Repsol Receives Over €366 Million in Public Funds

• Repsol has secured at least €366.8 million in public subsidies and grants from Spanish state, regional, and municipal administrations between 2022 and 2026.
• The Spanish national government provided €353 million of this total.
• Despite being a petrochemical company with major fossil fuel interests, approximately 67.8% of this funding came from the Ministry for the Ecological Transition and the Demographic Challenge (MITECO).

Funding Breakdown

• RECORE Program: The primary source of funding, providing €248 million across 27 concessions to support renewable energy and high-efficiency cogeneration plants within Repsol's industrial complexes.
• Carbon Emission Compensation: The Ministry of Industry and Tourism granted €89.3 million between 2022 and 2025 to compensate for indirect CO2 emission costs, intended to prevent "carbon leakage."
• EV Infrastructure: Approximately €10.4 million was awarded via the MOVES program for public electric vehicle charging stations.
• Regional Funding: Additional support included €6.2 million from the Community of Madrid, €3 million from Castilla-La Mancha, and €2.1 million from the Catalan Energy Institute (ICAEN).

Corporate Context and Criticism

• Repsol reported €2.2 billion in profits for Q1 2026, a 265% increase over the previous year.
• Ownership is held by international financial entities, with BlackRock (6.2%) and Norges Bank (5.4%) as the largest shareholders.
• Critics, including representatives from the Catalan Assembly for Ecosocial Transition (ACTE) and Engineers Without Borders, argue that public funds are being diverted to a fossil fuel-dependent oligopoly under the guise of ecological transition, labeling them "false solutions" that prioritize corporate profit over social equity and energy sovereignty.