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Repsol pledges zero emissions by 2050, to write down €4.8B

Dec. 02, 2019 4:57 PM ETRepsol, S.A. (REPYF) Stock, REPYY StockREPYY, REPYFBy: Carl Surran, SA News Editor5 Comments
  • 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.

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