Sustainability objectives

Climate change

To become a net zero emissions company by 2050, in line with the goals established in the Paris Agreement.

• Objetives for 2023
• Objetives for 2025
• Objetives for 2030
• 2022 objetives archieved

Objetives for 2023
• Drive the progressive decarbonization of our suppliers and contractors.

Objetives for 2025
• Achieve a total reduction of 1.5 million tons of CO2 eq in the Refining Spain, Refining Peru, Chemicals and Exploration and Production (operated) businesses.
• Reduce routine flaring by 50% in the Exploration and Production business (operated) compared to 2018.
• Achieve a methane intensity of 0.20% compared to 2017 in the Exploration and Production business (operated assets).
• Reduce carbon intensity indicator by 15% based on 2016.
• Achieve Gold Standard level in OGMP 2.0 (Oil and Gas Methane Partnership) requirements for operated assets by 2023 and non-operated assets by 2025.
• Increasing renewable electricity generation capacity to 6 GW.
• Reach a renewable hydrogen equivalent generation capacity of 552 MW, in order to reach 1.9 GW by 2030.

Objetives for 2030
• Reduce the company's absolute emissions from operated assets (Scope 1 and 2) by 55% compared to 2016.
• Reduce the company's net emissions (Scope 1, 2 and 3) by 30% compared to 2016.
• Increase renewable electricity generation capacity to 20 GW.
• Reduce the carbon intensity indicator by 28% compared to 2016.

NOTE: Scope 1 emissions are direct emissions; Scope 2, indirect emissions indirect emissions associated with external electricity and steam needs for the operation of our facilities; and Scope 3, other indirect emissions derived from the use of our products.

2022 objectives achieved
• We have published an update on our alignment with the initiatives and partnerships in which we participate, concluding that there are none "Not aligned" and only two "Partially not aligned".
• We continue to increase our renewable capacity and have wind and solar capacity of 952 MW.
• We have installed 431 recharging points at Repsol service stations, giving a total of 1,163 public access recharging points throughout the Repsol network.

Innovation and technology

Use technological innovation as a lever for transformation toward more sustainable business models.

• Objetives for 2025
• Objetives for 2027
• 2022 objectives achieved

Objetives for 2025
• Maintain the drive of current initiatives with a positive impact on sustainability, including a systematic assessment of the impact in the development of all new digital cases.

Objetives for 2027
• Achieve a 50% investment in technology projects aligned with the axes of the Sustainability Model.

2022 objectives achieved
• We have paid special attention to ensuring that more than 50% of digital initiatives have an impact on sustainability, especially in their mature and implementation phases.
• We have collaborated with numerous start-ups, conducting 11 proofs of concept through the open innovation platform (Ideations) to validate technologies. In addition, we have initiated collaboration through convertible note with a start-up for renewable hydrogen manufacturing.
• We have collaborated with the Madrid+Circular Hub to foster public-private collaboration and the creation of a circular economy ecosystem, and with 6 national and international hubs.
• We organized the 2nd edition of the Technology Trend Summit on technological solutions that are transforming the energy sector and sponsored the Patents4Innovation event, organized by the Autonomous University of Madrid (UAM), to promote technology transfer.

People

We are committed to people and to promoting their development and that of the communities where we operate. Therefore, our ambitions are to establish strong relationships with the communities where the company is present, to ensure the safety of people with full respect for human rights, to support people and promote their development and that of their social environment, and to be an inclusive organization with diverse talent management focused on the employee and guaranteeing equal opportunities.

• Objetives for 2025
• 2020 objetives archieved

Objetives for 2025
• By 2021-2025, be in the first quartile of performance according to Corporate Human Rights Benchmarking (CHRB).
• Adapt the company's regulatory framework and processes to new regulatory developments in human rights due diligence.
• Contribute to the 2030 Agenda through our social projects, benefiting 10 million people in the period 2021-2025.
• Establish parity in hiring processes and ensure the use of inclusive diversity criteria at all stages of professional development, with the goal of reaching 35% of women in leadership positions.
• Be an attractive company to work for as it is recognized as respectful and non-discriminatory towards the LGBTI community.
• Develop programs to promote the incorporation of people with disabilities in the organization, in relation to their labor insertion in the countries where it applies.
• Support the company in the ways of working change management with a hybrid, flexible context.
• Have a comprehensive pandemic management action plan in place to mitigate the risk of disruption to the company's core business.
• Ensure the implementation of the strategic framework for occupational health and well-being in countries with significant operations.
• Ensure the talent needs of the organization in the medium and long term.
• Accompany our leaders to evolve towards a more inspiring and entrepreneurial leadership where the teams are the protagonists of transformation.

