Repsol increases its targets for renewable generation and emission reductions
The company allocates an additional €1 billion over 2021-2025 to step up its renewable electricity generation capacity and production of renewable hydrogen.
Repsol has announced more ambitious targets in its energy transition to become a net zero emissions company by 2050.
The company will increase investments in the 2021-2025 period to €19.3 billion, allocating an additional €1 billion over the period of its strategic plan to step up its renewable electricity generation capacity and production of renewable hydrogen, as well as other low-carbon initiatives.
Repsol’s ambition for renewable electricity generation increases by 60% to reach an installed capacity of 20 GW by 2030, with a target of 6 GW by 2025.
At a session dedicated to the energy transition and aimed at analysts and investors, Repsol CEO Josu Jon Imaz announced an increase in the company’s intermediate decarbonization targets. The reduction in the Carbon Intensity Indicator will now be 15 % in 2025, 28% in 2030, and 55% in 2040.
“The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050. Ambition, technology, and project execution are enabling us to increase the speed at which we will achieve this target,” said Repsol CEO.
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