Transition Plan Analysis:

• For Naturgy to be fully aligned with the goals of the Paris Agreement, five things need to happen.
• Naturgy needs both to address delay in its renewables build and introduce climate-related incentives in management remuneration.
• The Government needs to set a date for gas phase-out in Spain, finalise a regulatory framework for mothballing CCGT and support work in establishing a regulatory framework for investment in biomethane and hydrogen.