Repsol, second in the list of oil companies for its commitment to reduce emissions

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This content was published on May 11, 2022 – 23:02

London, May 12 (EFE) .- The Spanish Repsol ranked second in a ranking of large oil and gas companies for its commitment to reducing its emissions by 30% by 2030, according to the findings of a report released this Thursday by the Carbon Tracker study center.

The document reveals that the big oil and gas firms are putting investors at risk by basing their emission reduction plans on expensive and unapproved technologies.

The document on the climate impact of large energy companies evaluates and classifies the climate policies chosen by the 15 largest companies in this sector that are listed on the stock market and that, except for two, have updated their objectives since May 2021, although without committing the majority to reduce emissions in absolute terms.

Under this, Italy’s Eni has the strongest policy by committing cuts of 35% by 2030, although it plans to use carbon capture and storage technologies to remove 10 million tonnes of CO2 a year from industry by 2030, in addition to use nature-based solutions to eliminate 20 million tons.

In the case of the Spanish Repsol, its commitment to reduce its emissions by 30% by 2030 makes it rise to second place in this classification (up from sixth last year), ahead of BP and Total.

The plans of the Spanish company include offsetting 16 million tons of CO2 per year by planting 70,000 hectares of forest.

The document also reveals that of the nine North American companies, all have less ambitious objectives than the European ones and only commit to reducing the intensity of their emissions.

Chevron and Occidental are the only ones whose targets cover the end use of their products, and the others only cover operational emissions.

ExxonMobil has the weakest policy of these companies and the report notes that it adopted a new zero emissions target last year but has not promised specific interim cuts to reach it, as well as excluding 95% of emissions from the cycle to come. of the final use of its products.

The report warns that investors should not only pay attention to the climate goals set by companies but also whether their plans to achieve them are credible.

“Financial institutions should scrutinize companies’ emissions targets and whether their plans to achieve them are practical and credible to assess whether they are in line with global climate goals,” said Mike Coffin, head of oil, in a statement. gas and mining of Carbon Tracker and author of the report.

And he adds that “the best way for companies to reduce both their climate impact and their exposure to transition risk for investors is to allow their existing production to decline without investing in new assets.” EFE

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