Roadmap towards decarbonization:
Net zero emissions by 2050 target
*Our metric refers to the use of products which are obtained from our primary energy production. This approach is rational to set a common sectorial framework for all O&G companies along their value chain without double counting emissions and focusing on the evolution of the primary energy mix as the key driver of the energy transition towards net-zero.
Other methodologies are being used by several stakeholders, considering the products sold instead of those from the primary energy production, regardless of whether the volume of products obtained from the primary energy of the company is higher or lower than the volume of products sold. For the sake of transparency we have applied this methodology, calculating products sold in the future with our projected evolution of product demand, leading to the following decarbonization pathway in terms of carbon intensity reduction: 7% by 2025, 14% by 2030, 38% by 2040, and 74% by 2050.
We will invest more than €400 million by 2025 to reduce 800,000 tons of CO2 and lay the groundwork to transform our industrial centers into net zero emissions facilities.
Our objective is for our low-emissions electricity generation capacity to reach 7,500 MW by 2025, with an increase of up to 15,000 MW by 2030 that will be achieved through an investment in wind and solar energy generation.
 Direct and indirect emissions are included from Upstream, Refining, and Chemicals businesses at our Industrial Facilities in Spain, Portugal, and Peru, as well as from the low-emissions electricity generation of our subsidiary Repsol Electricidad y Gas.
Also included are emissions associated with the use of our products corresponding to our oil and gas production in Upstream operations. Emissions corresponding to the biofuels used in said oil production is also taken into account.
 Energy corresponding to oil and gas production in our Upstream businesses is included. Energy corresponding to the biofuels used during oil production is also taken into account.
Chemical products are considered carbon sinks, and although they are not strictly energy products, the energy of the oil necessary for their production is taken into account. Energy from the generation of renewable and non-renewable (via natural gas) electricity sources is included.
In 2030, Repsol will be a multi-energy company that's more sustainable and focused on value creation.