Repsol’s AGM: shareholders must challenge Repsol’s climate plan

Reclaim Finance asserts that Repsol's climate targets are inadequate, noting the company will overshoot its carbon budget by 78.7% by 2050. The statement highlights that Repsol plans to maintain oil and gas production at approximately 650 kboe/day through 2025 and allocate over 65% of CAPEX to fossil fuels, including high-risk projects in the Arctic and fracking. Despite goals for 20 GW of renewable capacity by 2030, the author argues this does not offset the lack of absolute emission reductions. Consequently, the document recommends shareholders vote against the 'Say on Climate' advisory vote and the reappointment of four directors responsible for fossil expansion.

• Repsol's decarbonization targets are insufficient for a 1.5°C pathway, with the company projected to overshoot its carbon budget by 78.7% by 2050 and use up to 82% of that budget by 2030.
• The company's 2030 emissions reduction target of 30% (relative to 2016) is criticized because it relies heavily on scope 1 and 2 cuts (55%) while scope 3 reductions are unquantified and cover less than half of those emissions. If met, total emissions would only drop 16% from 2016 levels, falling short of the 41% reduction recommended by the IEA Net Zero scenario.
• Repsol intends to maintain oil and gas production levels around 650 kboe/day through 2025, with data suggesting a possible increase of 2.6% by 2030. The company plans to allocate over 65% of its CAPEX to oil and gas, with significant investments in fracking (nearly 30% of new projects) and the Arctic region (over 35% of new projects).
• While Repsol aims for 20 GW of operating renewable power capacity by 2030, this would only represent a maximum of 21% of its energy mix and is argued to provide no climate benefit without a decrease in absolute emissions.
• According to the CA100+ "Net Zero Company Benchmark", Repsol's transition plan complies with only four of nine criteria and fails on key areas including GHG reduction targets, CAPEX alignment, and the basic "Net zero ambition by 2050" criteria.

APA

admin (2022). Repsol’s AGM: shareholders must challenge Repsol’s climate plan. Reclaim Finance. https://reclaimfinance.org/site/en/2022/05/04/repsols-agm-shareholders-must-challenge-repsols-climate-plan/

Chicago

admin. Repsol’s AGM: shareholders must challenge Repsol’s climate plan. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/05/04/repsols-agm-shareholders-must-challenge-repsols-climate-plan/.

Wikipedia

{{cite press release |last1=admin |title=Repsol’s AGM: shareholders must challenge Repsol’s climate plan |publisher=Reclaim Finance |date=4 May 2022 |url=https://reclaimfinance.org/site/en/2022/05/04/repsols-agm-shareholders-must-challenge-repsols-climate-plan/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022repsols, author = {admin}, title = {{Repsol’s AGM: shareholders must challenge Repsol’s climate plan}}, publisher = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/en/2022/05/04/repsols-agm-shareholders-must-challenge-repsols-climate-plan/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }