Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Poverty
• Economic Development
• Safety
• Environment
• Social Matters
• Governance
• Human Rights
• Supply Chain
• Biodiversity

Environmental Achievements

• Reduced CO2 emissions by 0.33 million tons, exceeding the target of 1.9 million tons reduction.
• Reduced energy consumption by over 5 million GJ.
• Reduced hydrocarbon spills by 23 tons compared to the previous year.
• Reduced waste by 9 kilotons, exceeding the target.

Social Achievements

• Launched SMA rtKeys proactive safety plan to prevent large-scale industrial accidents.
• Implemented a new management system for relations with communities and human rights.
• Increased the number of employees with permanent contracts to 91%.

Governance Achievements

• Established a Sustainability Committee to analyze stakeholder expectations and propose sustainability strategies.
• Expanded the Ethics Commission's role to include criminal prevention.
• Created a General Directorate with "sustainability" in its name.

Climate Goals & Targets

Environmental Challenges

• Increased personal accident rate by 8% compared to the previous year.
• Integration of Talisman Energy Inc. requiring cultural change and system unification.
• Supply chain disruptions due to the acquisition of Talisman.

Mitigation Strategies

• Launched SMA rtKeys proactive safety plan.
• Implemented a Transformation Program for sustainable improvement and efficiency.
• Reviewed Talisman's supplier management processes and ethical principles, aiming for unification in 2016.

Supply Chain Management

Supplier Audits: 59 rating audits and 6 social audits

Responsible Procurement

• Ethics and Conduct Code for Suppliers
• General Conditions for Purchases and Contracting
• Supplier evaluation and selection process

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products and renewable energy projects.

Reporting Standards

Frameworks Used: GRI G4

Certifications: ISO 50001

Third-party Assurance: AA1000AS

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Eco-designed polyol polycarbonate using CO2 as a raw material.

Awards & Recognition

• Highest score in carbon management reporting transparency (CDP)
• Socially Responsible Company (ESR ®) for La Pampilla refinery

Environmental Metrics

ESG Focus Areas

• Climate Change
• Resource and Impact Management
• Safety
• Ethics and Compliance
• People
• Biodiversity

Environmental Achievements

• Reduced CO2e emissions by 0.31 Mt
• Reused 10 Mt of water
• Reduced waste produced by 15,508 tons (towards a 50,000-ton reduction target between 2015 and 2020)
• Implemented 100% of EPPs (Environmental Performance Practices) planned for drilling muds and cuttings management in Upstream

Social Achievements

• 2,483 employees completed Ethics and Conduct course
• 586 employees with disabilities (2.4% of workforce)
• 1,811 employees elected telecommuting
• 119 human-rights grievances resolved through 13 grievance mechanisms in 7 countries
• 90% of internal security staff received human rights training
• Developed a program for SMEs (Small & Medium Enterprises) called “Responsible Collaborators”

Governance Achievements

• New Code of Ethics and Conduct implemented
• New Ethics and Compliance Channel established
• 5% of CEO’s annual variable compensation and 10% of his multiyear variable compensation linked to sustainability goals
• Strengthened compliance and control mechanisms by appointing a Chief Compliance Officer and creating the new Compliance Processes Department

Climate Goals & Targets

Environmental Challenges

• Oil tanker truck accident in Peru resulting in a fuel spill
• Two fatalities at contractor sites
• Methane emissions associated with gas production

Mitigation Strategies

• Remediation measures undertaken after fuel spill
• Investigations conducted and action plans developed to prevent recurrence of fatalities
• Implemented directed inspection and maintenance program to detect and repair equipment leaks to reduce methane emissions

Supply Chain Management

Supplier Audits: 88% rating audit in place; 33 performance evaluations to 1,542 suppliers; 100% of contracts include human rights, anti-corruption and environmental clauses

Responsible Procurement

• Code of conduct for the supply chain, human rights impact assessment, qualification processes including human rights, social, labor and environmental criteria

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of low-emission technologies

Reporting Standards

Frameworks Used: GRI G4, comprehensive option

Certifications: ISO 50001 (8 facilities and one multisite business)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Biofuels, self-repairing asphalt

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• People
• Safe Operation
• Environment
• Innovation and Technology
• Ethics and Transparency

Environmental Achievements

• Reduced CO2 emissions by 0.216 Mt compared to 2010 baseline
• Saved approximately 4.3 million GJ in energy consumption through investments and operational improvements

