Spanish oil and gas company Repsol S.A. recently announced plans to be the industry’s first net-zero greenhouse gas emitter by 2050, as well as the first such company to include their customers’ emissions in their measurements.
Accounting for clients’ emissions produced by power plants and transportation vehicles that use their products, Madrid-based Repsol is poised to be the first company in its field to meet all three scopes of greenhouse gas emissions as defined by the global Greenhouse Gas Protocol (GHG Protocol).
Repsol, one of the smaller global oil and gas giants, operates in 37 countries, including the United States, with a world-wide product sales reach of 90 countries.
The GHG Protocol is the world’s most utilized greenhouse gas accounting and reporting standard for companies and organizations.
• Scope One comprises a reporting entity’s direct greenhouse gas emissions;
• Scope Two comprises the entity’s indirect emissions resulting from consumption of purchased electricity, steam, or heat;
• Scope Three comprises the indirect emissions that do not fall under Scope Two, such as the reporting entity’s clients’ emissions from use of the entity’s products, or the emissions created during production of materials that the reporting entity has purchased.
To meet the United Nations Framework Convention on Climate Change (UNFCCC) 2015 Paris Agreement goals and to help accelerate the decarbonization of the changing gas and oil economy, Repsol confirmed their new multi-energy business strategy by marking down their gas and oil reserves by $5.3 billion and pivoting towards clean energy investments that so far have increased Repsol’s renewable energy portfolio by 40%.
They will continue to search for natural gas and oil, but plan to focus on value over volume, according to a recent Repsol press release.
With a focus on the circular economy ideal, the company will double production of vegetable oil-derived, high-quality biofuels by 2030. They are committed to exploring clean energy and have already begun development of wind power and photovoltaic solar power projects.
Written by Nicole Foulke