Eni's sustainability reporting describes the strategic aspects of the three pillars of our corporate culture and business model: carbon neutrality by 2050, our model for operational excellence, and alliances for development. We want our sustainability performance to be measured by our results and verified by third parties, so that we can keep improving.
Since 2006, Eni has published a voluntary, externally audited, annual sustainability report. In 2010, we started transforming our Annual Financial Report into the company’s integrated report.
Since 2017, we have decided to include in our Annual Financial Report the “Consolidated Non-Financial Statement” required by Legislative Decree No. 254/2016 implementing EU Directive 2014/95 and prepared according to the Global Reporting Initiative (GRI) standard, which describes our approach to sustainability issues identified through materiality analysis.
Our approach to sustainability issues can also be explored through Eni's other sustainability reporting publications, such as the voluntary sustainability report "Eni for", which describes Eni's contribution to a Just Transition and presents concrete cases and interviews with people working with us.
Our sustainability reporting considers various standards and guidelines. The GRI standard is used to obtain a certificate of compliance both for the Consolidated Non-Financial Statement and for "Eni for" from the auditing firm PricewaterhouseCoopers (PWC). For the 2022 reporting cycle, the update of the new GRI Universal and Sector Standard Oil & Gas standards, which have become mandatory as of this year, was taken into account. The recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) were also considered. We were the only company in our sector which was involved in the TCFD from the beginning and we contributed to developing the voluntary recommendations for corporate reporting on climate change. Starting in 2020, we have been considering the World Economic Forum's (WEF) Core metrics in the White Paper "Measuring Stakeholder Capitalism Towards Common Metrics and Consistent Reporting of Sustainable Value Creation", the Sustainability Accounting Standards Board (SASB) standard, and we have been publishing the Principal Adverse Impact (PAI) indicators required by the EU Sustainable Finance Disclosure Regulation (SFDR). Finally, starting in 2022, we have included the Women's Empowerment Principles (WEP) and the demands of the Climate Action 100+ initiative.
In 2022, Eni's materiality analysis was updated in accordance with the new GRI Standard, which requires material issues to be identified according to the most significant impacts - positive and negative, current and potential - generated by the organisation on the economy, environment and people, including impacts on human rights (the so-called Impact Materiality perspective). In addition, in view of the entry into force of the new Corporate Sustainability Reporting Directive (CSRD), which envisages a Dual Materiality approach, the analysis also considered the Financial Materiality perspective. The latter also requires the identification of issues that pose sustainability risks and opportunities that significantly influence or may influence the company's future cash flows, with an impact on development, performance and positioning in the short, medium or long term.
Eni's materiality process was divided into various phases, with an identification of relevant issues and their impacts, an assessment of the issues through the Double Materiality approach, the prioritisation of issues through the combination of the outcomes of the two assessments, and finally the sharing of results with the Risk and Control Committee, the Sustainability and Scenarios Committee and the Board of Directors.
Details of the whole materiality process are given in the NFI and Eni For. Here is a summary of the results:
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