Carbon Tracker reports that Repsol has announced to become a net-zero emissions company by 2050. This is a step forward from their previous long-term ambition, which was to lower carbon intensity by 40% by 2040.
"This ambition entails directing all of its activities and investments to meet new and more stringent plans all in alignment with the energy transition and the effort to limit the planet’s temperature rise to well below 2 degrees Celsius according to the Paris Agreement’s climate goals."
Now Repsol is one of a handful of oil companies that have set ambitions to lower the lifecycle carbon emissions intensity of their products, alongside Total and Shell.
Repsol is increasing by 3,000 MW its target for low-carbon electricity generation capacity, to 7,500 MW by 2025, and will begin to expand into other markets to become a leading international player in renewable energies such as photovoltaic and wind power.
