The upcoming decade is expected to be of deep transformation. Regulatory impositions, technological developments and the decreasing costs of low carbon options will drive society to progressively accelerate towards a cleaner future. Galp wants not only to follow this trend, but to take an active role.
We believe the change should start in our culture, and that's why we've agreed on a new purpose in Galp: ‘Let's regenerate the future together’. This is a purpose that will be about our portfolio, about our relationships but also about our people, and it will set a direction for us, internally and externally, to adapt into the future.
All these changes will be translated into our portfolio. In the first half of the decade we intend to allocate 50% of our net capital to low and zero CO2 products. By 2030, we aim to have a more electrified, diversified and decarbonised global portfolio, offering our shareholders a combination of long-term growth and value opportunities in the energy sector. Additionally, our strategy relies on a clear capital allocation framework, with a firm investment plan and a competitive shareholder remuneration, supported by strict financial discipline.
We have 4 key business pillars, built upon solid foundations, to help us thrive through the energy transition. Upstream growth will continue to be the cornstone of our business, given its unique high-quality cash generative projects. At the same time, we aim to transform our downstream businesses, adapting them to energy transition and new consumer trends while leveraging on a strong asset base. Thirdly, we will continue to invest on our renewable business, expanding our portfolio to deliver continued growth and value. Finally, we will continue to develop future options and value pools on new energies businesses, leveraging on existing portfolio and skills.
Lastly, we want to continue being a top performer in ESG metrics. Our decarbonisation path is already underway and we’ve increased our 2030 carbon reduction targets. Additionally, and for the first time, we are committing to be a net zero CO2 emission company by 2050, reflecting our commitment to regenerate the future.