80
In 2017, the investments and environ- mental expenses items have increased versus the previous year, especially in the
development of innovation projects that help us to reduce emissions and protect the environment.
Likewise, and with the aim of seeking new forms of energy generation that are more environmentally sustainable, we have in-
vested approximately 9 million euros in renewable energies within the gas and Electricity business area.
Environmental Investment and Expenditure
One of our priority objectives is to improve our management to reduce our green- house gas (gHg) emissions that we meas- ure, seek to reduce and report on publicly. A fundamental part in this aspect are the innovation projects that we develop and that enable us to increase the efficiency of our activities and processes in order to comply with the best international stand- ards and recommendations in this regard.
Our positioning and strategy towards Cli- mate Change is based on two fundamen- tal pillars:
The promotion of an energy policy that affects the environment and a regula- tion on global gHg emissions, which enable the technical and economic vi- ability of the sector while providing greater protection and tools against the causes and effects of Climate Change, defending the three principles of our energy policy: supply security, price vi- ability and competitiveness.
The commitment to reduce the En- vironmental and Carbon Footprint of
our activities and products, for which we promote better communication re- garding the management and impact of gHg emissions, as well as a reduction of our emissions under international standards such as the ISO 14064.
We are one of the companies certified by the Carbon Disclosure Project (CDP) regarding our transparency in the identi- fication of risks and opportunities derived from Climate Change and their manage- ment. We have also implemented Energy management Systems, most of them cer- tified under the international standard ISO 50001, enabling us to conduct exhaustive control over the energy consumption of our activities and manage them under cri- teria of maximum efficiency, in addition to establishing specific reduction objectives in each business area.
Cepsa has set a carbon intensity target with a horizon of 2019, with annual ob- jectives. For this kPI indicator, a specific refining carbon intensity ratio has been selected, with this business area cor- responding to the area in which most of
CLImATE CHANgE
Environmental Investment and Expenditure (millions of euros) 2017 2016
Environmental Investment 1 8.1 5.3
Environmental Expenditure 2 63.3 62.5
1 Expenditure classified as HSE/Environment in 2017 according to primary data source 2 Comprising environmental costs of operation of the facilities, allocated under the criteria of the plants and
business units. Includes costs for services contracted by Environment Protection.
9 m INvESTmENT IN RENEWAbLE ENERgy
CHAPTER 5 Cepsa in 2017
