Imaz (Repsol) demands support for gas to promote the reduction of emissions

The CEO of Repsol, Josu Jon Imaz, has defended the need to invest in gas extraction to promote the decarbonization of the economy, which must be accompanied by policies that support the business fabric. “If we do not invest in gas and oil, prices will rise and Third World countries will continue buying coal, the main cause of the emission of CO2 into the atmosphere, which will mean that these will not stop rising,” Imaz highlighted in the thirteenth Esade Alumni Madrid Annual Conference.

Likewise, he added that the company will seek to carry out prospecting in other regions outside of Europe – mainly North America – to guarantee that the countries of the old continent do not suffer from energy dependence on third parties, as happened with the case of Russian gas, the lack of which triggered a strong price escalation in 2022.

“We have to bet on a model of greater competitiveness for the country”

Imaz has also pointed out that it is important to have “realistic policies” and a “supply guarantee” in the case of the different refineries operated by the company, based in Madrid. “We have to bet on a model of greater competitiveness for the country,” said the manager, who has valued the transformative role of the industry in the socioeconomic level of the population, by offering a way to “improve salaries and provide job opportunities ” to young people.”

On the other hand, the CEO of Repsol has highlighted the importance of decarbonization for the entity, which allocates 40% of its investments in capital goods (Capex) to the task of reducing the carbon dioxide (CO2) emissions generated. . for their activity. The company aims to achieve 0 net emissions in 2050, in line with the objectives established in the Paris Agreement – an international treaty on climate change -, although it hopes to reduce the expulsion of CO2 into the atmosphere by 15% in 2025.

To achieve this mission, Repsol is promoting its portfolio of renewable energy projects, which has an installed capacity of 3,870 MW (megawatts) and with the intention of reaching 20 GW (gigawatts) in 2030, and adapts its five plants in Spain. so that they produce fuel with organic materials such as vegetable oils.