The Spanish oil and gas group Repsol has committed to achieve net zero emissions by 2050. The group aims to reduce its carbon intensity by 10% by 2025 (compared with a 2016 baseline), by 20% by 2030, by 40% by 2040, until reaching net zero CO2 emissions by 2050. Repsol estimates that it will achieve at least 70% of this target with existing technologies and commits to apply the best available technologies - including carbon capture, use and storage (CCS) - and to offset emissions through reforestation and other climate sinks to reach this goal.
Repsol has also raised its target for low-carbon power capacity by 3 GW to 7.5 GW by 2025 and will start to expand into other markets in order to become an international leader in renewable energies. The group currently operates close to 3 GW of renewable capacity and has another 1.1 GW under development. In addition, the group has decided to build two solar PV and one wind projects with a cumulated capacity of 1.6 GW, which will raise its renewable capacity to 5.6 GW.
In the Upstream business, Repsol will seek to prioritize value generation over production growth, focusing on rotation and improvement of the asset portfolio and considering gas as the energy for the energy transition. In the refining business, the group aims to cut its direct emissions by 25% by 2025 and to double the production of biofuels derived from vegetable oils (HVO) to 600 kt/year in 2030 (with 300 kt/year from waste transformation before 2025). Repsol also aims at integrating renewables into refining operations, including green hydrogen production.