Written by 
by Olivia Harris and Carson Thal at inclusivecapitalism.com
In 2019, Repsol announced its ambition to achieve net zero emissions by 2050, becoming the first oil and gas company in the world to make such a goal. Alongside its new ambition, the company laid out a path to decarbonization in line with energy scenarios given in the Paris Agreement, starting with a goal of 40% reduction in its carbon intensity indicator by 2040.
Following faster and more effective transformations than first forecast, Repsol revised its goals in 2021 to be even more ambitious, upping its goal to 55% reduction of emission intensity by 2040.
As the company reshapes its operations for a low-carbon energy future, Repsol recognizes that the transition to cleaner energy holds both opportunities for growth and potential negative impacts. They are committed to finding solutions that minimize the social and economic impact of decarbonization on workers, local communities, and society as a whole — always based on respect for human rights, while paying special attention to the most vulnerable groups.
“The Just Transition concept is incorporated for the first time in the 2015 Paris Climate Agreement, which states that the parties must take action to combat climate change while considering human rights, the right to health, indigenous peoples, people in vulnerable situations, and equality and economic and social inclusiveness,” Repsol leadership shared in a written exchange with the Council. “On this basis, the energy sector must lead the energy transition towards a net zero emission’s system, considering its social and economic impacts on people, workers, and communities.”
