Primary Climate Goal
Repsol's target annual all Scopes emissions for 2050 should be equal to 0 Kt = 0% * 176,800 Kt, according to the company's stated climate goal.
In order to achieve this goal, Repsol would need to reduce its emissions at least by -6,097 Kt per annum over the period from 2022 to 2050:
-6,097 Kt = ( 0 Kt - 176,800 Kt ) / (2050 - 2021)
This translates into a -3.4% reduction in 2022.
The projected range shown on the chart is based on the Exerica's algorithm which takes account of both the company's stated goal and its past performance.
Repsol aims to achieve net zero for all Scopes by 2050
Science Based Targets initiative In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
GHG emissions and Carbon intensity
Scope 1 + 2 GHG emissions (in tons of CO2e) divided by the company's Revenues (in USDm) for the same period
Repsol reported Total CO2e Emissions - Location-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 19,800 Kt (-3,100 /-13.5% y-o-y). Also positively, carbon intensity decreased to 335 t (-252 /-42.9% y-o-y).
Repsol's Scope 3 emissions remained flat at 157,000 Kt. The time series has been volatile over the last few periods.
The company is committed to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -6,097 Kt per annum over the period of FY2022 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.