Repsol: aims for net zero emissions by 2050

(CercleFinance.com) - Repsol plans to set out a new strategic plan with the aim of achieving a net zero-carbon footprint by 2050, the Spanish energy company said on Tuesday.


The group aims to become the first oil and gas company in the world to assume this "ambitious goal," it said in a statement.

To achieve this target, Repsol has set new goals for the reduction of its carbon intensity indicator from a 2016 baseline, starting with 10% by 2025, 20% by 2030, 40% by 2040, and finally net zero CO2 emissions by 2050.

Without providing many details, the company said its upstream unit will prioritize value and cash over volume, while adding more stringent decarbonization goals as well as an increase in the production of biofuels and chemical products.

These figures will form the basis for its 2021-2025 strategic plan, which will be presented to the market and investors in the first half of 2020, it said.

Investors seemed to be more skeptical, with the shares down 0.7% in Tuesday morning trading in Madrid.

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