Repsol | Council for Inclusive Capitalism

Repsol is a global multi-energy company present throughout the value chain that offers a wide range of products around 100 countries. Repsol is leading the energy transition and has set itself the goal of becoming zero net emissions by 2050.

It has a team of more than 24,000 employees of 79 different nationalities and is present in more than 30 countries. It has a large portfolio of 24 million customers.

Repsol has four business areas to advance in the energy transition, focusing on technology, digitization, innovation, talent and new and increasingly flexible ways of working.1.Upstream; hydrocarbon extraction and production focused on the decarbonization of our portfolio and cash flow generation. 2. Industrial, in which Repsol is transforming their industrial centers towards new multi-energy hubs to manufacture products with a low, neutral, or even a negative carbon footprint. 3. Customer, new business unit to lead the multi-energy offer, focused on the customer, with an exclusive value proposition and competitive advantages. And finally, a 4. Low- emissions business that is committed to renewable energies (solar, wind and hydroelectric). This business has a growing portfolio of projects in Spain and development of new assets in international markets to become a global operator.

Purpose

Our forward looking vision is to be a global energy company that creates value in a sustainable manner through innovation, efficiency, and respect to drive progress in society.

Josu Jon Imaz

CEO, Repsol

Find out more

Alignment with Guiding Principles

Josu Jon Imaz

Nov-16, 2023

Providing cleaner energy, empowering workers

Jul-23, 2021

Meet the Council: Q&A with Josu Jon Imaz

We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use

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Principles of Governance

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Summary

At Repsol, we are committed to reducing methane emissions in our operations and we support the role regulations play in achieving that, complemented by voluntary efforts such as our target to reduce the methane emissions intensity to 0.20% by 2025.

Activities & Initiatives

Repsol will help address climate change by reducing the methane emissions intensity of its Exploration and Production business (operated assets). As part of this contribution, Repsol participates in initiatives aimed at establishing standards of excellence in reporting and methane reduction and it has adopted short-term reduction targets.

Measures & Targets

‪In order to achieve this goal, we focus primarily on:

To reach a methane intensity of 0.20% by 2025 in the Exploration and Production business (operated assets)
To reach the Gold Standard level for OGMP 2.0 (Oil and Gas Methane Partnership) requirements in operated assets by 2023 and non-operated assets by 2025.

Summary

Repsol is committed to a sustainable world and is working to mitigate impacts and dependencies on biodiversity and the resources it provides us by applying READS tool to evaluate our new projects' effects on biodiversity, ecosystem services, and natural capital by 2025.

Activities & Initiatives

Repsol considers it is necessary to incorporate the value of environmental impacts and dependencies in the economic analyzes of projects and operations to improve our decision-making.

Measures & Targets

1. Apply the READS (Repsol Environmental Analytics Data System) tool in new studies to evaluate impacts on biodiversity, ecosystem services, and natural capital. Integrate the results of the analyses in decision-making to improve environmental management.

2. Continue to collaborate with and provide technical knowledge for international projects (e.g. development of ISO standards, TFND, European Align and Transparent projects, other reporting frameworks, etc.) in an attempt to develop homogeneous principles for impacts on natural capital and biodiversity assessment.

Summary

Repsol will promote circular economy by recycling the equivalent of 20% of our total polyolefin production, and building the first low-emissions advanced biofuels plant in Spain, to reach a sustainable biofuel production capacity to 2Mtons by 2030.

Activities & Initiatives

Repsol, following our Circular Economy Strategy, optimize the use of the resources we use in the manufacture of our products in our industrial processes, giving them a second life whenever possible.

Measures & Targets

1. Recycle the equivalent of 20% of our total polyolefin production by 2030.

2. Repsol is building the first low-emissions advanced biofuels plant in Spain at its refinery in Cartagena. The plant, projected to be operational in 2023, will have an annual production capacity of 250,000 tons of advanced biofuels from recycled raw materials to be used in aircraft, trucks, or cars. The new advanced biofuels will make it possible to cut CO2 emissions by 900,000 tons per year.

3. Reach a sustainable biofuel production capacity of 1.3 million tons in 2025 and more than 2 million in 2030, of which more than 65% will be produced from waste, and may even reach 100%, to satisfy the market or regulatory demands.

Summary

Repsol aims to be a company with net zero emissions in 2050, limiting global warming well below 2°C and complying with the Paris Agreement, the Sustainable Development Goals and in line with what is required by society.

Activities & Initiatives

The Repsol Strategic Plan (2021-2025) includes a demanding roadmap for energy transition in order to continue successfully advancing towards becoming a net zero emission company by 2050. The plan includes a model consisting of several technological options, which combines electrification with the use of renewable fuels, and offers solutions for all society’s needs.

