Repsol announces 2050 carbon neutrality target, including use of its products
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Combustion Industry News Editor
Spanish oil and gas company Repsol has set a target of net zero carbon emissions from its business – including the use of its products – by 2050, making it the most ambitious target worldwide in its industry. To achieve two-thirds of the target, the company will shift away from carbon-intensive projects, reduce flaring and methane leaks, use more biofuel, employ cleaner fuels to power refineries, and increase its portfolio of renewable energies. It will also introduce carbon capture technologies, and for the remaining emissions, plant trees to offset them. In addition, it will re-evaluate all activities and investments based on long-term power prices and in their relation to the Paris Agreement on Climate Change. This will include a re-evaluation of its existing assets, which is expected to produce a €4.8 billion (US$5.3 billion) write-down of the assets’ value. Setting its goals in terms of carbon intensity, Repsol’s target is a 10% reduction by 2025 (from 2016 levels), 20% by 2030, 40% by 2040, and 100% by 2050. This is in line with the International Energy Agency’s sustainable development scenario, and is sure to turn heads in the industry and more widely across the world. More such announcements by other oil and gas companies could be inspired by Repsol’s example.