Cepsa to invest up to €8 billion in its energy transformation in Spain and Portugal
Cepsa today presented its new 2030 Strategy, ‘Positive Motion’, to become a leader in sustainable mobility and energy in Spain and Portugal, and a benchmark in energy transition. With this strategy, the company will focus on the needs of its customers, who face their own challenges in decarbonizing their activities.
The company will invest between 7 billion and 8 billion euros this decade, of which more than 60% will be allocated to sustainable businesses as of 2023. This will translate into a greater contribution of sustainable businesses to EBITDA, rising from 14% in 2022 to more than half in 2030.
Cepsa wants to go beyond net zero to Net Positive, enabling customers and society to move in the right direction. The company has set an ambitious roadmap to cut its emissions, placing itself among the benchmark companies in its sector. Specifically, by 2030, it will reduce its CO2 emissions (Scope 1 and 2) by 55% compared to 2019 and become carbon neutral by 2050. As for Scope 3, the carbon intensity of its products will be reduced by between 15-20% in 2030.
The company’s new business ethos (‘Positive Motion’) will be structured under two ecosystems: Sustainable Mobility & New Commerce, and Sustainable Energy. Both divisions will be fueled by its Energy Parks and alliances with strategic partners.
Information Source: Read More
Oil and gas, press , | Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Electric,