive Industry Transparency Initiative (EITI) and it is committed to its standards. This initiative was born in October 2002 with the aim of promoting transparency and accountability in natural resource-rich countries. EITI sets a global standard for companies to publish what they pay and governments to report what they receive, in a process that emphasizes the participation of multiple stakeholders (companies, governments and NGOs), thus strengthening the cooperative relationships of these companies with administrations. EITI is supported by more than 40 oil, gas, and mining companies and nearly 35 countries.