. Plans 80% investment in new energy solutions by 2040
To accelerate its decarbonisation efforts and carbon neutrality by 2050, Italian oil major, Eni, says it will net zero emissions by 2035, five years earlier than its previous projection.
The company also plans to increase the share of investments dedicated to new energy solutions by 80% by 2040, according to its latest report, “Eni for 2021 – A just transition”, published yesterday in Milan.
The 16th voluntary sustainability report outlines the company’s contribution and objectives for a just transition, with a view to sharing social and economic results on its path to carbon neutrality by 2050.
The report, which is completed by the volumes, “Eni for 2021 – Carbon neutrality by 2050”, focused on its strategies and main climate targets, and “Eni for 2021 – Sustainability performance”, which provides an overview of the company’s environmental, social and governance indicators.
Specifically, with regards to the 2050 carbon neutrality strategy, Eni further strengthened its objectives, announcing a 35% reduction in net scope 1, 2 and 3 emissions by 2030, and 80% by 2040 with respect to 2018 levels (compared to the -25% and -65% targets in the previous plan).
For net scope 1 and 2 emissions, the company will achieve -40% by 2025 (compared to 2018 levels) and net zero emissions by 2035, five years ahead of the previous plan.
It will also increase the share of investments dedicated to new energy solutions, targeting 30% by 2025, doubling to 60% by 2030 and reaching 80% by 2040.
Commenting, Eni’s Chief Executive Officer, Claudio Descalzi, said: “As Eni, we strongly feel the responsibility to contribute to giving access to energy to all, supporting the development of the countries where we are present, and contributing to the achievement of the highest ambitions of the Paris Agreement.
“This commitment is stronger today, in light of the war in Ukraine, at a historical moment when it is necessary to be even more inclusive and not divisive, seeking the common good and increasing efforts to ensure Europe’s energy security, while accelerating the decarbonisation process.”
In achieving decarbonisation goals, the report said increasing attention is paid to the concept of “just transition”, namely managing the impact of the energy transformation on people, starting with direct and indirect workers and including communities and customers.
Decarbonisation goals
In achieving decarbonisation goals, the report said increasing attention is paid to the concept of “just transition”, namely managing the impact of the energy transformation on people, starting with direct and indirect workers and including communities and customers.
The report also provides an overview of the projects and initiatives adopted by Eni to ensure a fair transition, which are part of the constant evolution of the company’s business activities.
These include the conversion of refineries into biorefineries, forest conservation projects, the development of renewables, and the creation of agri-hubs that will provide feedstock for biorefineries, creating jobs and supporting the development of new activities in the countries of presence.
Eni has also strengthened its partnerships with international organizations for development cooperation.
The main initiatives for the communities carried out in 2021 include activities aimed at improving access to water for the population of Basra, Iraq, thanks to water treatment plants provided by Eni, economic diversification projects in the agricultural sector in Angola, Congo and Nigeria, and projects to support local and youth entrepreneurship in Egypt.
Eni’s commitment to promoting education and professional training remains central, as shown by the initiatives in Angola, Egypt, Iraq, Mexico and Mozambique.
