By: ICN Bureau
Last updated : October 09, 2021 10:13 am
The company increases investments in the 2021-2025 period to €19.3 billion
Repsol presented new objectives that will accelerate its transformation to become a net zero emissions company by 2050. This happened at the company’s ‘Low Carbon Day,’ dedicated to explaining and detailing its energy transition to analysts and investors.
The roadmap set out in the company’s 2021-2025 Strategic Plan focuses on a combination of electrification and low-carbon products that will achieve an effective, sustainable, and affordable decarbonization of the economy, based on Repsol's competitive advantages.
Within this framework, Repsol CEO Josu Jon Imaz announced an increase in the company's renewable generation and emission reduction targets, as well as an increase in investments in low-carbon solutions to accelerate the transformation until 2030.
Repsol will allocate an additional €1 billion euros to low-carbon projects in the 2021-2025 period, up to a total of €6.5 billion, compared to the €5.5 billion established in the company’s Strategic Plan. Now, invest[1]ments earmarked for low-emission initiatives will stand at 35% in the 2021-2025 period, and the capital employed for these purposes will reach 45% in 2030. Thus, the new values represent an increase of five percentage points with respect to those established in the Strategic Plan presented almost a year ago.
Repsol aims to lead the energy transition, in line with the Paris Agreement, to limit the in[1]crease in global temperature to well below 2ºC. Technological progress and the deployment of current and future projects allow the company to increase its carbon intensity reduction tar[1]gets. The new decarbonization pathway to reach carbon neutrality in 2050 establishes a reduction of the Carbon Intensity Indicator of 15% in 2025, 28% in 2030, and 55% in 2040, compared to the previous ones of 12%, 25%, and 50%, respectively.
The company has also announced an absolute emission reduction target for the first time. It is committed to reducing 55% of emissions from operated assets (Scope 1 and 2) and 30% of net emissions (Scope 1, 2, and 3) by 2030.