Repsol deputy CEO Luis Cabra said at the CERAWeek energy conference on Tuesday that the world needed a carbon price during the transition to a lower-emissions economy. Cabra also said that implementing a carbon price should not wait for global consensus on the issue and rather be managed regionally through taxes or limited tradable permits. Cabra said that the industry should adapt to multiple global carbon prices.
Repsol was among the first major oil and gas companies which pledged to slash emissions to net-zero. According to Cabra, the company expects to reduce emissions by 80%-90% by relying on low-carbon fuels, generating renewable electricity, and using new carbon capture and storage technologies.
