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Climate change

Our climate change strategy

Our roadmap toward net zero emissions by 2050

2050 Decarbonization targets

We are committed to the fight against climate change. The proof is in our ambitious goal to achieve net zero emissions by 2050, not only those derived from our operations but also those generated in the consumption of our products. In addition, meeting climate change targets has a direct impact on the variable remuneration of all our employees.

Formula for measuring the carbon intensity indicator

Carbon intensity indicator

In response to our need to move towards a business model compatible with the Paris Agreement in order to achieve net zero emissions by 2050, we developed this Carbon Intensity Indicator (CII), expressed in g CO2eq/MJ (CO2 emissions by energy unit we place at the service of society). This indicator enables us to define reduction objectives, support strategic and investment decision-making, and monitor the progress.
Offshore windmill. TPI logo.

Recognized by investors worldwide

Transition Pathway Initiative (TPI) is an association that unites 60 of the largest international investors, and which has recognized us as one of the only companies in the sector worldwide to have a strategy compatible with the Paris Agreement objectives. Additionally, at the end of January 2020, we were included in the FTSE TPI Climate Transition Index, the only stock market index aligned with the objectives of the Paris Agreement.
Earth from space, representing our Partnerships worldwide

Actively taking part in the debate against climate change

We take part in technical work groups dedicated to exploring the various scenarios of compliance with climate objectives by identifying the most effective methods for achieving these amitious goals.
Shot of wind turbines and solar panels near a city

Collaborative platform for energy transition

We jointly developed a collaboration commitment to energy transition alongside seven leading companies in the sector. The principles agreed on support collective industry acceleration to contribute to the Paris Agreement and make progress in reducing emissions, among others.

We are a multi-energy provider that is dedicated to the transition toward a lower-emissions future

We have increased our goal for our capacity of low-carbon electricity generation to 7,500 MW by 2025, which equates to an increase of 3,000 MW compared to our previous goal.

[1] 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.

[2] 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.