Eni accelerates its transformation towards net zero emissions

OGCI member Eni announced it is working towards the full decarbonization of all its products and processes by 2050. It also set out its detailed 2021-2024 strategic plan, accelerating the achievement of both absolute and intensity interim targets.

Decarbonization will be achieved through the following technologies and targets:

• Bio-refineries: doubling capacity to around 2 million tonnes by 2024 and increasing capacity five times by 2050.
• Renewables capacity increased to 4GW in 2024, 15GW in 2030 and 60GW in 2050, fully integrated with Eni’s clients.
• CCS projects: total storage capacity of approximately 7 million tonnes of CO2 per year by 2030 and 50 million tonnes by 2050.
• Blue and green hydrogen for Eni’s bio-refining system and other hard-to-abate activities.
• Natural or technology-enabled carbon capture to remove residual emissions.
• REDD+ forestry preservation projects offsetting over 6million tonnes per of CO2 by 2024 and 40 million tonnes by 2050.
• Circular economy: larger use of biogas, waste and recycling final products.
• Efficiency and digital solutions in operations and customer services.

During 2021-2024, net capital dedicated to new businesses will double to reach 10% of the total. In the long term, gas will represent more than 90% of Eni’s production and will support the energy transition as a back-up of intermittent resources.

Eni’s 2020 strategy was already considered one of the most ambitious since it included short and longer-term absolute emissions targets and covered all activities and products. It is now targeting 100% carbon neutrality by 2050, has added a complementary series of short and longer-term carbon intensity targets, and detailed its approach to offsetting through natural climate solutions.