Cutting carbon emissions to net zero by 2050 to cost Repsol $5.3 bln

Financial Post | Dec 2, 2019 at 7:17 PM
  • Spanish energy group Repsol pledged on Monday to reduce its net carbon emissions to zero by 2050 in a bid to battle climate change, a move it said would cut the value of its oil and gas assets by 4.8 billion euros ($5.3 billion).
  • Oil and gas producers have come under increasing pressure to reduce their impact on the environment in recent years and investors have poured money into funds that take account of companies’ green credentials.
  • Giving extra impetus to its new goals, Repsol will link at least 40% of managers’ long-term variable pay to its emissions reduction targets.