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Repsol plans to reach zero net emissions by 2050

DOWNSTREAM PROJECT MANAGEMENT

Repsol plans to reach zero net emissions by 2050

Repsol announced that it plans a 10% reduction by 2025, 20% by 2030, 40% by 2040, and net zero CO2 emissions by 2050, Oil and Gas Middle East reports.

According to the company's 2021-2025 strategic plan, it is possible to achieve at least 70% of this target with the technology that can currently be foreseen, and the company is committed to applying the best available technologies to increase this figure, including carbon capture, use, and storage. Repsol would if necessary, additionally offset emissions through reforestation and other natural climate sinks to achieve zero net emissions by 2050.

We are convinced that we must set more ambitious objectives to fight climate change. We believe now it is the right time for Repsol. We do it with the utmost confidence that we invest for the future. Addressing the significant challenges that lie ahead with strategic clarity is what will allow us to turn them into opportunities. We are convinced that this strengthens our project that is sustainable, attractive, and profitable for all our stakeholders.

Josu Jon Imaz, chief executive officer, Repsol

The company is increasing its target for low-carbon electricity generation capacity by 3,000 MW to 7,500 MW by 2025 and will begin to expand into other markets to become a leading international player in renewable energies.

Currently, the company has 2,952 MW in operation and 1,083 MW under development. The board of directors has approved investments to incorporate and build two photovoltaic and one wind power projects totaling an additional 1,600 MW. With these projects, the renewable power portfolio reaches a total capacity of 5,600 MW.

On the upstream side, Repsol will prioritise value generation over production growth, while maintaining flexibility as the strategic axis of the business, emphasizing rotation and improvement of the asset portfolio and on cash generation.

For the assessment of future exploration or production decisions, the company is assuming an oil and gas price curve compatible with the Paris Agreement, and the scenario of limiting the temperature increase to well below 2 degrees Celsius.

In its industrial business, with a primary focus on refining, Repsol is raising its decarbonization target, with an additional direct emissions reduction of 25% by 2025. This reduction is on top of the 23% cut in CO2 emissions achieved between 2010 and 2017.

Repsol will focus on the circular economy as a tool for the efficient use of resources and will double the production of high-quality biofuels derived from vegetable oils (HVO) to 600,000 tons per year in 2030, half of which will be derived from waste transformation before 2025.

Repsol will also integrate renewable energy into refining operations, which will incorporate the production of green hydrogen as well as the use of renewable energy to fuel industrial processes.

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