Environmental groups heavily criticized Repsol’s CEO, Josu Jon Imaz, at the Shareholders’ Meeting last Friday. The company has been under fire for its climate goals, with shareholder rejection of its environmental roadmap increasing in the last two years. At the meeting, Repsol presented its energy transition strategy for an advisory vote, but saw a decrease in support compared to previous years.
The support for Repsol’s environmental plan dropped from 83% to 69.7% over the past two years, with an increase in votes against and abstentions. Major voting advisors had recommended supporting the plan, highlighting Repsol’s transparency in consulting with the Board on environmental issues. Despite the decline in support, Repsol’s two largest shareholders, Norges Bank and BlackRock, reportedly backed the climate plan.
This 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 responded strongly to criticisms, accusing 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
