Climate Policy Engagement Analysis
Climate Policy Engagement Overview: Naturgy (formerly Natural Gas Fenosa) exhibits active engagement with science-aligned climate policy, holding both positive and negative positions, however the company appears to have limited evidence of policy engagement in 2024-2025. It has however advocated for a continued role for fossil gas in the EU.
Top-line Messaging on Climate Policy: Naturgy appears to have positive top-line communications on climate change. The company supported the goals of the Paris Agreement in its 2024 Sustainability Report, published in March 2025. In the same report Naturgy also supported net-zero by 2050. The company CEO, Francisco Reynés, supported government intervention to make sure carbon is priced into the economy in an October 2023 joint letter.
Engagement with Climate-Related Regulations: Naturgy appears to have limited engagement with climate-related regulations in 2024 and 2025. The company appeared unsupportive of the EU’s Methane Regulation in an April 2025 joint letter to EU Commissioners, emphasizing concerns around its impact on energy affordability and security of supply. It also advocated for delaying monitoring, reporting, and verification (MRV) requirements for fossil fuel imports.
Positioning on Energy Transition: Naturgy states top-line support for the energy transition and supports the increased use of biomethane and green hydrogen. However, it appears to advocate a continued role for fossil gas in the energy mix.
In an October 2023 joint letter, Naturgy CEO Francisco Reynés, supported the removal of fossil fuel subsidies and the implementation of the EU Green Deal Industrial Plan and the US Inflation Reduction Act. In its 2023 Sustainability Report, published in February 2024, the company supported the development and use of biomethane and green hydrogen, and their use in heavy-duty transport. However, in the same report, Naturgy appeared to advocate for hydrogen blending with natural gas and advocated for the use of fossil gas, biomethane and hydrogen blends to decarbonize heavy-duty vehicles. In a May 2025 meeting with the European Commission Directorate-General for Energy, Naturgy also appeared to advocate the continued role of Liquified Natural Gas (LNG).
Industry Association Governance: Naturgy published a review of its industry associations in its 2023 Sustainability Report in February 2024. However, Naturgy does not appear to have disclosed a clear account of its industry associations' positions and engagement activities and appeared to exclude its membership to the International Emissions Trading Association. Naturgy is a member of Eurogas and Confederación Española de Organizaciones Empresariales (CEOE). Both groups appear to advocate for the long-term role for fossil gas in the EU energy mix.
A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically.
This summary was last updated in Q3 2025.