Repsol pledges zero emissions by 2050

Bloomberg

Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own
operations and its customers by 2050.
The Spanish giant’s exploration and production unit will focus on value instead of output growth, according to a statement from the company. It also revised its long-term view of the value of oil and gas assets in a decarbonising world, resulting in a 4.8 billion-euro ($5.3 billion) accounting charge.
Spending will be redirected into the transition to clean energy, and Repsol’s board of directors approved new investments in two solar and one wind project with a combined capacity of 1,600 megawatts, boosting the company’s total renewables portfolio by 40%.
“We are convinced that we must set more ambitious objectives to fight climate change,” Chief Executive Officer Josu Jon Imaz said in a statement. “We believe now it is the right time for Repsol. We do it with the utmost confidence.”
Oil majors are under increasing pressure to transform their businesses in line with climate goals, not just from environmental groups but also from large institutional investors. Repsol’s peers Royal Dutch Shell Plc, BP Plc and Total SA have set their own targets to reduce emissions.