Spanish Oil company: Repsol wants to climate neutrality

asserted The company to want the Paris agreement to take seriously. You, for example, to renewable energy sources for refineries and CO2 capture. climate prot

Spanish Oil company: Repsol wants to climate neutrality

asserted The company to want the Paris agreement to take seriously. You, for example, to renewable energy sources for refineries and CO2 capture.

climate protests in front of the Headquarters of Repsol in Madrid in December 2019 photo: Juan Medina/reuters

As the first Oil and gas company in the world wants to Repsol from Spain to be carbon neutral by 2050. The Board of Directors of the sixth-largest European company in the industry, has recently promised a balanced CO2-balance by 2050, but also milestones: Minus 10 percent of CO2-emissions by 2025, minus 20 per cent by 2030 and a 40 percent decrease by 2040, hot you. In the CO2-balance not only the direct operating emissions, the so-called Scope 1 and Scope 2 emissions should be included, but also the Scope 3, i.e., the Repsol products after the sale of produce.

70 percent of the reduction to be overcome with the technology available at the time, it was said from the group headquarters in Madrid. In addition to the modernization of the industrial process, the speech is, among other things, of the "capture, use and storage of CO2", as well as – if necessary – by re-afforestation. Additional capacities of renewable energies are to be installed. Planned two photovoltaic plants and one wind power plant with a total of 1,600 megawatts of power. Mainly the group is to supply its own facilities, such as refineries and chemical plants with energy where necessary, through the detour of the production of green hydrogen.

"Repsol will focus on the circular economy", the report says. The goal of the doubling of the production of high-quality biofuels from vegetable oils up to 600,000 tons per year in 2030 to be. Half of which is to be produced from waste oils and fats.

The tag to be accompanied by a CO2 emissions trading, those group will not be punished, the parts that are pursuing the goal of climate neutrality ambitious enough. At least 40 percent of the long-term variable remuneration for managers are also tied to the decarbonisation objectives.

What does this mean for the Oil business, will be in the middle of the year, when Repsol to submit a detailed strategic plan. As a first step, Repsol will determine the value of individual operating parts. For 2019 there is to be a reduction in value of around 4.8 billion euros. To be written off, especially exploration and production projects in the United States and Canada. On the profit participation of the shareholders, this depreciation will have no impact, the Board of Directors. The Repsol shares did not harm the notice.

The company is a widely diversified company's capital. In addition to Spanish banks and a construction company, the large packages of shares of international investment funds, including the Norwegian state Fund. The Scandinavians have doubled their participation after the announcement of the climate goals and also of U.S. funds of Blackrock, the new company policy.

In the case of independent observers to the climate encounter the objectives of the Repsol agreement. "The commitment of Repsol is ambitious and the global challenge to meet," explains Rick Heede from the Climate Accountability Institute in the United States. The Spaniards had laid so that "the bar for other Oil and gas companies high." Heede is convinced that Repsol can reach climate neutrality. However, he also warns of accounting tricks. "Repsol is able to define the Scope 3 emissions on the basis of the sold products, while we set on the basis of the produced Oil and gas," says Heede.

"About 15 percent of the world's energy-related greenhouse gas emissions come from the process, Oil and Gas out of the ground to convey to the consumer," says Fatih Birol of the independent International energy Agency based in Paris. A large part of these emissions could be reduced to "relatively easily".

Date Of Update: 28 January 2020, 09:00
NEXT NEWS