Sustainability objectives

Climate change

To become a net zero emissions company by 2050, in line with the goals established in the Paris Agreement.

• 2024 objectives
• 2025 objectives
• 2027 objectives
• 2030 objectives
• 2023 objectives achieved

2024 objectives
• Present and request the advisory vote from shareholders on Repsol’s climate strategy during the 2024 General Shareholders’ Meeting.
• Increase photovoltaic self-consumption installations nationally.
• Install public access charging infrastructure, both in service stations and at other locations.

2025 objectives
• Achieve a total reduction of 1.5 million tons of CO₂ eq in the Refining Spain, Refining Peru, Chemicals, and Upstream (operated) businesses.
• Reduce routine flaring by 50% in the operated assets of the Upstream business compared to 2018.
• Achieve a methane intensity of 0.20% compared to 2017 in the assets operated in the Upstream business.
• Reach the Gold Standard level for OGMP 2.0 (Oil and Gas Methane Partnership) requirements in operated assets by 2023 and non-operated assets by 2025.
• Reduce the carbon intensity indicator by 15% compared to 2016.

2027 objectives
• Achieve an equivalent renewable hydrogen production capacity in the Iberian Peninsula of 0.5 GW.
• Increase gross renewable energy generation capacity to 9 GW.

2030 objectives
• Reduce the carbon intensity indicator by 28% compared to 2016.
• Reduce absolute emissions by 55% in the company’s operated assets (Scope 1 and 2) compared to 2016.
• Reduce the company’s net emissions by 30% (Scope 1, 2, and 3) compared to 2016.
• Achieve an equivalent renewable hydrogen production capacity in the Iberian Peninsula of more than 1.6 GW.
• Increase gross renewable energy generation capacity to more than 15 GW.
• Promote the gradual decarbonization of the supply chain.
• NOTE: Scope 1 emissions are direct emissions; scope 2 are indirect emissions, associated with external requirements for electricity and steam for the operation of our installations; and scope 3 are other indirect emissions arising from the use of our products.

2023 objectives achieved
• 0.19 Mt CO₂ reduced from scope 1 and 2 emissions.
• 9.6% reduction in the Carbon Intensity Indicator (CII).
• We have identified suppliers with the highest carbon footprint impact.
• 2.74 GW of installed capacity of renewable energy.
• Designation of Project of Common Interest for the electrolyzers of Bilbao, Tarragona, and Cartagena. Pilot project in Bilbao.

Innovation and technology

Use technological innovation as a lever for transformation toward more sustainable business models.

• 2024 objectives
• 2025 objectives
• 2027 objectives
• 2023 objectives achieved

2024 objectives
• Promote the adherence of Repsol’s Corporate Venture Capital activity to the United Nations Principles for Responsible Investment (UNPRI).
• Work with at least 10 start-ups, research centers, universities, or companies to validate technologies using instruments such as investment, convertible loans, proof-of-concept, or co-development.

2025 objectives
• Develop, optimize, and validate the Plastics2Olefins technology on a pilot scale in Tech Lab’s test facilities.

2027 objectives
• Ensure that 70% of the investment in the digital program initiatives is oriented toward “tractors or facilitators of decarbonization” cases.
• Achieve 65% investment in technology projects aligned with sustainability.

2023 objectives achieved
• Assessed the sustainability impact of all digital initiatives.
• 65% of the investment in technology in line with sustainability.
• Innovation hub launched All4Zero.
• Investment fund launched SC Net Zero Tech Ventures.

People

We are committed to people and to promoting their development and that of the communities where we operate. Therefore, our ambitions are to establish strong relationships with the communities where the company is present, to ensure the safety of people with full respect for human rights, to support people and promote their development and that of their social environment, and to be an inclusive organization with diverse talent management focused on the employee and guaranteeing equal opportunities.

