As the energy sector comes under increasing pressure to assume its role and responsibility in contributing to climate change, Spanish oil company Repsol has set a target of net-zero CO2 emissions by 2050.

The Spanish oil and gas company this week announced a sweeping overhaul of its business strategy, from a reassessment of long-term energy prices to "its activities and investments" in line with the Paris climate goal of limiting global temperature rise to normal levels.

Repsol said it can achieve two-thirds of its 2050 target by abandoning carbon-intensive projects, powering refineries with cleaner energy sources, adding more biofuels to diesel and gasoline, reducing combustion and methane leaks, and increasing the share of renewable energy generation in its energy mix.

In addition, it plans to offset emissions through carbon capture technology and tree planting. By 2025, the carbon intensity (rather than total emissions) of its products will be reduced by 10% compared to 2016, 20% by 2030, 40% by 2040, and net zero CO2 emissions by 2050.