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Climate change

Our climate change strategy

Our climate change strategy

The climate change roadmap: Our Energy and Carbon Plan

We believe that we must meet the growing energy demand in a responsible and sustainable way. Our strategy is based on five pillars: energy efficiency; carbon pricing; the key role of natural gas; carbon capture, use, and Storage (CCUS); and renewable energies.

2020 Target: reduce CO2

Between 2006 and 2013, we made a commitment to reduce our emissions by 2.5 million metric tons of CO2 equivalent (CO2e), and we far surpassed that goal by cutting 3.1 million metric tons of CO2e by the end of 2013.

Now, our target for 2020 is to cut another 1.9 million metric tons to reach the overall target of 5 million metric tons. This target is included in our Global Sustainability Plan.

Transitioning to a low-emissions economy

Our plans are based on driving initiatives that reduce energy use and carbon emissions from our operations
  • The target of our 2014-2020 emissions reduction plan is to cut back 1.9 million metric tons of CO2e
    The target of our 2014-2020 emissions reduction plan is to cut back 1.9 million metric tons of CO2e
  • Optimizamos el consumo
    We have succeeded in cutting 1.2 million metric tons of CO2e since 2014
  • Reducimos nuestros residuos
    In 2016, we applied over 250 investment and improvement measures to company operations
  • Trabajamos para cuidar el aire
    In 2016, we cut 312 metric kilotons of CO2e with plans that focused on lowering the energy intensity of our operations
  • The Repsol strategy, step by step

Short term

  • Verification of GHG inventories according to standard ISO 14064-1
The international standard ISO 14064-1 sets the requirements for designing and creating GHG inventories and describes how to quantify and report information about emissions reduction.
We have also extended this practice to the assets acquired from Talisman by including them in the company’s verification plan.
  • Monitoring of the reduction plan in each area of the company, while promoting energy efficiency at our facilities
One of the drivers of our strategy is to contribute to energy efficiency by using technologies that will optimize the design of the processes and operations of our facilities.
  • We plan to invest approximately €500 million between 2011-2020 through our plans for GHG emissions reduction and energy efficiency at our refineries and chemical plants.

  • We set an internal carbon price upon assessing our investments as a way to prioritize those that produce the lowest emissions
We implemented internal carbon pricing as a risk assessment tool to be used upon making investment decisions, thus ensuring our portfolio complies with external CO2 regulations and policies. In addition, it is another solid step in our transition from being an Oil & Gas company to an integrated energy company.

Medium term

  • Efficient management and a reduction in methane emissions
We believe that natural gas is the most efficient solution for promoting a structured transition to a low-emissions future, especially in the area of electricity generation. However, we must reduce the methane emissions linked with the production of this source of energy.
Our commitment to reduce methane emissions as a result of natural gas has led us to join various global initiatives:
Committed to reducing routine flaring
  • Committed to reducing routine flaring

One of the flare's functions is to burn gases and non-reusable fluids that are diverted to them during scheduled shut down operations or due to an emergency.

We have been taking measures to minimize these emissions by recovering the gas and using it as fuel to generate process heat or produce electricity.

  • Investment in R&D projects and Energy Ventures
For years we have continuously and consistently invested in R&D projects and Energy Ventures and we will continue to support them in the future.
  • Our annual investments in Energy Ventures are amount to around $10 million.
  • Annual investments in R&D total around $15 million.
We collaborate with other OGCI member companies on low-emission projects and technologies
  • Synergies with other sectors, including the automotive industry
We set up synergies and collaborations with other sectors, including the automotive industry, based on the development and marketing of improved fuels and biofuels for transportation.
We continuously monitor trends and the latest technologies that are being developed in the field of renewable energy. We are involved in offshore wind farm projects, we invest in electric transport, and we help reduce emissions in downstream by researching and producing biofuels.

Long term

Development of R&D long-term projects
  • Development of R&D projects
We help reduce CO2 emissions by using biofuels, adding bioethanol to gasoline and biodiesel and vegetable oil (VO) to diesel.
We certify the traceability of our raw materials in order to guarantee the sustainability of our biofuels. The percentage of biofuels included in our gasolines and diesels is higher than the limits required by current legislation.
  • Carbon capture, use, and storage (CCUS)
Carbon capture, use, and storage (CCUS) will be an essential element in achieving the objectives of the Paris Agreement, since it is the only method able to substantially reduce fossil fuel GHG emissions. This is one of the OGCI’s lines of work in which we are participating.
  • Development of renewable energies
We hold a stake in the company Principle Power, Inc. (PPI). It is the first company in the world to design, install, and operate a semi-submersible floating structure to generate offshore wind power. The prototype has produced around 17,000 MWh since it was launched at the end of 2011 in Portuguese waters.
We are also continuing to develop the WindFloat Atlantic (WFA) Project as part of a consortium with EDP Renewables, Mitsubishi Corp., Chiyoda Corp., Engie, and Repsol.

Actively taking part in the debate against climate change

Actively taking part in the debate against climate change

At Repsol, we are tackling this challenge by joining a variety of associations, such as the IPIECA and the OGCI. As part of our membership in these international institutions, we take part in work groups dedicated to exploring these scenarios. The ultimate goal is to identify the most effective levers to help us meet this target as a group and transform ourselves as individuals.