• 2024 objectives
• 2025 objectives
• 2026 objectives
• 2030 objectives
• 2023 objectives achieved

2024 objectives
• Improve communication to our stakeholders on human rights.
• Anticipate, through strategic planning, the organization’s key talent needs to meet future goals and commitments.
• Apply parity in recruitment processes and ensure the application of criteria for inclusive diversity at all stages of professional development, with the aim of reaching 34% of women in leadership positions.
• Promote awareness of unconscious biases to ensure decision making is based on individuals’ talents and capabilities.
• Enhance collaboration efficiency, support work-life balance, and bolster team cohesion through our hybrid and flexible work model.
• Ensure employees are aware of the health and wellness value proposition at global and local level.

2025 objectives
• In 2021-2025, to be in the first quartile of performance according to Corporate Human Rights Benchmark (CHRB).
• Contribute to the 2030 Agenda through our social projects. Develop a common calculation methodology and benefit 10 million people in the 2021-2025 period.
• Adapt the company’s regulatory framework and processes to the new regulatory developments on human rights due diligence.
• Implement training plans and supportive programs for strategic transformation disciplines.
• Go beyond legal requirements in the inclusion of individuals with disabilities within the organization across the countries where we operate.
• Revise the definition of roles and their respective skill sets, considering the impact of new technologies.
• Enhance the comprehensive health and wellness program using advanced analytics techniques to customize it for individual employees.

2026 objectives
• Form alliances with the local communities of the wind and solar farms where we operate in Spain by implementing social management plans in at least three wind farms and three solar farms.

2030 objectives
• Establish a reputation as a leading employer in the sectors where we operate, aiming to attract and retain key talent critical for strategy execution.
• Achieve gender representation at all organizational levels that aligns with the Company’s overall global representation.
• Establish a robust culture of inclusion founded on principles of equity and non-discrimination.
• Roll out the comprehensive health and wellness program across all countries, tailoring it to meet local needs.

2023 objectives achieved
• Achieved global leadership in CHRB across all sectors and companies.
• Developed 394 social projects from which 4.5 million people have benefited.
• Provided more than 60,000 training hours in digital training and energy transition.
• 25% increase in people who have applied for telework.

Environment

Excellent and integrated environmental management in the decision making process.

• 2024 objectives
• 2025 objectives
• 2026 objectives
• 2027 objectives
• 2030 objectives
• 2035 objectives
• 2023 objectives achieved

2024 objectives
• Commercialize 23,000 tons of circular-bio polymers, including 18,000 tons derived from alternative raw materials.
• Commission the first plant for producing renewable fuel, with a capacity of 250,000 tons a year from waste, at the Cartagena refinery (Spain).
• Identify and adapt production units in the Petronor, Tarragona, and Puertollano refineries with the aim of consolidating the production of biojet fuel.
• Establish a waste supply platform to ensure compliance with the designated renewable fuels production pathway.
• Digitalize biodiversity and natural capital indicators.
• Analyze the methodology for calculating the water footprint by conducting a pilot study in an industrial center.
• Advance in the United Nations CEO Water Mandate initiative by analyzing the 100 Basins project (focused on 100 priority basins with water stress).
• Promote the integration of environmental criteria in supplier management and in all contracts for goods and services with high safety and environmental risk.

2025 objectives
• Quantify and assess the impacts and environmental dependencies under natural capital criteria, developing pilot projects in the company’s main businesses.
• Train and raise awareness of 100% of employees with regard to the environment, the circular economy, and SDGs.

2026 objectives
• Promote and implement biodiversity management initiatives for the promotion of at least three protected species in our wind and solar farms in Spain.

2027 objectives
• Achieve a production volume of more than 65,000 tons comprising circular-bio products that incorporate alternative raw materials such as plastic waste or renewable sources.
• Achieve a renewable fuel production capacity in the Iberian Peninsula of more than 1.5 million tons.
• Achieve a biomethane production capacity, from organic waste, of 1.3 TWh.

2030 objectives
• Achieve a production volume of more than 150,000 tons comprising circular-bio products that incorporate alternative raw materials such as plastic waste or renewable sources.
• Promote the circular economy with the recovery of used oils from domestic use at our service stations.
• Increase the sale of renewable fuels in the aviation and service station businesses.
• Achieve a renewable fuel production capacity in the Iberian Peninsula of more than 2.2 million tons.
• Achieve a biomethane production capacity, from organic waste, of more than 2.1 TWh.

