The Chairman of Repsol has advocated complementing renewable electricity and electric vehicles, which are important for the energy transition, with carbon-neutral liquid fuels and CO2 capture, so that the transition is faster and comes at a lower cost for citizens. "In a world that is once again bipolar, technology will determine Europe's role," he said.
At the same time, he said, renewable fuels are an opportunity to reinforce industrial infrastructure, boost value and supply chains and strengthen strategic autonomy. "Europe cannot give up on its industry, the engine of wealth, well-being and quality employment".
In addition, he defended clear rules to encourage technological innovation and the necessary private investment to develop non-mature technologies and not fall behind. "The transition must serve to strengthen our technological system and our industrial infrastructure", he urged, so that it does not become "an extractive platform for public resources that feed the techno-industrial bases of other regions".
Brufau also referred to the need for citizens not to be forgotten in the energy debate: "Citizens have the right to decide what to consume and how to do it, always with the objective of decarbonization, but covering their energy needs at affordable prices". "The regulation should take into account the claims of society, which demands a balance in the energy trilemma," for instance, secure, sustainable and affordable energy.
Growth and diversification
In his speech to shareholders, Repsol's CEO, Josu Jon Imaz, highlighted the company's solid performance in 2022, in an environment marked by the war in Ukraine, disruptions in supply chains, uncertainty, volatility and complex market dynamics.
Josu Jon Imaz explained that Repsol is advancing in its ambition to lead the energy transition and meet the goals of growth, diversification and focus on multi-energy, ensuring profitability and maximum shareholder value, with a prudent financial policy and in a volatile environment. "Repsol is prepared for the future, with a world-renowned industrial business, pioneer in the transformation of its assets. Committed to the development of a sustainable industrial infrastructure, with the promotion of energy efficiency, the creation and retention of employment and the contribution of value to society," he said.