ASSESSMENT OF REPSOL’S CLIMATE STRATEGY

The report argues that Repsol's climate strategy is insufficient, as the company continues to prioritize oil and gas expansion and shareholder returns over sustainable energy investments. It finds that Repsol's 2030 production targets exceed NZE requirements by 38%, and its diversification into renewables and green hydrogen remains a small fraction of its overall energy mix. Additionally, the report notes that Repsol has weakened its 2030 emissions targets, specifically regarding scope 1, 2, and 3 emissions.

• Repsol's investment strategy prioritizes fossil fuels and shareholders over climate solutions. In 2024, for every euro invested in its "Low-Carbon Generation" (LCG) business, the company invested 1.5 euros in oil and gas and distributed 0.9 euros to shareholders via dividends and buybacks. Furthermore, only 19% of future capital expenditure from 2024 to 2027 is planned for renewables.
• Repsol's oil and gas production plans are not aligned with the IEA NZE scenario. The company aims to maintain production between 550 and 600 kboe per day until 2030, which would be 38% higher than NZE alignment. If all current expansion commitments are carried out, 2030 production would be 40% higher than the NZE level.
• The company's diversification strategy is deemed insufficient, with oil and gas expected to represent over 70% of its energy mix by 2030. Renewable power is projected to account for less than 19% of the mix (15-20 GW installed capacity), and green hydrogen is expected to represent 4.7% (1.8 to 2.4 GWe).
• Repsol continues to rely on unsustainable energy sources. In 2024, 26% of its electricity production was fossil-based, with 2.0 TWh generated from gas via units in Spain and Portugal. The company also maintains bioenergy production, with a 2024 capacity of 1.25 Mtpa, which the report notes can have higher emissions factors than fossil diesel due to land-use change.
• Repsol has weakened its 2030 emissions targets. It abandoned a previous target of -30% net emissions (scope 1, 2, and 3) based on a 2016 baseline, replacing it with a -20% absolute emission target based on a 2018 baseline. This change increases the projected 2030 emissions from 157 MtCO2e to 179 MtCO2e.

APA

Delaporte, L.-M., & Bogaert, A. (2025). ASSESSMENT OF REPSOL’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Repsol_Climate-Strategy-Assessment.pdf

Chicago

Delaporte, Louis-Maxence, and Achille Bogaert. ASSESSMENT OF REPSOL’S CLIMATE STRATEGY. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Repsol_Climate-Strategy-Assessment.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Bogaert |first2=Achille |title=ASSESSMENT OF REPSOL’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Repsol_Climate-Strategy-Assessment.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2025assessment, author = {Delaporte, Louis-Maxence and Bogaert, Achille}, title = {{ASSESSMENT OF REPSOL’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Repsol_Climate-Strategy-Assessment.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }