The president of Repsol, Antoni Brufau, took advantage of his intervention yesterday at the shareholders' meeting that the company held in Madrid to warn of the risk that the European Union faces if it continues with the current decarbonization policy focused exclusively on electrification.
"The reality is very stubborn and, in the face of Europe's strong commitment to electrification, the global reduction in emissions in the world is not very significant", recalled Brufau. In line with Repsol's usual position, its president once again reminded Brussels that only decarbonisation without discriminating against any technology can ensure an industry capable of competing on the geopolitical board. "The world leadership of the industry is at stake. If things continue like this, Europe will remain on the periphery of the great economic core that will be Eurasia, with a strong weight of China, which will compete with the USA", he pointed out. He also warned of the danger posed to the European Union by the excessive dependence it is contracting with China in the process of developing renewable energies.
Faced with this position, the president and CEO, Josu Jon Imaz, are very clear that the future of Repsol will go through an energy transition in which it is the customer who can choose the technology and that this is socially and economically fair. "Repsol will continue to bet on the production and extraction of hydrocarbons, because it will be essential in this house and also in the world, where 70% of the world's population is in developing countries that need them", assured Brufau .
For its part, Imaz focused on recalling that "Repsol is ready for the future, with an industrial business of global prestige, a pioneer in the transformation of its assets, committed to the development of a sustainable industrial fabric, energy efficient and employment generator".
Plans for the future that also seem to please the shareholders a lot, considering that yesterday they supported both for the next four years. Brufau was ratified as president with 93.4% of the votes. Imaz received an overwhelming 98.2% support.
The board also ratified the proposed dividend of 0.70 euros per share in cash, 11% more than the previous year, despite the claims of some of the attendees to recover the euro per share that Repsol parked in 2015, after the previous financial crisis.
During the session, a Greenpeace representative also took the floor to criticize the energy industry for its commitment to oil and gas. He found a forceful response from Imaz. “If oil and gas are not produced, families cannot pay the bills. Being sustainable is not just about reducing emissions, and Repsol has cut its carbon footprint by 10% since 2016, it is also about making energy accessible to everyone, and this is not possible with electricity alone", he assured.