Repsol is the first oil and gas company to commit to become a net zero emissions company by 2050
December 2, 2019
OGCI member company Repsol announced that it aims to achieve net zero emissions by 2050, making it the first oil and gas company in the world to assume this ambitious goal. At the same time, it is setting a decarbonization path with intermediate targets for 2020 to 2040.
- This ambition entails directing all of its activities and investments to meeting new and more stringent plans all in alignment with the energy transition and the effort to limit the planet’s temperature rise to well below 2 degrees Celsius, according to the Paris Agreement’s climate goals.
- The upstream unit will prioritize the generation of value and cash over volume. The industrial businesses will maintain its current leading profitability and add more stringent decarbonization goals as well as an increase in the production of biofuels and chemical products with a low carbon footprint. The new businesses will expand their low-carbon electricity generation targets through 2025.