Repsol

Repsol has an ambition to achieve net zero emissions by 2050 and has reduction targets in intensity and absolute in the short, medium and long term. However, the calculation on which the reduction targets and the company's trajectory are based include both avoided emissions and carbon capture. Beyond 2030, the strategy is not clearly set. In terms of levers of action, the company expects a strong development of its renewable energy capacities (15-20 GW of installed capacity in 2030). However, its energy mix will still be based on fossil fuels at 75% and its investments will still be in the minority on low-carbon projects until 2027 (> to 35% of net capex) while the IEA's Net Zero scenario recommends an allocation of at least 50% of CAPEX to clean energy by 2030.