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Repsol Is First Oil Major to Pledge Zero Emissions by 2050

  • Company writes down value of oil, gas assets by $5.3 billion
  • Investments will be redirected toward renewable energy
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Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050.

The Spanish giant’s exploration and production unit will focus on value instead of output growth, according to a statement from the company on Monday. It also revised its long-term view of the value of oil and gas assets in a decarbonizing world, resulting in a 4.8 billion-euro ($5.3 billion) accounting charge.