Social Achievements

• Reduced total employee turnover rate from 13% in 2016 to 9% in 2017
• Increased percentage of women in the company to 36% in 2017 from 35.4% in 2016
• Signed the Ninth Framework Agreement for a majority of Repsol Group companies in Spain

Governance Achievements

• Implemented a new model of professional development with clear and transparent criteria
• Updated its employee value proposition based on five pillars
• Established an initial internal carbon price of $25/t CO2, aiming for $40/t CO2 by 2025

Climate Goals & Targets

Environmental Challenges

• Climate change impacts on natural resources, facilities, and operations (drought, flooding, temperature change)
• Strict legislative requirements for energy and carbon in Europe, the US, and Canada
• Potential shift in consumer behavior leading to decreased demand for fuels

Mitigation Strategies

• Developing adaptation plans to mitigate climate change impacts
• Reducing CO2 emissions through energy efficiency actions (avoided 4.5 million tons of GHG emissions between 2006-2017)
• Investing in Refining business to adapt to future demand scenarios
• Investing in innovation and technology projects in renewable energy, biofuels, and automotive LPG

Supply Chain Management

Supplier Audits: 1,343 suppliers assessed (including human rights, social, labor, and environmental criteria)

Responsible Procurement

• Code of ethics and conduct for suppliers, human rights, anti-corruption, and environmental clauses in contracts

Climate-Related Risks & Opportunities

Physical Risks

• Drought, flooding, temperature change

Transition Risks

• Regulatory changes (EU ETS, Pan-Canadian Framework), market shifts (consumer behavior)

Opportunities

• Increased demand for natural gas, innovation in low-emission solutions, renewable energy

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 14064-1

Third-party Assurance: Deloitte

UN Sustainable Development Goals

• SDG 7, SDG 13, SDG 5, SDG 8, SDG 16, SDG 6, SDG 14, SDG 15, SDG 12

The report details how initiatives contribute to these goals throughout the document.

Sustainable Products & Innovation

• Smart asphalt, fuel-efficient lubricants, biodegradable plastics, 100% recyclable asphalts

Awards & Recognition

• Equality at the Company Seal of Distinction from the Spanish Ministry of Health, Social Services and Equality

Environmental Metrics

ESG Focus Areas

• Climate change
• Environment
• Innovation and technology
• Safe operation
• People
• Ethics and transparency

Environmental Achievements

• Reduced CO2 emissions by 5.5 million metric tons per year between 2006 and 2020.
• Reduced energy consumption of refineries by 20% in 10 years.
• Reduced Carbon Intensity Index by 5% compared to 2016.
• Reduced CO2e emissions in 2020 by 444 thousand metric tons.

Social Achievements

• Maintained essential public services during the COVID-19 pandemic.
• Protected jobs during the COVID-19 pandemic.
• Reduced Total Recordable Injury Rate (TRIR) for accidents.
• Various actions and initiatives to mitigate the effects of COVID-19 on communities, including donations and support for contractors.

Governance Achievements

• New organizational structure approved to develop the new Strategic Plan.
• Confirmed investment grade credit rating by Standard & Poor’s, Moody’s and Fitch.
• Up to 40% of the 2020-2023 Long-Term Variable Remuneration Incentive Plan linked to decarbonization targets.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and its impact on hydrocarbon prices and demand.
• Decline in oil, gas, and derivative product demand.
• Dramatic fall in hydrocarbon prices.
• Mobility restrictions impacting fuel sales.

Mitigation Strategies

• 2020 Resilience Plan to protect cash flow and strengthen the balance sheet.
• Cost efficiencies and investment cuts.
• Maintaining essential services during the pandemic.
• Maintaining shareholder remuneration commitments.

Supply Chain Management

Supplier Audits: 28 assessment audits in 2020

Responsible Procurement

• Ethics and Conduct Code for Suppliers
• Repsol's Anti-Corruption Policy
• Human rights clauses in contracts

Climate-Related Risks & Opportunities

Physical Risks

• Adverse weather phenomena (hurricanes, floods)
• Water stress

Transition Risks

• Changes in primary energy sources
• Changes in energy end-uses
• Regulatory changes
• Inefficient or late adoption of new technologies

Opportunities

• Energy efficiency
• Renewable electricity generation
• Advanced biofuels
• Renewable hydrogen
• Circular economy
• Carbon capture and storage

Reporting Standards

Frameworks Used: GRI, SASB, UNGC, TCFD

Certifications: ISO 14001, ISO 45001, ISCC PLUS

Third-party Assurance: PwC

UN Sustainable Development Goals

• SDG 7
• SDG 8
• SDG 13
• SDG 6
• SDG 9
• SDG 12
• SDG 17

Repsol's contribution to the UN Sustainable Development Goals through its operations and initiatives.