Measures & Targets

Repsol has defined an ambitious interim emissions reduction target, with a reduction in the carbon intensity indicator of 15% by 2025, 28% by 2030 and 55% by 2040.

Summary

Repsol, in line with its commitment to the Sustainable Development Goals, contributes to social development by maximizing the positive impacts generated by its activities and enhancing shared value in its projects by benefiting 10 million people by 2025.

Activities & Initiatives

The social investment strategy focuses on an exhaustive analysis of the needs of the context, and on the priority SDGs for Repsol. Sustainable socioeconomic development stemming from planning based on dialog and consensus with local communities is a key priority and determines the scope of the investment.

Measures & Targets

By 2025, to contribute to the 2030 Agenda through our social projects. To develop a common calculation methodology and benefit 10 million people in the 2021-2025 period.

Summary

Repsol aims to be a net zero emissions company by 2050 focused on four key pillars, one of them is increasing the low carbon generation portfolio with objectives by 2025 and 2030.

Activities & Initiatives

The Low-Carbon Generation business will increase its portfolio of assets and international expansion, with the aim of being a global operator, and establishing goals for renewable generation capacity growth by 2025 and 2030.

Measures & Targets

To increase renewable electricity generation capacity to 6 GW by 2025

To increase renewable electricity generation capacity to 20 GW by 2030.

Summary

Repsol considers water as a scare resource and makes sure is used efficiently in all the assets and industrial facilities at the Upstream, Refining, and Chemical business by 2025.

Activities & Initiatives

To strengthen Repsol’s commitment in water issue, we have endorsed the CEO Water Mandate, an initiative led by the United Nations Global Compact, through which we commit to continue working to address challenges related to water management and water-related risks.

Measures & Targets

1. To integrate water management in 100% of our assets and industrial centers in company’s main businesses that will enable us to: identify alternative sources, reduce consumption intensity, minimize the impact on waste and take the real value of water into account in decision-making processes.

2. To have defined indicators that enable us to establish quantitative goals in the medium term.

Summary

Repsol understands D&I as an element allowing us to be more competitive by having people of different origins, age, gender, abilities, etc. To be recognized as a diverse and inclusive company with 35% of women in leadership positions by 2025

Activities & Initiatives

Repsol will establish gender parity in hiring processes and ensure the use of diversity criteria in all stages of professional development. We are committed to diversity, creating an inclusive environment for the LGTBI+ community and integrating people with disabilities, promoting a committed and caring social model.

Measures & Targets

To establish parity in the contracting processes and to ensure the application of criteria for inclusive diversity at all stages of professional development, to reach 35% of women in leadership positions by 2025.

To be an attractive company to work for by being acknowledged as respectful and non- discriminatory with the LGBTI collective.

To develop goals to promote the incorporation of people with disabilities into the organization. To go beyond the legal requirements in terms of job placement in those countries where they are applicable.

Summary

At Repsol, we are working to ensure that all the associations and initiatives in which we participate are aligned with the fulfillment of the objectives of the Paris Agreement and with our main lines of action on climate change by 2025.

Activities & Initiatives

At Repsol, we evaluate our alignment with more than 30 trade associations and initiatives in light of the Paris Agreement. Our selection is based on the associations relationship to the energy sector and their scope of activity in regions or countries in which we have operations.

Measures & Targets

Update periodically our alignment with the associations and initiatives in which Repsol participates according the Paris Agreement and Repsol climate policy, and make it known publicly.

Summary

Repsol respects, in all our activities and commercial relationships, the human rights internationally recognized. Proof of this it wants to continue being in the first quartile of the Corporate Human Rights Benchmark (CHRB) by 2025.

Activities & Initiatives

Repsol establish strong relationships where the company has a presence. Guarantee people´s security with full respect of human rights. Make progress in terms of applying the United Nations Guiding Principles on Business and Human Rights in the company.

Measures & Targets

1. For the period 2021-2025, continue to be in the top quartile of performance according to the Corporate Human Rights Benchmark (CHRB).

Summary

Repsol pursues the ambition of avoiding any harm to people and the environment due to all their activities. To achieve this, Repsol will launch a Safety Excellence Program to identify and develop those aspects that will enable a step forward regarding safety performance by 2025.

Activities & Initiatives

Repsol is committed to carrying out all its activities considering the safety and health of people and the protection of the environment as essential values, based on the firm conviction that all accidents are preventable and avoidable. Repsol is committed to leadership and a safety culture at all levels of the company, to a global management system valid for all company activities and the human factors considerations in processes.

Measures & Targets

1. To implement homogeneous safety criteria in supplier management and in all the processes for contracting goods and services that are high risk regarding the safety. Ensure that our contractors participate in the Safety Excellence Program

2. Implementing the Safety and Environmental Management System and making a self-assessment of it.

3. Continuing to progress regarding improving human performance and taking the human factor into account in safety processes.

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Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.