Compania Espanola de Petroleos, commonly known as Cepsa, is a Spanish oil and gas company that operates in the integrated oils sector. Founded in 1929, the company has grown to become one of the largest energy companies in Spain, with a presence in over 20 countries worldwide. Cepsa's operations include exploration, production, refining, marketing, and distribution of oil and gas products.
As the world moves towards decarbonisation, Cepsa has been actively exploring ways to reduce its carbon footprint and transition towards renewable energy sources. The company has set ambitious targets to reduce its carbon emissions and increase its renewable energy capacity. In 2020, Cepsa announced its commitment to achieving net-zero emissions by 2050, in line with the Paris Agreement's goals.
To achieve its decarbonisation goals, Cepsa has been investing in renewable energy projects, such as wind and solar power. The company has also been exploring the use of hydrogen as a clean energy source and has joined the European Clean Hydrogen Alliance to support the development of a hydrogen economy. Cepsa has also been working on carbon capture and storage (CCS) technology to reduce its carbon emissions from its refining operations.
Cepsa has also been focusing on corporate energy solutions, providing energy services to its customers to help them reduce their carbon footprint. The company offers a range of energy solutions, including energy efficiency audits, energy management systems, and renewable energy installations. Cepsa has also been offering corporate power purchase agreements (PPAs) to its customers, enabling them to purchase renewable energy directly from the company.
In 2020, Cepsa signed its first corporate PPA with Spanish utility Iberdrola, under which the company will purchase 10% of its electricity consumption from renewable sources. The PPA will enable Cepsa to reduce its carbon emissions by 15,000 tonnes per year, equivalent to the emissions of 3,500 cars.
Cepsa has also been investing in innovative technologies to improve its energy efficiency and reduce its carbon emissions. The company has been using digital technologies, such as artificial intelligence and big data analytics, to optimise its operations and reduce its energy consumption. Cepsa has also been implementing circular economy principles, such as recycling and waste reduction, to minimise its environmental impact.
Cepsa's commitment to decarbonisation and renewable energy has been recognised by various international organisations. In 2020, the company was included in the Dow Jones Sustainability Index for the fifth consecutive year, which recognises companies that demonstrate leadership in sustainability. Cepsa was also awarded the Carbon Trust Standard for Supply Chain certification, which recognises companies that demonstrate a commitment to reducing their carbon footprint across their supply chain.
In conclusion, Compania Espanola de Petroleos (Cepsa) is a Spanish oil and gas company that operates in the integrated oils sector. As the world moves towards decarbonisation, Cepsa has been actively exploring ways to reduce its carbon footprint and transition towards renewable energy sources. The company has set ambitious targets to achieve net-zero emissions by 2050 and has been investing in renewable energy projects, corporate energy solutions, and innovative technologies to achieve its goals. Cepsa's commitment to decarbonisation and renewable energy has been recognised by various international organisations, and the company continues to lead the way in sustainable energy practices.