Repsol’s CEO, Josu Jon Imaz, faced harsh criticism from environmental groups during the Shareholders’ Meeting last Friday over the company’s climate goals. Sustainability has become a major focus for Repsol in recent years, but shareholder rejection of its environmental roadmap has been on the rise. At the meeting, Repsol submitted its energy transition strategy for an advisory vote, which saw a decrease in support compared to previous years.
Despite recommendations from major voting advisors to support Repsol’s environmental plan, the support for it dropped from 83% to 69.7% over the past two years. This was due to an increase in votes against and abstentions. The decline in support for climate policies among energy companies is a global trend influenced by factors such as the war in Ukraine. Companies like Shell and TotalEnergies also experienced reductions in internal support for their climate policies.
Since publicly committing to reaching net zero emissions by 2050, Repsol has progressively increased its carbon reduction targets, facing criticism for not being ambitious enough in its goals. During the meeting, Imaz strongly responded to criticisms and accused environmental groups of contributing to an increase in CO2 emissions. The ongoing conflict between Repsol and Iberdrola, Spain’s largest electricity company, further complicates the situation with accusations of unfair competition and greenwashing. Despite this reputational damage, Repsol has received favorable opinions in disputes with Iberdrola regarding advertising practices.
In conclusion, Repsol’s struggle to gain shareholder support for its environmental initiatives reflects broader trends in the energy sector where balancing green commitments with security of supply is becoming increasingly challenging. As the company continues to refine its climate goals and navigate external pressures, its reputation and shareholder relationships will remain a focal point of scrutiny.
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