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As the energy sector comes under increasing pressure to shoulder its role in contributing to climate change, Spanish oil company Repsol has set a target
of achieving net-zero CO2 emissions by 2050.
The Spanish oil and gas company this week announced an overhaul of its business strategy, from reassessing long-term energy prices to ensuring "all of its activities and investments" are in line with the Paris climate goal
of limiting global temperature rise to normal levels.
Repsol said it could achieve two-thirds of its 2050 target by ditching carbon-intensive projects, powering refineries with cleaner energy sources, adding more biofuels to diesel and gasoline, reducing combustion and methane leakage and increasing the share of
renewable energy generation in the energy mix.
In addition, it plans to offset emissions
through carbon capture technology and tree planting.
By 2025, the carbon intensity (rather than total emissions) of its products will be 10% lower than in 2016, 20% by 2030, 40% by 2040, and net CO2-zero emissions
by 2050.
As the energy sector comes under increasing pressure to shoulder its role in contributing to climate change, Spanish oil company Repsol has set a target
of achieving net-zero CO2 emissions by 2050.
The Spanish oil and gas company this week announced an overhaul of its business strategy, from reassessing long-term energy prices to ensuring "all of its activities and investments" are in line with the Paris climate goal
of limiting global temperature rise to normal levels.
Repsol said it could achieve two-thirds of its 2050 target by ditching carbon-intensive projects, powering refineries with cleaner energy sources, adding more biofuels to diesel and gasoline, reducing combustion and methane leakage and increasing the share of
renewable energy generation in the energy mix.
In addition, it plans to offset emissions
through carbon capture technology and tree planting.
By 2025, the carbon intensity (rather than total emissions) of its products will be 10% lower than in 2016, 20% by 2030, 40% by 2040, and net CO2-zero emissions
by 2050.
