Energy giant Repsol has committed to becoming a net zero emissions company by 2050.

It claims to be the first oil and gas company in the world to commit to such a target and says it will direct all of its activities and investments into meeting new, stricter plans that are aligned with the goals outlined in the Paris Agreement.

The company said it would shift the focus of its upstream operations to value and cash generation rather than volume and promised to integrate alternative energy sources into its refining operations.

It added it would take a post-tax impairment charge hit of €4.8 billion (£4bn).

Repsol CEO Josu Jon Imaz said: “We are convinced that we must set more ambitious objectives to fight climate change. We believe now it is the right time for Repsol. We do it with the utmost confidence that we invest for the future.

“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.”