31

One of the key milestones this year was the release of the research document Cepsa Energy Outlook 2030.*

Cepsa Energy Outlook 2030 (CEO 2030) is our vision of society and energy markets. CEO 2030 defines our outlook on the future of the energy sector and its challenges in a phase of unprecedented change in the sec- tor.

Using a pioneering and distinctive approach to the future of sector, CEO 2030 has de- fined the environment in which we will de- velop a long-lasting and sustainable strat- egy for our Company.

Economic growth expectations, driven by emerging economies, will bring with them an increase in demand for energy globally.

Meanwhile, the gradual increase in regula- tory pressure related to the environment will change both production and energy consumption habits.

These energy consumption habits will be influenced by improvements in terms of ef- ficiency which will have an impact on how the sector develops in the coming years; and together with the other external factors will transform the current energy panorama globally.

ECONOMY Global GDP will grow at a similar rate seen over the last 15 years.

Developed countries will continue to contribute the majority of GDP in absolute terms, but will lose share to emerging countries due to the growth of the middle class.

REGULATORY FRAMEWORK Implementation of initial measures to regulate emissions as defined by the

COP21 in Paris.

Implementation of Marpol sulphur emissions regulation.

ENERGY SECTOR Energy demand will grow at a slower rate than in the last 15 years due to

improvements in efficiency.

There will be substantial growth in the demand for energy, with the regions of developing economies being the only ones to contribute to this growth

3.1 VALUE CREATION STRATEGY

ECONOMIC & SOCIAL ENVIRONMENT: 2030 VISION

CHAPTER 3 Sustainable growth

*Available at: www.cepsa.com/the-company/strategy/cepsa-2030

2017 ANNUAL AND CORPORATE RESPONSIBILITY REPORT