Repsol Targets Net Zero Emissions By 2050, A First Ever Move
Zacks Investment Research | Dec 03, 2019 10:45PM ET
Repsol (MC:REP), S.A. (OTC:REPYY) recently announced its non-binding plan of reducing net carbon emissions to zero by 2050. The move, which complies with the Paris Agreement climate goals, marks first such initiative in the oil and gas industry. The company intends to target carbon intensity of its products instead of reducing emissions directly.
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The company is expected to use its 2016 carbon intensity level as the baseline. It plans to reduce 10% intensity by 2025, 20% in the next five years. It expects carbon intensity to fall 40% by 2040 and reach 100% by 2050. Notably, Repsol expects to achieve 70% of its reduction target through existing technologies.
These emission reduction plans are way more appealing to investors, who are putting pressure on energy companies to reduce carbon footprint, than its peers’ initiatives. Other energy companies like Royal Dutch Shell (LON:RDSa) plc Zacks Investment Research
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