Repsol says it will reach zero emissions by 2050

In a first for the industry, Spanish oil and gas company Repsol has pledged to be carbon neutral by 2050 to comply with environmental goals set by the Paris Agreement, the company said on Monday. The pledge is, however, non-binding.

The company outlined a number of ways in which it will meet its goals, including shifting the focus of its upstream operations to value and cash generation rather than volume, as well as by integrating alternative energy sources into its refining operations.

Additionally, Repsol plans to increase production of low-carbon biofuels and chemical products, and said it will invest in alternative power generation and carbon…