Spanish oil major Repsol SA on Tuesday announced more ambitious targets that will accelerate its energy transition to become a net zero emissions company by 2050.
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.
He added that the company is making towards becoming carbon neutral by 2050.
The company increases investments in the 2021-2025 period to 19.3 billion euros (22.36 billion dollars), allocating an additional 1 billion euros over the period of the Strategic Plan to step up its renewable electricity generation capacity and production of renewable hydrogen, as well as other low-carbon initiatives.
The company'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.
Repsol aims to lead the energy transition, in line with the Paris Agreement, to limit the increase in global temperature to well below 2 degrees Celsius.