Energy Intelligence has awarded Repsol the 2023 Energy Innovation Award in recognition of its significant investments across a range of clean energy industries and ambitious decarbonization goals.

The Energy Innovation Award recognizes the greatest improvement made by an incumbent oil and gas company in adapting to the energy transition. It is rooted in quantitative data, as measured by Energy Intelligence’s Energy Transition and Competitive Intelligence services. The winner is then selected from a shortlist by an independent panel of leading experts in finance, government, academia and consulting.

“Repsol has been an industry leader in setting net zero emissions targets – including absolute reductions for Scope 3 emissions,” said Alex Martinos, Head of Energy Transition Research at Energy Intelligence, “and over the past year again raised the ambition of these goals.” The company is now targeting a 28% cut in carbon intensity (including Scope 3 emissions) by 2030, together with a 30% reduction in net Scope 1, 2 and 3 emissions in absolute terms by the same date.

At the same time, Repsol has rapidly expanded its pipeline of renewable power investments. It has announced $11.5 billion of wind, solar and storage investments since 2015, according to Energy Intelligence’s Low Carbon Investment Tracker. This proprietary tool provides data and insights into how firms are investing in low-carbon technologies. It covers announced and approved investments in low-carbon power generation and the electricity value chain, as well as e-mobility, low-carbon fuels, and carbon capture and negative emissions technologies.

The Spanish firm is also active in innovative technologies, including developing synthetic fuels and materials from waste. Investments include Repsol’s advanced biofuels project at its Cartagena refinery, its partnership with Canada’s Enerkem on waste conversion technologies, synthetic fuel from waste at Petronor in Bilbao, and plastic waste recycling at its Puertollano complex.

“The energy transition is a steep mountain to climb,” said Lauren Craft, editor of EI New Energy and administrator of the award. “Companies like Repsol, which approach it with a bold strategy and are prepared to be flexible as the transition unfolds, serve as a model for peers that are also venturing to adapt their business models.”

The award will be presented to Repsol CEO, Josu Jon Imaz, during the 2023 Energy Intelligence Forum in London.

Previous winners of the award include Eni (2022), Equinor (2021), Total (now TotalEnergies) (2020), Royal Dutch Shell (now Shell) (2019), Vattenfall (2018), Engie (2017), Total (now TotalEnergies) (2016), Statoil (now Equinor) (2015), Dong Energy (now Orsted) (2014), Iberdrola (2013) and Masdar (2012).