- In the most ambitious attempt yet by a major oil company to align itself with Paris climate goals, Repsol (OTCQX:REPYF, OTCQX:REPYY) pledges to lower its net carbon emissions to zero by 2050.
- Basing the value of its assets on prospects for oil and gas prices in line with the Paris Agreement will cause a post-tax impairment charge of €4.8B (~$5.3B) in 2019, the company says, adding that the charge will not affect cash flow or shareholder remuneration.
- Repsol says it will redirect spending into the transition to clean energy, and its board approves new investments in two solar and one wind project with a combined capacity of 1,600 MW, boosting its total renewables portfolio by 40%.
- The company says it will link at least 40% of managers' long-term variable pay to its emissions reduction targets.