In a heated battle over greenwashing, Repsol CEO Josu Jon Imaz faced off against environmental groups critical of the energy company’s climate goals at the Shareholders’ Meeting last Friday. Despite major voting advisors such as ISS, Glass Lewis, and the European Corporance recommending support for Repsol’s energy transition strategy, only 69.7% of shareholders voted in favor this year, down from 83% in 2022 and an increase of 13 percentage points in opposition.
Repsol publicly committed to reaching net zero emissions by 2050 in 2019 and has increased its carbon intensity reduction milestones over the years. However, critics have accused the company of not doing enough to meet its goals and reduce its carbon footprint. During the meeting, Repsol management defended their record and accused critics of contributing to increased CO2 emissions globally.
The ongoing dispute between Repsol and Iberdrola has caused reputational damage to both companies, with legal battles and claims of unfair competition and greenwashing. Despite this, sustainability remains a key focus for Repsol as they continue to work towards their ambitious climate goals.
