Repsol
Performance Score
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.
Narrative Score
Repsol's sustainability strategy includes detailed emission reduction levers until 2030 for scope 1 + 2 emissions. The company has set itself the goal of reducing its absolute scope 1 + 2 + 3 emissions by 30% by 2030. However, these targets take into account the emissions avoided through renewable electricity generation, as does the company's carbon intensity indicator. Repsol plans to significantly expand its renewable energy business, targeting an installed capacity of 9-10 GW by 2027. However, the company is still active in the exploration and exploitation of fossil fuels and has not committed to phasing them out.
Trend score
Repsol plans to increase its oil and gas production until at least 2030 and has not committed to ceasing its exploration activities.
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