CHAPTER 3 We advance in sustainable performance

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3.1.4 Strategy In 2021, we assessed the various levers for reducing CO2 emissions to build a corporate climate change strategy based on three fundamental pillars, for which quantitative objectives and levers will be approved and defined in 2022.

As a result of the analysis and identification of risks and opportunities, our plans are continuously renewed to adapt and integrate newly identified aspects of climate change. Proof of this is our commitment to investing in R&D, which has been integrated into our business strategy following the emergence of new regulatory requirements for end-customer energy and facility operations.

Also thanks to our ambition and belief in the transition to new sustainable products, we are exploring new business lines such as renewable hydrogen, a priority line of action under the National Energy Transition Plan and the European Plan.

We have studied a broad range of CO2 abatement levers taking into account efficiency, electrification and substitution of conventional energy:

· Increasing energy efficiency and optimising operation and maintenance processes.

· Continuing to roll out new catalyst technologies and improvements.

· Consuming renewable electricity in all our assets.

· Substituting fossil energy with biogas in production processes.

· Substituting fossil hydrogen with renewable hydrogen in refineries and chemical plants.

· In the long term, techniques for CO2 capture, use and conversion into chemical products.

PILLARS OF THE CLIMATE CHANGE STRATEGY

Analysing risks and opportunities associated with climate change.

Establishing greenhouse gas emission and/or emission intensity reduction targets.

Implementing and innovating measures to cut emission intensity and R&D actions to support the strategic direction taken by Cepsa.

2.5. Innovation