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 main lines of business 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 reducing GHG emissions from its portfolio of assets. 2. Industrial business, in which Repsol is a leader in Europe due to the high competitiveness of its assets, 3. Customer-Centric business, which seeks to satisfy any energy and mobility needs of its customer. And finally, a 4. Low Carbon Generation business that is committed to renewable energies (solar, wind and hydroelectric) 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.
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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Summary
Repsol aims is 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.
Objectives
We set an ambitious emission reduction targets, with a reduction in the carbon intensity indicator of 12% by 2025, 25% by 2030 and 50% by 2040.
Metrics & Targets
By 2025, reduce the carbon intensity indicator by 12% compared to 2016, according to the path established to move the company towards net zero emissions by 2050.
Summary
Repsol will to implement energy efficiency measures and increase our participation in renewable energy projects with its low-emissions project portfolio growing annually by more than 500 MW between 2020 and 2025.
Objectives
The Low-Carbon Generation business will increase its portfolio of assets and international expansion, with the aim of being a global operator, with a generation capacity that will reach 7.5 gigawatts (GW) by 2025 and 15 GW by 2030.
Metrics & Targets
- The low-emissions project portfolio will grow annually more than 500 MW between 2020 and 2025.
- Between 2025 and 2030, Repsol will accelerate the organic growth of its low-carbon electricity generation capacity with the development of projects that will add more than 1 GW of installed capacity each year.
Summary
Repsol will work to ensure the fulfilment of the Paris Agreement by updating every two years our alignment with the associations and initiatives with which Repsol participates and make it known publicly.
Objectives
Evaluate our alignment in more than 20 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
Metrics & Targets
Update every two years our alignment with the associations and initiatives in which Repsol participates according the Paris Agreement and make it known publicly.
Summary
Repsol will help address climate change by reducing the methane emissions intensity by 25% in 2025 compared to 2017 in the Exploration and Production business (operating assets).
Objectives
Reduce the methane emissions intensity by 25% in 2025 compared to 2017 in the Exploration and Production business (operating assets).
Metrics & Targets
In order to achieve this goal, we focus primarily on three types of actions:
- Implementing more precise technologies for emissions detection and quantification
- Identifying and applying technological opportunities for emissions reduction.
- Transition to a lower carbon intensive portfolio.
Summary
Repsol will promote the circular economy by recycling the equivalent of 20% of our total polyolefin production by 2030 and building the first low-emissions advanced biofuels plant in Spain by 2023.
Objectives
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.
Metrics & Targets
- Recycle the equivalent of 20% of our total polyolefin production by 2030.
- Repsol will build 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.
Summary
Repsol will mitigate the impacts on biodiversity during the planning and development of our projects and operations, regardless of where they are located, by adapting and improving the GEMI ((Global Environmental Management Index) by 2021.
Objectives
Quantify environmental impacts and dependencies according to natural capital criteria, carrying out pilot projects in the main businesses of the company
Metrics & Targets
- Make adaptations and improvements to the GEMI (Global Environmental Management Index) methodology developed by Repsol by the end of 2021.
- Develop new pilot studies for the valuation of biodiversity, ecosystem services and / or natural capital for other businesses by 2025.
Summary
Repsol is committed to promoting a safe working environment, we pursue the ambition of Zero Accidents, demanding a high level of safety in our processes and facilities, with special attention to the protection of people and the environment around us.
Objectives
Provide clear, proactive and systematic safety leadership at all levels of the organization, starting with the management team.
Metrics & Targets
- Disseminate a “Safety Leap” safety leadership program through an online version available to all employees by the end of 2021.
- Improve personal and process accident rates according to rates calculated based on the best-performing companies in the sector by 2025.
Summary
Repsol will invest in people by continuing to be in the top quartile of performance according to the Corporate Human Rights Benchmark through 2025 and contributing to the SDG 2030 Agenda through our social projects.
Objectives
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.
Metrics & Targets
- For the period 2021-2025, continue to be in the top quartile of performance according to the Corporate Human Rights Benchmark (CHRB).
- For 2020-2025, contribute to the 2030 Agenda through our social projects, benefiting more than 800,000 people.
Summary
Repsol will promote employee diversity and inclusion by reaching 35% of women in leadership positions by 2025. We understand diversity and inclusion as a distinguishing element that allows us to be more competitive.
Objectives
Establish gender parity in hiring processes and ensure the use of diversity criteria in all stages of professional development. To be recognized as a diverse and inclusive company.
Metrics & Targets
- Reach 35% of women in leadership positions by 2025.
- Develop support and inclusion initiatives in the dimensions of generational and cultural diversity.
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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.
