ASSESSMENT OF REPSOL’S CLIMATE STRATEGY

The report finds that Repsol's investment strategy prioritizes oil and gas and shareholder returns over renewable energy, with 2030 production targets projected to be 65% higher than those required for NZE alignment. While the company is diversifying into renewables and hydrogen, these remain marginal, with oil and gas expected to constitute over 70% of its energy mix by 2030. Additionally, the report notes that Repsol's scope 3 emission targets are less ambitious than its scope 1 and 2 targets, and its carbon intensity target for 2030 is 21.9% higher than the NZE.

• Repsol's 2023 financial allocations prioritized fossil fuels and shareholders over clean energy. For every euro invested in its "Low-Carbon Generation" (LCG) business, the company invested 2.0 euros in oil and gas and distributed 1.3 euros to shareholders via dividends and buybacks.
• Repsol's oil and gas production targets for 2030 are significantly higher than the IEA Net Zero Emissions (NZE) scenario. Production from committed expansion plans will be 41% higher than NZE levels, and the company's overall 2030 production target will be 65% above NZE alignment.
• The company's energy mix will remain dominated by fossil fuels through 2030. Oil and gas are projected to represent more than 70% of the mix, while renewables will account for less than 19% (with a target of 15-20 GW of installed capacity).
• Repsol's diversification into green hydrogen and bioenergy is limited. It targets a green hydrogen production capacity of 1.9 GWe by 2030, which represents 0.3% of the required global electrolytic capacity. Biofuel production is targeted at 2.3 Mtpa by 2030.
• The company continues to rely on unsustainable energy sources. In 2023, more than two-thirds of its electricity production was fossil-based, and it has not committed to closing or stopping the development of gas plants.
• Repsol's emissions targets lack sufficient ambition, particularly regarding scope 3 emissions, which constitute 80% of its total emissions. Its 2030 scope 3 mitigation target (-30%) is less ambitious than its scope 1 and 2 targets (-55%), and its targeted carbon intensity for 2030 is 21.9% higher than the NZE.

APA

Delaporte, L.-M., Her, H., & Gebel, B. (2024). ASSESSMENT OF REPSOL’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-repsol.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, and Bastien Gebel. ASSESSMENT OF REPSOL’S CLIMATE STRATEGY. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-repsol.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Gebel |first3=Bastien |title=ASSESSMENT OF REPSOL’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-repsol.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2024assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Gebel, Bastien}, title = {{ASSESSMENT OF REPSOL’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-repsol.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }