Repsol Advocates for Sustainable Industrial Decarbonisation with Realistic Strategies

Josu Jon Imaz, chief executive of Repsol, underscores the importance of decarbonising while maintaining industrial competitiveness within Europe. He stresses that reducing emissions should be grounded in realism, using available technology and considering economic impacts. The concern is that accelerating the transition without regard for costs could lead to a decline in European industry as firms relocate to countries with looser emission standards.

Imaz warns that if the costs of cutting emissions escalate too high, the impact could be a dual loss: reduced employment and investment in Europe, coupled with a global increase in emissions if production shifts abroad. The core idea is that relocating industrial activity does not necessarily reduce overall CO2 emissions, as emissions simply move to different regions.

Repsol has committed to achieving net zero emissions by 2050, with intermediate targets set for 2030. Its strategy focuses on reducing the carbon footprint of its operations and improving the intensity of emissions in its activities. The company aims to expand renewable energy generation and promote electrification, especially in sectors where electrification alone may not be sufficient. Additionally, it invests in lower-carbon fuels for applications that are difficult to electrify.

Infrastructure development is also central to the company's approach. Repsol has expanded its public charging network and energy offerings to cater to both consumers and industry. This ensures its relevance in daily mobility and industrial processes, enabling a transitional pathway that sustains competitiveness without halting investments.

Imaz advocates for progress driven by tangible results rather than symbolic commitments. He emphasizes that sustainable decarbonisation must be cost-effective and feasible in terms of technology and market dynamics. Repsols strategy blends investments in transitional solutions with measures to protect profit margins, especially amid volatile energy markets and global competition.

The company calls for regulatory stability and pragmatic policies that enable planning and investment confidence. Its stance is not opposed to decarbonisation but stresses the importance of pacing the transition to avoid economic disruptions and prevent deindustrialisation in Europe. Ultimately, Repsol seeks a balanced approach—reducing emissions without compromising industrial vitality or economic stability across the continent.