Repsol embracing energy transition
Spanish energy company Repsol in its March 26 annual meeting said hydrogen and carbon capture and storage were part of an emerging energy future.
Repsol chair Antonio Brufau said his company was responding to the Spanish government’s request for cleaner technologies with investments totalling $7bn (€5.9bn) spread out over 30 projects.
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“This portfolio includes proposals for eight renewable hydrogen projects, nine focused on the circular economy, four on renewable power generation and storage, eight distributed energy and electric mobility projects, and one digital transformation of infrastructure,” the company said.
With the world’s major economies pivoting toward a green energy future, Brufau said Repsol recognizes the need to move toward fuels that have net-zero CO2 emissions. The industry itself, he added, has a pivotal role to play in the climate ambitions of the Spanish and European governments.
Brufau, however, said that Repsol had reservations about a proposed ban on higher-polluting vehicles under consideration in the Spanish parliament.
“It's been established that liquid and liquefied fuels will remain the best solution in mobility for decades to come,” he said. “Hydrocarbons and activity in exploration and production, refining, and petrochemicals, under the rigorous premises of decarbonisation, will remain part of the solution to providing the levels of prosperity that the global society demands.”
Nevertheless, a strategic plan outlined by the Spanish company calls for 30% of its $21.5bn in investments over the next four years to target low-carbon projects that could bring the company close to its goals of net-zero emissions by 2050.
“The combination of different types of energy will make it possible to reach the goal of zero net emissions more efficiently, more quickly, and with the lowest possible cost to the citizen,” CEO Josu Jon Imaz said.