Spanish oil and gas giant Repsol has committed to becoming a net-zero emission business by 2050, across its own operations and its indirect impacts.
Pictured: A Portugese offshore wind project jointly financed by Repsol, the EIB and EDP Renewables
The firm’s overarching vision for mid-century is bolstered by a number of interim targets, namely reducing carbon intensity by 10% by 2025; 20% by 2030; and 40% by 2040. All of these targets have been set against a 2016 baseline.
In order to reach these goals, Repsol will update its carbon pricing. In 2018, it priced carbon at $25 per tonne – this figure will be gradually increased to $40 per tonne by 2025, and $70 per tonne by 2040 for refining, chemicals, gas