Spain-headquartered Repsol revealed Monday that it aims to be a net zero emissions company by 2050.

In order to achieve its objective, Repsol said it is setting new goals for the reduction of its carbon intensity indicator from a 2016 baseline (10 percent by 2025, 20 percent by 2030, 40 percent by 2040, and net zero CO2 emissions by 2050).

“We are convinced that we must set more ambitious objectives to fight climate change,” Repsol CEO Josu Jon Imaz said in a company statement.

“We believe now it is the right time for Repsol. We do it with the utmost confidence that we invest for the future,” he added.

“Addressing the significant challenges that lie ahead with strategic clarity is what will allow us to turn them into opportunities. We are convinced that this strengthens our project that is sustainable, attractive and profitable for all our stakeholders,” Imaz continued.

In a separate announcement on Monday, London-based Energean pledged to be a net zero emissions firm by 2050.

Energean said it is supporting and committed to the pledges of the United Nations ‘Business Ambition for 1.5°C: Our Only Future’ campaign and to set “science-based targets across Energean’s entire value chain”.

“We are creating the leading independent, gas-focused, sustainable exploration and production company in the East Med which is committed to reducing our emissions and to the sustainability agenda,” Mathios Rigas, CEO of Energean, said in a company statement.

The European Commission has previously called for a “climate neutral” Europe by 2050.

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