JOSU JON IMAZ Endika Portillo Europa Press News Getty Images

Endika Portillo/Europa Press News/Getty Images

Josu Jon Imaz

CEO, Repsol

The CEO behind Spanish oil and gas giant Repsol has committed to net-zero carbon emissions, an oxymoron for an oil major.

But that is what Josu Jon Imaz, CEO of Repsol, has pledged as a key way to make the company carbon-neutral by 2050.

Imaz previously told Business Insider that Repsol was the first oil and gas giant to support the Kyoto Protocol, the treaty which first enforced country-by-country emission reductions.

Repsol has an interim plan for cutting emissions 10% by 2025, 20% by 2030, and 40% by 2040, leading up to its 2050 commitment.

"We are not doing that because we are an NGO, and we only want to contribute in a generous way to climate change," he says. "We are doing that because we want to make money. What we're doing has to fully support returns. That is, of course, a minimum condition."

The company website says: "Actions to reduce emissions from the routine burning of hydrocarbons in flares are especially important as they allow us to reduce GHG emissions and minimize the loss of products or fuel.”