Sustainable Products & Innovation

• Advanced biofuels
• Circular polyolefins
• Renewable hydrogen
• Synthetic fuels

Awards & Recognition

• Awards from the European association of plastic processors
• Inclusion in Bloomberg Gender-Equality Index

Environmental Metrics

ESG Focus Areas

• Climate change
• Environmental
• Social
• Governance

Environmental Achievements

• Achieved a 5% reduction in the Carbon Intensity Indicator (CII) in 2021.
• Reduced emissions by 0.6 Mt CO2e in 2021.
• Reduced methane intensity to 0.77% in 2021 (1.34% in 2017).
• Reduced routine gas flaring emissions by around 40% in 2021 compared to 2020.

Social Achievements

• Employed 475 differently-abled people at the end of 2021 (1.97% of its workforce).
• In Spain, the differently-abled workforce accounted for 2.29% of its workforce in 2021.

Governance Achievements

• The Board of Directors approved the decarbonization strategy and climate change policy.
• The Company’s climate change objectives have a direct impact on the variable remuneration of all employees.

Climate Goals & Targets

Environmental Challenges

• Transition risks associated with changes in the primary energy sources, reduction in hydrocarbon use, changes in energy end-uses, regulatory changes, and technological advances.
• Geopolitical risks in Venezuela, Libya, and Algeria.
• Oil spill at La Pampilla Refinery in January 2022.

Mitigation Strategies

• Implementation of energy efficiency plans, management of methane emissions, and growth of renewable energy capacity.
• Measures to reduce exposure to both transition and physical climate risks.
• Commitment to becoming a net-zero emissions company by 2050.
• Intensive cleanup work following the oil spill.
• Working with authorities and affected communities to mitigate the effects of the oil spill.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Hurricanes
• Floods
• Changes in rainfall or temperature

Transition Risks

• Changes in primary energy sources
• Reduction in hydrocarbon use
• Changes in energy end-uses
• Regulatory changes
• Technological advances

Opportunities

• Energy efficiency
• Renewable power generation
• Advanced biofuels
• Renewable hydrogen
• Circular economy
• Carbon capture and storage

Reporting Standards

Frameworks Used: TCFD

Third-party Assurance: PricewaterhouseCoopers Auditores, S.L.

Sustainable Products & Innovation

• Advanced biofuels
• Biogas from organic waste
• Renewable hydrogen
• Synthetic fuels
• Circular economy products

Environmental Metrics

ESG Focus Areas

• Decarbonization
• Renewable Fuels
• Hydrogen
• Biomaterials
• Corporate Governance
• Biodiversity
• Water Management
• Methane Emissions

Environmental Achievements

• 42% reduction in Scope 1+2 emissions in 2023 through portfolio optimization, energy efficiency, methane emission reduction, and reduced gas flaring.
• Achieved 0.2% methane intensity by 2025 (two years ahead of schedule) for operating E&P assets.
• Obtained Gold Standard from UNEP for methane emissions reporting.

Social Achievements

• Not disclosed

Governance Achievements

• Submitted energy transition strategy for a shareholder advisory vote at the 2024 Annual General Meeting.
• Continued engagement with institutional shareholders, including Climate Action 100+.

Climate Goals & Targets

Environmental Challenges

• Risk of double-counting CO2e emissions in Scope 3 accounting based on sales.
• Uncertainty in oil and gas prices and refining margins.
• Managing water needs for industrial facilities undergoing transformation.

Mitigation Strategies

• Disclosed Scope 3 emissions from all sold products and those sold to end-users, providing a complementary view to the primary energy-based CII.
• Conducted probabilistic analysis of NPV variation to account for price volatility.
• Launched the Water Zero initiative to reduce freshwater withdrawal and achieve net-zero freshwater withdrawal by 2050.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Changes in oil and gas prices and demand.

Opportunities

• Growth in renewable fuels, hydrogen, and biomaterials.

Reporting Standards

Frameworks Used: TCFD, TNFD (early adopter), CSRD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Renewable fuels
• Hydrogen
• Biomaterials

Awards & Recognition

• Not disclosed