Spanish oil and gas company Cepsa will offset around 55,000 tons of CO2 from heating oil consumed by its residential customers this winter, the equivalent of planting 330,000 trees, thanks to a partnership with ClimateTrade. This initiative, promoted by Cepsa’s Direct Sales business, is a pioneer among companies in the sector in Spain and will consist of funding several reforestation and forest preservation projects to remove CO2 from the atmosphere. The company will collaborate in environmental initiatives from the ClimateTrade marketplace, most of which will be implemented in Spain and the rest in countries where Cepsa has a presence. Specifically, several of these projects will be carried out in areas affected by forest fires, such as Vilardevos, in the province of Ourense, and Hoyo de Pinares, in Ávila. All heating oil products are included in this campaign and Cepsa will cover the entire cost of offsetting, without passing any of it on to its customers. Thanks to ClimateTrade’s blockchain technology, customers will receive CO2 offset certificates with traceable project information, in addition to being able to individually monitor each of the projects through a Cepsa website. They will also have the opportunity to visit the reforested areas. This initiative is part of Cepsa’s 2030 strategy, Positive Motion, with which it wishes to go beyond net zero emissions to net positive, enabling customers and society to move in the right direction. The company has established an ambitious roadmap to cut its emissions, placing it among the leading companies in its sector. Specifically, by 2030, it will reduce its CO2 emissions (Scope 1 and 2) by 55% compared to 2019 and aims to reach zero net emissions by 2050. As for the carbon intensity index of its products (scopes 1, 2, and 3), the company’s objective is to reduce it by 15-20% by 2030.
