We are part of the solution to climate change
Between 2006 and 2016, we have reduced our CO2 emissions by 4.3 million metric tons
At Repsol we strive each day to be a part of the solution to climate change. This is why we have been reducing our greenhouse gas emissions for years. Namely, between 2006 and 2016, we managed to reduce our emissions by 4.3 million metric tons of CO2, which is equivalent to 17.5% of the company's current emissions.
We currently have a carbon strategy that establishes a CO2 emission reduction target equivalent to 1.9 million metric tons between 2014 and 2020. In the first three years, we have already reduced our emissions by 1.2 million metric tons, almost 65% of the target set. Additionally, we have invested 357 of the 500 million assigned to implement emission reduction actions and achieve the target set for 2020.
We form part of the Oil & Gas Climate Initiative (OGCI), an organization comprising 10 of the largest companies in the sector to share best practices and technology solutions. In 2016 a fund was created OGCI Climate Investments that will invest 1 billion dollars over a 10-year period to develop and accelerate the commercial deployment of low-emission technologies.
As part of our strategy, we are committed to increasing the presence of natural gas in the energy mix; to technological innovation as an essential means for expanding the carbon capture, use, and storage; and to continue promoting greater energy efficiency in our operations. We are also continuously monitoring the latest trends and technologies developed in the field of renewable energy, investing in sustainable mobility, and contributing to the reduction of emissions through biofuel production and research.
In June, we signed on to two important initiatives: the United Nations' Climate and Clean Air Coalition - Oil & Gas Methane Partnership and the World Bank's Zero Routine Flaring by 2030. The former seeks the commitment of companies, institutions, and governments to reduce methane emissions. Through the latter, Repsol undertakes to look for technically and economically viable solutions to minimize the volume of hydrocarbons sent to the flare at our assets.
Through all these lines of action, our company reaffirms its commitment to fight climate change and work towards a low-emission future.