Spanish energy company took the lead in announcing net-zero target for 2050
In December 2019 Repsol became the first major oil and gas company to announce a commitment to achieving net-zero emissions by 2050. Since then, other major European energy companies have made similar announcements.
When revealing the goal, it was important not just to talk about the end objective but also the steps the company will take to get there, explains Ramon Álvarez-Pedrosa, head of IR at Repsol, in a best practice video conducted in the run-up to the IR Magazine Awards – Europe 2020.
‘That’s what the investors wanted to see,’ he says. ‘Not talking only about the final goal in 2050 but [also] with specific interim targets: what are you going to do in 2025, 2030, 2040? Because talking about 2050 is very… let’s say, easy, because probably none of us will be there [by then]. It’s much more difficult to fill the gaps between today and then.’
In the video, Álvarez-Pedrosa also discusses some of the reporting Repsol has conducted to inform investors, analysts and other stakeholders about its approach to sustainability.
In particular, he picks out the company’s annual ESG engagement report, which summarizes ‘all the events surrounding ESG communications’ and ‘all the main messages we have transmitted to the investment community,’ he says.
This video originally appeared in the winter 2020 issue of IR Magazine. To hear Álvarez-Pedrosa discussing the journey to net-zero emissions, jump to 8.13 in the video.
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