Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly. A substantial amount of greenhouse gases emitted by burning oil, fossil fuels, and other sources include CO2, methane, and NOx. As corporate GHG emissions have increased, it has become increasingly important for key contributing industries to track greenhouse gas emissions throughout their operations.
Repsol SA (Repsol) is an integrated oil and gas company based in Spain. The company carries out oil and natural gas exploration and production. Total GHG emissions reported by the oil & gas company were around 170.8 million tonnes CO2 equivalents (MtCO2eq) in 2021, which was decreased by 1.8% from 2020. The oil and gas company has set a target to become “zero net emissions” company by 2050 in support of the Paris Agreement.
Scope 1,2, and 3 emissions are the three categories of GHG emissions. Direct GHG emissions from sources owned or controlled by the corporation are referred to as Scope 1 emissions. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). Scope 3 refers to the company's other indirect emissions, which arise from sources that the company does not own or control.
Scope 3 emissions account for nearly 151 MtCO2eq (88.4%) of Repsol's total GHG emissions in 2021. Scope 1 emissions have dropped to about 19.4 MtCO2eq, while Scope 2 emissions have dropped to 0.4 MtCO2eq in 2021.
Repsol is investing in renewable energies such as solar, wind, and hydrogen as a step toward decarbonization. The company will invest around EUR6.5 billion ($6.98 billion) between 2012 and 2025 in renewable energy and other low-carbon solutions. This investment accounted for 35% of its total investment.
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