2035 objectives
• Achieve a 30% reduction of freshwater withdrawal for the industrial area facilities located in the Iberian Peninsula.
• Achieve net zero freshwater consumption by 2035 at the Marcellus asset (USA) in the Upstream business.

2023 objectives achieved
• 150,000 t/year increase in renewable fuel production capacity.
• The polyurethane foam chemical recycling plant is underway.
• The READS methodology for the monetary valuation of natural capital has been published.
• Defined strategic pathway for the reduction of freshwater harvesting.

Safe operation

We want to avoid any harm to people and the enviroment and maintain our resilience to cyber attacks at the highest level.

• 2024 objectives
• 2025 objectives
• 2026 objectives
• 2023 objectives achieved

2024 objectives
• Promote organizational learning mechanisms in the field of safety.
• Verify the quality of the 2023 self-diagnostics of each operating unit and carry out its annual review following the process established within the framework of the Safety Excellence Program.
• Ensure that our contractors participate in the Safety Excellence Program.
• Conduct a global crisis simulation with activation of the CMT (Repsol’s highest crisis management body, led by the CEO).
• Promote the integration of safety criteria in supplier management and in all contracts for goods and services with high safety and environmental risk.

2025 objectives
• Exercise clear, proactive, systematic leadership in safety at all levels of the organization.
• Continue to progress with regard to improving human performance and taking the human factor into account in safety processes.

2026 objectives
• Keep our cybersecurity capabilities up to date to mitigate the risk of business interruption due to a cyber attack.
• Keep our capabilities up to date to mitigate the risk of a cyber incident in critical infrastructure.
• Keep skills up to date to mitigate the risk of a data breach due to a cyberattack.
• Keep employee and organizational skills up to date to achieve cybersecurity goals.

2023 objectives achieved
• Safety leadership: mentoring program for the 25 Upstream operations directors.
• We have identified safety improvement opportunities with contractors.
• Conducted a global crisis simulation with activation of the CMT (Crisis Management Team).
• Completion of the 2021-23 Cybersecurity Strategic Plan.
• 90% of connected employees have taken the cybersecurity course.

Ethics and transparency

We act responsibly and with integrity wherever we are present. Based on this, our ambitions are to ensure that there are no cases of corruption in the activities carried out by the Repsol Group to achieve the highest national and international standards in matters of good governance and be publicly recognised as a company with integrity and transparency in fiscal matters.

• 2024 objectives
• 2025 objectives
• 2026 objectives
• 2030 objectives
• 2023 objectives achieved

2024 objectives
• Train and raise awareness about sustainability among all parties involved in purchasing and procurement processes.
• Eliminate presence in OECD/EU non-cooperative jurisdictions and streamline the corporate structure.
• Maintain leadership in tax governance best practices, such as tax transparency or validation of the GRI-207 standard by external auditors.
• Encourage cooperative relations with tax authorities, presenting the voluntary transparency report and actively participating in forums.

2025 objectives
• Deploy a global risk management model for the supply chain, that will take ESG risks into account in accordance with European standards for due diligence with regard to sustainability.
• The Board of Directors will continue to promote the company’s sustainability by incorporating the best available practices and creating value for its stakeholders in the long term.

2026 objectives
• Prevent and identify risks involving honesty in commercial transactions or business with third parties of interest to the company.

2030 objectives
• Digitalize compliance processes using industry-leading practices.
• Strive to foster excellence in the compliance models of our third-party partners and investee companies.
• Deploy an integrated and streamlined management model to handle compliance risk management across various countries.

2023 objectives achieved
• 143 companies have participated in the Global Compact training.
• 23,507 employees trained in the new course of the Code of Ethics and Business Conduct.
• Women account for 40% of the Board of Directors.
• Leadership in fiscal responsibility and transparency endorsed by various social organizations.