Repsol
Repsol’s main goal is to become a net zero emissions company by 2050, in line with the targets set out in the Paris Agreement. In order to reach this goal, the company has set itself a demanding roadmap, which includes ambitious emissions reduction targets that were initially established in our 2021-2025 Strategic Plan and updated on Low Carbon Day.
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Sustainability Report
About Repsol
Repsol’s main goal is to become a net zero emissions company by 2050, in line with the targets set out in the Paris Agreement. In order to reach this goal, the company has set itself a demanding roadmap, which includes ambitious emissions reduction targets that were initially established in our 2021-2025 Strategic Plan and enhanced on Low Carbon Day.
Repsol is committing to increase their efforts in decarbonization, as detailed in their global sustainability plan of 2022. In this report it is stated that Repsol aims to advance the incorporation of a clause on climate change in tenders with suppliers identified as having a high impact on carbon footprint. Repsol highlights the use of biofuels by means of urban, agricultural, forestry or agri-food industry waste, as well as the use of Carbon Capture and Storage for synthetic fuels.
Repsol makes use of a Carbon Intensity Indicator (CII) to achieve net zero emissions by 2050. This indicator will be used to monitor progress and subcontractors for tenders.
According to Repsol, production of advanced HVO is the best option to comply with the legislation and grow in biofuels generating value.
Shore Power
No shore power projects have been identified.
Carbon Tax
Repsol imposed an increase in the internal carbon price that will apply to all new investments in the EU and worldwide. new investments in the EU are assessed on the basis of $70/t over the 2022-2025 period (or the regulated price if this is higher), rising to $100/t in 2030. In the rest of the world, in countries without more stringent specific regulation, $60/t is applied across the entire 2022-2030 period.
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