Business & Economy

Cepsa to invest up to 8 billion euros to lead green transition by 2030

Madrid, Mar 30 (EFEM).- Cepsa is to invest between 7 and 8 billion euros over the decade as part of its new 2030 strategic plan “Positive Motion,” which aims to lead the energy transition in Spain and Portugal, the company announced in a statement.

The new strategy has two areas of action, sustainable mobility and new commerce, and sustainable energy, both supported by its Energy Parks and alliances with strategic partners.

More than half of its EBITDA is to come from sustainable businesses by 2030, by which time it plans to reduce its scope 1 and 2 carbon dioxide (CO2) emissions by 55 percent, and scope 3 emissions by 15 to 20 percent.

It plans to achieve net zero emissions by 2050.

The company also aims to allocate 60 percent of its budget to sustainable areas by 2023.

Its objectives include the creation of the largest sustainable e-mobility ecosystem and ultra-fast electric recharging network in Spain and Portugal, as well as the transformation of its service stations, which are already the second largest network on the Iberian Peninsula, into digitally enabled ultra-convenience and food spaces.

In the area of decarbonization, Cepsa seeks to become the leader in green hydrogen in Spain and Portugal, with a production capacity of 2 gigawatts, and to lead in the area of biofuels with 2.5 million tons per year, all by 2030.

This is to have a particular impact on the decarbonization of aviation, with the production of 800,000 tons of sustainable aviation fuel (SAF).

Moreover, the company is developing a portfolio of renewable solar and wind energy projects with a capacity of 7 gigawatts, for its own use, of which 1.5 gigawatts are already connected to the grid.

Cepsa attaches special importance to its Energy Parks in Andalusia to become the gateway to Europe for the export of green hydrogen; it will also provide greater autonomy to its Chemicals and Exploration and Production divisions, to maximize their potential to create value.

In the statement, Cepsa said that it positions itself as “small enough to move fast yet big enough to be a leader in creating a greener, more just and more sustainable economy.” EFE


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