In 2011, we reviewed and updated our carbon strategy. We analyzed the company's existing initiatives to reduce carbon intensity in all of our businesses, identifying synergies between these initiatives.
The drivers of Repsol's carbon strategy are:
We share the concerns of governments, citizens and society as a whole on the impact that human activity is having and will continue to have in the future on the climate. Our commitment to society is based on the principles described in our Position on Climate Change.
One of these principles is to collaborate with governments of the countries where we operate to facilitate compliance with national and international commitments, particularly the Kyoto protocol and its subsequent developments, and to provide constructive support for the development of new regulations.
Our strategy promotes initiatives that reduce the intensity of carbon throughout the lifecycle of our products.
Therefore, our goal is to document our footprint for the entire company, which entails extending the scope of emissions inventories to include suppliers, customers and our own activities. We are also committed to making progress in calculating the carbon footprint of our products by establishing the most appropriate calculation methodology.
Repsol is also firmly committed to improving energy efficiency in its processes. Energy efficiency has the greatest short-term potential to reduce energy consumption and greenhouse gas emissions.
Although currently there is uncertainty on how quickly and fundamentally the world will turn towards a low GHG emission economy, our long-term vision includes a firm commitment to technological development, intensifying R&D projects aimed at the elimination and use of CO2 by converting it from waste into a resource.
In our company, we are taking action to develop non-fossil energies through the New Energies business unit created in 2010 to identify business opportunities in fields such as bioenergy, renewable electricity generation and the electrification of transport.
Every year, Repsol participates in the Carbon Disclosure Project (CDP), the most important global initiative to analyze the carbon strategies of the companies in the FTSE Global Equity Index series (Global 500). All Repsol's responses to the annual CDP questionnaire can be seen at: https://www.cdproject.net
The CDP questionnaire provides more details on the company's carbon strategy regarding:
The information contained in this Report, on our corporate website repsol.com and in our CDP submission constitutes the Repsol information on climate change
More information on sustainability ratings at indices.repsol.com