The company intends to invest between €7 billion and €8 billion euros until 2030, of which more than 60% will be allocated as of 2023 to sustainable businesses, increasing their contribution to EBITDA from 14% in 2022 to more than 50% in 2030.

“Cepsa is small enough to move fast yet big enough to be a leader in creating a greener, more just and more sustainable economy,” said CEO Maarten Wetselaar.  “We will partner with our customers to develop decarbonization solutions for their energy needs, and of course address our own footprint as well. Green molecules are essential for the decarbonization of complex sectors such as heavy transport, aviation and maritime traffic and Cepsa has a competitive advantage thanks to its many years of experience in the production and handling of this energy source”.

Under the plan, the chemicals division will strengthen its global leadership in linear alkyl benzene (LAB) and phenol markets by developing and producing products made from renewable and recycled raw materials. The chemicals business aims to derive up to 30% of sales from low-carbon products by 2026.

With regard to sustainable energy, Cepsa will focus on accelerating the decarbonization of customers in industry, air and maritime transport, as well as of the company itself through producing green molecules, primarily renewable hydrogen and biofuels.

As a major hydrogen producer, Ceps will lead production of green hydrogen in both Spain and Portugal by 2030, becoming a key player in importing and exporting the gas between Europe, Africa and the Middle East, thanks to its strategically placed facilities on the Iberian Peninsula.

In addition, it said its deep experience in energy production and supply, combined with its technological knowhow, will enable Cepsa to lead production of second-generation biofuels with capacity of 2.5 million t/y by 2030. The Madrid-headquartered firm will convert its traditional refineries into energy parks, with their ideal locations next to major ports in southern Europe offering large industrial customers prime access to key markets.

Cepsa has also set out an “ambitious” roadmap to cut its Scope 1 and 2 CO₂ emissions by 55% versus 2019, and become carbon neutral by 2050. With regard to Scope 3, it will reduce the carbon intensity of its products by between 15-20% in 2030.

The company will also develop a portfolio of solar and wind energy projects that will be mostly dedicated to its own consumption.

Author: Elaine Burridge, Freelance Journalist