Spanish energy company Repsol announced today a series of new climate goals, with increased emissions reduction targets and greater planned investments over the next few years, as part of the company’s roadmap to achieve net zero emissions by 20250.
Announced at the company’s “Low Carbon Day,” the new goals mark an acceleration to those outlined in Repsol’s 2021 – 2025 Strategic Plan, which the company launched last year. At the time, Repsol earmarked €5.5 billion to low carbon projects over the 2021-2025 period and set interim carbon intensity by 12% in 2025, 25% in 2030, and 50% in 2040.
According to the new plan, Repsol will boost its low carbon investments by an additional €1 billion and raise its carbon intensity reduction ambitions to 15% in 2025, 28% in 2030, and 55% in 2040.
Focus investment areas include increasing renewable electricity generation capacity and production of renewable hydrogen, as well as other low-carbon initiatives. Repsol aims to increase its renewable generation capacity by 60% by 2030 to 20GW and has raised its renewable hydrogen ambition to 1.9 GW by 2030, compared to its prior 1.2 GW target.
The company also stated that it has increased its internal carbon price applied to all new investments to $70/t in 2025 and $100/t in 2030 for the European Union, and $60/t in 2025 for the rest of the world.
Repsol announced an absolute emission reduction target for the first time, aiming to reduce 55% of Scope 1 and 2 emissions, and 30% of net Scope 1,2 and 3 emissions by 2030, along with more ambitious goals for methane emissions reductions, circular economy initiatives, and upstream CO2 intensity.
Josu Jon Imaz, Repsol’s CEO, said:
“The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050. Ambition, technology, and project execution are enabling us to increase the speed at which we will achieve this target.”