For Immediate Release

Organization Profile: 

Nathalia Clark,, +55 61 991371229 Responds to Repsol's Pledge to Zero Emissions By 2050

WASHINGTON - Earlier this week, amid the beginning of COP25, the Spanish oil company Repsol announced their plans to be carbon neutral by 2050, in order to align themselves with the goals of the Paris Agreement and keep global temperatures below 2oC. 

In response to the announcement, Yossi Cadan, Global Finance Campaign Manager, said:

"It is true that Repsol's pledge is better than all other commitments from a fossil fuel company until this date, but it is still not enough. We don't want to see a company that offsets its oil and gas production by planting trees. What we need is a real commitment to a complete transition from being a fossil fuel company to a renewable energy company. Only then they will show that they truly care for the climate, for social justice, for the lives and livelihoods of the communities on the frontlines of climate change, and ultimately for the future generations."


Never Miss a Beat.

Get our best delivered to your inbox.

Repsol's new policy is filled with holes, to name a few:

  • "Repsol aims to achieve net zero emissions by 2050”. In order to achieve that Repsol is “planning to offset emissions through reforestation and other natural climate sinks”. What we need is an “absolute zero” and not “net zero”, which involved reforestation and other unproofed carbon sinks that will allow Repsol to keep burning fossil fuel instead of transitioning to become renewable energy company.
  • In the mid term Repsol aims to “reduction of its carbon intensity” or, in other words, to keep its total emissions while improving their technologies and efficiency. If Repsol intentions are honest, we would expect that Repsol reduce its absolute carbon emissions and not intensity based emissions. Our climate doesn't care that Repsol improve their fossil fuel burning technologies, what counts is their consistent and gradual reduction of emissions until an absolute zero emission in 2050 with zero production of fossil fuels.
  • Repsol see “gas as the fuel for the energy transition”. There is no room for new fossil fuel development, natural gas included within the Paris Agreement goals. One of the most concerning observations in our global emissions data is a very robust and stable upward trends in emissions from natural gas. Therefore, plans to transition to a natural gas-based system are incompatible with international climate goals as demonstrated by a recent OCI report.

"The good part is that Repsol finally recognized that the future is not in fossil fuels and that oil and gas assets are going to be stranded in a very short period. In this case Repsol is writing off  $4.8 billion in assets because it recognizes they will not - or they can not - be exploited. All the major fossil fuel corporations are overvalued, because in practice their reserves cannot be put into production. It's time shareholders recognize this and start pulling their money out of these companies."


Our pandemic coverage is free to all. As is all of our reporting.

No paywalls. No advertising. No corporate sponsors. Since the coronavirus pandemic broke out, traffic to the Common Dreams website has gone through the roof— at times overwhelming and crashing our servers. Common Dreams is a news outlet for everyone and that’s why we have never made our readers pay for the news and never will. But if you can, please support our essential reporting today. Without Your Support We Won't Exist.

Please select a donation method:

350 is the red line for human beings, the most important number on the planet. The most recent science tells us that unless we can reduce the amount of carbon dioxide in the atmosphere to 350 parts per million, we will cause huge and irreversible damage to the earth. But solutions exist. All around the world, a movement is building to take on the climate crisis, to get humanity out of the danger zone and below 350. This movement is massive, it is diverse, and it is visionary. We are activists, scholars, and scientists. We are leaders in our businesses, our churches, our governments, and our schools. We are clean energy advocates, forward-thinking politicians, and fearless revolutionaries. And we are united around the world, driven to make our planet livable for all who come after us.

Share This Article