Repsol Lubricants Aiming to Become a Net-Zero Company by 2050

With the goal of sustainable development and contributing to mitigating the impacts of climate change, the board of directors of Repsol lubricants has set a direction to achieve net-zero emissions by 2050. This ambition requires the company to implement new, stricter plans that align with the objectives of the Paris Agreement on climate change.

Repsol is a leader in the fight against climate change.

1. Strategic business direction

With determination and clarity in strategy, Repsol motorcycle lubricants has set target carbon reductions for each phase as follows: taking the carbon levels from 2016 as a baseline, aiming for a 10% reduction by 2025, 20% by 2030, 40% by 2040, and to achieve net-zero CO2 emissions by 2050.

Repsol's CO2 emission reduction goals by phase

To achieve these significant targets, Repsol has continuously implemented projects related to the energy transition. For example, the company plans to increase its low-carbon electricity production capacity from 3,000 MW to 7,500 MW by 2025.

At the same time, Repsol has also begun expanding its plans for renewable energy use to help protect the environment. The company's board of directors has approved new investments to build two photovoltaic projects and one wind project with a total capacity of up to 1,600 MW. With these new projects, Repsol's renewable energy portfolio will reach a total capacity of 5,600 MW.

Additionally, Repsol will continue to focus on the circular economy as a tool to use resources more efficiently. The company plans to double its production of biomass fuel derived from vegetable oils (HVO) to 600,000 tons/year by 2030, with half of it converted from waste by 2025.

In 2020, the company announced its intention to end any involvement with actions or messages that do not align with the fight against climate change.

On the other hand, the chemical business of the corporation and Repsol lubricant distributors is also directed towards contributing to a carbon-free economy. In its processes, Repsol is committed to efficient business practices with the expectation of achieving a 20% recycled content in total polyolefin output by 2030.

2. CO2 pricing

With the direction to become a greenhouse gas-free company by 2020, Repsol updated its internal CO2 pricing table. Accordingly, the price will be adjusted from $25/ton in 2018 to $40/ton by