During the last few years, Repsol has developed its carbon strategy to meet the challenge of providing a responsible energy supply. After creating the New Energy business unit and developing positionings and action plans, a new stage has begun in Repsol's carbon strategy, with the aim of:
- Promoting a common carbon-reducing culture and guiding the deployment of future projects, both in its Upstream and Downstream business units as well as in the New Energy businesses.
- Identify synergies between all businesses in order to reduce carbon.
Repsol's Carbon Strategy is geared towards six areas:
- Energy efficiency to curb CO2 emissions and operating costs.
- Carbon markets, which focuses on covering the expected deficit under the EU emissions trading scheme (ETS), the development of Clean Development Mechanism (CDM) projects and obtaining Certified Emissions Reductions (CER).
- Prospection, development and implementation of technologies for CO2 capture and storage.
- Biofuels strategy: research, development, production, blending and distribution.
- Development of new technologies for transport, contributing to guarantee the supply of cleaner fuels with less environmental impact.
- Research into business opportunities for renewable electricity generation, establishing synergies with the company's current operations.
Repsol is carrying out internal CDM projects and promoting the creation of CDMs in external projects. These projects contribute in an efficient way to technology and knowledge transfer. When they are generated internally, they also contribute to reducing consumption and improving energy efficiency.
The United Nations has approved the industrial project for the YPF refinery in La Plata (Argentina) as a Clean Development Mechanism (CDM), thus becoming the first project of its kind approved in the world. The CDM, an instrument included in the Kyoto Protocol, allows companies to develop Greenhouse Gas Emissions reduction projects, thus favouring sustainable development and the introduction of clean technologies in the countries where such investment is made. This project will considerably reduce the emission of greenhouse gases (about 200,000 CO2 metric tons/year) by reusing waste gas which normally would have been burnt in the flare. The use of this gas in the refinery's equipment partly replaces the use of fuels such as natural gas or fuel oil.
Likewise, for the project to be approved, it was necessary to develop a new methodology which was also approved by the United Nations in 2007 under the name AM0055 “Baseline and Monitoring Methodology for the recovery and utilization of waste gas in refinery facilities”. Four projects in the world are currently applying this methodology.
Additionally, Repsol in 2010 created a New Energy business unit to identify opportunities, promote projects and develop initiatives in bioenergy, renewable energy for transport, and other areas, which can provide synergies with Repsol’s ongoing business, and in the areas where the company operates.
Repsol boosted its activity in new energy in 2010 by buying a stake in AlgaEnergy, a leading R & D company in microalgae research. Repsol has also acquired a share in Orisol, an international developer of renewable energy projects, and Kuosol, developer of the world’s largest commercial Jatropha plantation for the production of biofuels.
Repsol has also created a New Energy Technology Directorate, which will develop technological projects linked to the newly-created business unit.
Repsol’s commitment to sustainability and corporate responsibility has been amply recognised by independent researchers. The company is included in the most reputed global sustainability indexes, including the DJSI World (Dow Jones Sustainability World Index), the European DJSI STOXX (Dow Jones Sustainability Europe Index), the Climate Disclosure Leadership (CDLI) and the Climate Performance Leadership (CPLI).
In 2011, Repsol was rated a "Gold Class" company for the fourth consecutive year in the "Sustainability Yearbook 2011" complied by PricewaterhouseCoopers and Sustainable Asset Management (SAM). The company led the rankings in the Oil and Gas industry, obtaining the highest score in climate change strategy. Repsol was also highly rated for transparency, environmental management, shareholder relations, social impacts on communities and stakeholder relations.
Contact details
Paseo de la Castellana, 280 3ª planta
Madrid , 28046
Phone: 913488000
Fax: 913489313
www.repsolypf.com
Location: Montjuïc, Hall4 Level 234 Street E 403