Achieving a Just Transition:
Framework for Company Action
Key Activities
- Develop an emissions reduction plan and time-bound roadmap that is in line with Paris Accords.
- Measure, track, report, and publicly disclose carbon footprint, including scope 3 emissions.
- Work with suppliers across the value chain and other business partners to support their path to net zero.
See it in action
Repsol have defined a clear net-zero roadmap by 2050 with interim decarbonization goals focused on the reduction of the company’s carbon intensity indicator: 15% by 2025, 28% by 2030 and 55% by 2040.
Repsol is moving towards a model that integrates several technological options and combines renewable electricity with the use of low-carbon products to offer solutions that meet all of society’s energy needs at home or on the move. The new updated strategic plan contemplates investment of €6.5 billion on low-carbon business between 2021 and 2025, which is 35% of the total capex in the period (Repsol, 2021). Moving forward, a challenge will be to identify and apply new technologies, with the help of an appropriate regulatory framework, which will allow the company to achieve the Paris ambition of 1.5 degrees Celsius at the lowest cost to society.
These include facilitating a transition from transportation fuels to chemical building blocks integrated with sustainable downstream derivatives. In addition, the company plans to maximize the use of biofuels and bio-pathways to fix CO2 emissions and facilitate a conversion to renewable fuels and materials. Lastly, the company is scaling up recycling of materials, capturing, storing and converting CO2 to use chemicals and materials for competitive costs, and maximizing circularity across value chains.
In March 2020, ACEN announced board approval of its E&S Policy, incorporating sustainability in its business and organization.
A core focus of the policy is the company’s transition to a low carbon portfolio and divestment of its coal plants by 2030.
ACEN defined a long-term Portfolio mix roadmap with a 2025 interim target of reaching 5GW of renewables capacity accounting for at least 50% of energy output. In addition, this year, AC Energy started to look into developing a 2050 climate target.
Who's measuring these actions?
Disclosure Indicator 2 – Long-term (2036-2050) GHG reduction target(s)
- Sub-indicator 2.1:
The company has set a target for reducing its GHG emissions by between 2036 and 2050 on a clearly defined scope of emissions. - Sub-indicator 2.2:
The long-term (2036 to 2050) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant scope 3 emissions (where applicable) - Sub-indicator 2.3:
The target (or, in the absence of a target, the company’s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5
Disclosure Indictor 3 – Long-term (2026-2035) GHG reduction target(s)
- Sub-indicator 3.1:
The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions. - Sub-indicator 3.2:
The long-term (2026 to 2035) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant scope 3 emissions (where applicable) - Sub-indicator 3.3:
The target (or, in the absence of a target, the company’s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5
Disclosure Indictor 4 – Short-term (up to 2025) GHG reduction target(s)
- Sub-indicator 4.1:
The company has set a target for reducing its GHG emissions up to 2025 on a clearly defined scope of emissions - Sub-indicator 4.2:
The short-term (up to 2025) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant scope 3 emissions (where applicable) - Sub-indicator 4.3:
The target (or, in the absence of a target, the company’s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5
Disclosure Indicator 9 – Just Transition
- Sub-indicator 9.1 – Acknowledgement:
Metric a) The company has made a formal statement recognizing the social impacts of their climate change strategy—the Just Transition—as a relevant issue for its business.
Disclosure Indicator 9 – Just Transition
- Sub-indicator 9.1 – Acknowledgement:
Metric b) The company has explicitly referenced the Paris Agreement on Climate Change and/or the International Labor Organization’s (ILO’s) Just Transition Guidelines).
Disclosure Indicator 9 – Just Transition
- Sub-indicator 9.2 – Commitment:
Metric a) The company has published a policy committing it to decarbonize in line with Just Transition Principles.
More Blocks in this theme: Universal Net-Zero Energy
= Core Best Practice
= Just Energy Specific Practice
