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Repsol Aims to be a Net Zero Emissions Company by 2050

Gasoil News - Published on Mon, 09 Dec 2019

Image Source: Repsol Zero Emissions Company
Repsol’s Board of Directors has analyzed the role of the company in the fight against climate change and took a new step in its commitment to leading the energy transition in line with the objectives of the Paris Agreement and the Sustainable Development Goals of the United Nations. Accordingly, Repsol will direct its strategy towards achieving net zero emissions by 2050. The company is the first in its industry to set this ambitious goal, which aims to limit planetary warming to less than 2 degrees centigrade compared with pre-industrial levels.

To achieve this objective, Repsol is setting new goals for the reduction of its carbon intensity indicator from a 2016 baseline: 10% by 2025, 20% by 2030, 40% by 2040, and net zero CO2 emissions by 2050. 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, aditionally offset emissions through reforestation and other natural climate sinks to achieve zero net emissions by 2050.

These figures will form the basis for the 2021-2025 Strategic Plan, which will be presented to the market and investors in the first half of 2020.

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Posted By : Yogender Pancholi on Mon, 09 Dec 2019
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