The CEO of energy giant Repsol says decarbonizing is good for business - Business Insider

But that's exactly what Spanish energy giant Repsol

"I respect these kinds of views," Josu Jon Imaz, Repsol's CEO, told Business Insider in an exclusive interview. Imaz points to the company's history and short-term commitments. Repsol was the first oil and gas giant to support the Kyoto Protocol, an international treaty that mandated country-by-country emissions reductions, he says. It also has an interim plan for slashing emissions leading up to the 2050 commitment — a 10% cut by 2025, a 20% cut by 2030, and a 40% cut by 2040. The company announced that its new carbon-reduction strategy would mark down the value of its oil and gas reserves by $5.

Repsol also plans to bolster its production of natural gas, fuels made from recycling waste, and plastics and polymers, Imaz says. These industries are lower emissions, he says, yet still provide customers with the products they expect. But even if reducing emissions is good business, it won't be easy for Repsol to meet its 2050 commitment.

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