Repsol Pledges Net Zero by 2050, First Oil Company to Set Paris-Aligned Goal

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609

BERKELEY, CA—DEC. 2, 2019—Repsol announced Monday a historic commitment to become “a net zero emissions company by 2050.” Repsol outlines a variety of enterprise-wide changes to help it achieve its Paris-aligned goal, including increasing diversification and value generation over increased production, becoming a “leading international player in renewable energy,” raising its internal price of carbon, improving the efficiency of operations, tying executive pay to meeting Paris-aligned targets, adopting carbon capture and storage technology or offsets, and aligning its chemical products with a circular economy, to name a few.

Danielle Fugere, president of As You Sow, made the following statement:

“Shareholders are increasingly uncomfortable investing in companies that are significant contributors to global warming. Repsol’s announcement provides a model for how global oil and gas companies can successfully redefine their businesses in line with Paris climate goals and create conditions to thrive in a low-carbon energy market.”

Lila Holzman, energy program manager of As You Sow, made the following statement:

“Repsol has taken an important step in being the first oil and gas company to set a net-zero target. While investors hope to gain more clarity on how the company plans to meet this target — especially with regard to intensity versus absolute targets — we commend Repsol for sending a strong signal about where it is headed and its role in achieving Paris climate goals.”

For more information on As You Sow’s work on energy, click here.

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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.