2022 objectives achieved
• We have established committees in 100% of the countries in which Corporate Security operates.
• We have analyzed the new human rights reporting requirements and adapted internal processes to comply with them.
• We have carried out 404 social projects with 3.2 million beneficiaries.
• We have promoted the gender perspective in all company projects.
• We have conducted several seminars for the business community relations teams.
• We have achieved that 32.2% of women occupy leadership positions and that 48.9% of external hires are women.
• We have developed communication and awareness-raising actions to make LGBTI talent and its contribution to the business environment more visible.
• We have provided support in the company to facilitate the implementation of hybrid and flexible work.
• In the area of occupational health, we have developed a scorecard with health indicators, we have continued working on the review of health protocols issued by the Authorities and we have deployed initiatives in the areas of emotional well-being and physical well-being.
• We have managed 699 scholarships and internships for students in the form of curricular or extracurricular internships.
• We have carried out surveys, evaluations and training and mentoring programs to identify, retain and develop talent.

Environment

Excellent and integrated environmental management in the decision making process.

• Objetives for 2023
• Objetives for 2024
• Objetives for 2025
• Objetives for 2030
• 2020 objetives archieved

Objectives for 2023
• Implement environmental criteria in the management of suppliers and the contracting processes for goods and services with high environmental risks.
• Build and start up the first renewable biofuels production plant at the Cartagena refinery with a capacity of 250,000 tons a year, at the refinery of Cartagena.

Objectives for 2024
• Identify and adapt production units in the Petronor, Tarragona and Cartagena refineries with the aim of consolidating the production of biojet fuel.

Objetives for 2025
• Develop cross-cutting circular economy projects in partnership with external entities.
• Integrate water management in 100% of our assets and industrial centers of the company's main businesses.
• Quantify and assess environmental impacts and dependencies under natural capital criteria, developing pilot projects in the company's main businesses.
• Train and sensitize 100% of employees on environmental issues.

Objectives for 2030
• Achieve a renewable biofuels production capacity of 1.3 million tonnes by 2025 and more than 2 million tonnes by 2030, of which more than 65% will be produced from waste and up to 100% to meet market or regulatory demands.
• Recycle the equivalent of 20% of our total polyolefin production by 2030.

2022 objectives achieved
• We have obtained the voluntary certification "100% Circular Strategy" granted by AENOR.
• We have created educational content on circular economy in order to disseminate and raise awareness of circularity among the uninformed public.
• We have updated the water management risk analyses of all Repsol businesses.
• We have conducted an analysis of the portfolio of Repsol's different businesses with the READS tool, allowing us to obtain a profile of the facilities in relation to the impacts, both positive and negative, on natural capital.
• We have made progress in the study of the TNFD initiative, forming part of the TNFD Forum Group at company level and participating in the specific work Taskforce from IPIECA.
• We have increased the number of public electric recharging points in the Iberian Peninsula by 431 units.
• We have worked on different circular economy initiatives with our value chain, highlighting the use of non-synthetic renewable fuels to promote the decarbonization of the freight transport value chain.
• We have made a proposal for improvements in the internal Due Diligence regulations and established recommendations for good environmental practices to be monitored during the execution of contracts, as well as associated indicators.
• We have made progress in adapting the Puertollano production units to biojet production, consolidating the scaling of the project, making operational adjustments and making logistical investments.
• On a quarterly basis, we have verified compliance with safety and environmental (SE) requirements in critical SE contracts, ensuring that suppliers are qualified, that specific specifications and clauses are used, that the SE criterion has a 30% weight in the evaluation of bids and that suppliers are evaluated on their performance.

Safe operation

We pursue the ambition of Zero Accidents and seek to maintain our cyber resilience at the highest levels.

• Objetives for 2023
• Objetives for 2025
• 2020 objetives archieved

Objetives for 2023
• Implement standardized safety criteria in the management of suppliers and in all contracting processes for goods and services with high safety risks.
• Keep cybersecurity awareness for everyone in the company up to date.
• Incorporate the latest advanced technical protection technology into our infrastructure, both central and operational.

