Cleaner Energy Initiative of the Year
Repsol Green Bonds
As one the world's leading publicly-traded oil and gas companies, Repsol has long been voluntarily committed to social responsibility programmes and reducing its carbon footprint. The company was the first oil and gas firm to explicitly support the Kyoto Protocol and is a member of the Oil and Gas Climate Initiative. Today, under the Carbon and Energy Plan, Repsol also pledges to cut its CO2 emissions by 13% between 2014-2020.
Technological development is one of the company's key focus areas. This year Repsol issued a certified Green Bond—the first oil and gas firm to do so—to fund more than 300 energy efficiency projects, valued at €500m ($581.48m). Over the past decade Repsol has focused on improving efficiency and cutting its emissions. Developing projects such as using CO2 as a plant fertiliser and as a raw material for plastic, as well as launching Europe's first liquid petroleum gas-fuelled bus, Repsol has proved itself to be a pioneer of green energy.
While it could have funded the projects through an ordinary bond, Repsol instead chose to issue a Green Bond to highlight the importance of energy efficiency.
The International Energy Agency estimates that 50% of the reduction in global carbon emissions by 2030 will be the result of efficiency measures taken by the oil and gas industry. Repsol sees this as a vital first step towards the sector developing in a sustainable way.