Objetives for 2025
• Exercise safety leadership in a clear, proactive and systematic way at all levels of the organization.

2022 objectives achieved
• We have prepared and approved a human factor guide in Spanish and English and disseminated it internally.
• We have carried out a specific diagnosis of the safety culture in Exploration and Production assets corresponding to the Spain Business Unit.
• We have approved a new Health and Safety Policy that explicitly incorporates the guiding principles of just culture. We have completed the first of the test benches developed in the LPG Spain business.
• We have promoted best practices in safety among the companies with which we collaborate. To this end, we have published the Energy Institute's "Toolbox" tool on our website, with lessons learned from incidents in the sector.
• We have conducted training sessions for members of the crisis committee support group. These sessions include theoretical modules and crisis management simulations supporting the CMT (Crisis Management Team). We have incorporated the identified improvements into the Crisis Plan, such as the internal crisis communication protocol and the validation of the CMT report.
• We have made a proposal for improvements in the internal Due Diligence regulations and established recommendations for good security practices to be monitored during the execution of contracts, as well as associated indicators.
• On a quarterly basis, we have verified compliance with safety and environmental (SE) requirements in critical SE contracts, ensuring that suppliers are qualified, that specific specifications and clauses are used, that the SE criterion has a 30% weight in the evaluation of bids and that suppliers are evaluated on their performance.

Ethics and transparency

We act responsibly and with integrity wherever we are present. Based on this, our ambitions are to ensure that there are no cases of corruption in the activities carried out by the Repsol Group to achieve the highest national and international standards in matters of good governance and be publicly recognised as a company with integrity and transparency in fiscal matters.

• Objetives for 2023
• Objetives for 2025
• Objetives for 2026
• 2022 objetives archieved

Objetives for 2023
• Train and raise awareness of sustainability issues (compliance, human rights, safety and environment) among all those involved in procurement and contracting processes.

Objetives for 2025
• Deploy a global risk management model for the supply chain, that will take ESG risks into account in accordance with European standards for due diligence with regard to sustainability.
• Consolidate the compliance model, adapting to the evolution of the company and focusing on the management and culture of compliance.
• Formalise self-monitoring models adapted to the specific regulatory requirements of countries and businesses with higher risk.
• The Board of Directors will continue to promote the company's sustainability by incorporating the best practices available and the creation of long-term value for its stakeholders.

Objetives for 2026
• Prevent and identify risks involving integrity (corruption, money laundering, fraud, etc.) in commercial transactions or business with third parties of interest to the company.

2022 objectives achieved
• We have developed the compliance training and communication plan, with 9 global communication campaigns, 25 synchronous sessions and 9 online courses for key groups, reaching more than 35,000 employee trainings.
• An external consultant has been hired to assess the maturity level of the compliance function, which has concluded that it is reasonably compliant with ISO 37301, with numerous strengths and two recommendations for improvement.
• We have made online human rights training available to our suppliers on our website. We have organized contractor training sessions on human rights and ethics and conduct in Bolivia with more than 500 participants. In addition, we have trained the purchasing function on the Code of Ethics and Conduct, Cybersecurity and International Sanctions.
• Repsol submitted its Energy Transition Strategy to the consultative vote of the General Shareholders' Meeting, being one of the pioneering companies to do so. This Strategy was widely supported and Repsol is carrying out an exhaustive monitoring of the expectations and positioning of its shareholders with respect to climate change issues.
• We continue to make progress in corporate simplification. In 2022 we have excluded 23 entities from Repsol's corporate perimeter, located in 14 jurisdictions, 4 of them in controversial territories. Currently, there are no active and controlled companies resident in tax havens according to the Spanish list and there is only active presence in one non-cooperative jurisdiction on the EU list (Trinidad and Tobago).
• We have included tax information on the website in accordance with the GRI-207 indicator, obtaining the highest recognition for transparency with the "t for transparent - three stars" seal from "Haz Fundación" and the "EU Tax Transparency Award" from VBDO.
• We have voluntarily submitted the IVTF 2021 in Spain. In Brazil we have participated in the CONFIA program, in the EU in the ETACA program, and in the UK in the O&G Industry Tax Forum, and in Portugal we are founders of the Fórum de grandes empresas.