Since 2014, Eni has been on a path of industrial and financial transformation that has progressively enabled us to create value even in difficult scenarios, delivering security of supplies and environmental sustainability.
Despite high volatility and uncertainty, in 2023 Eni has confirmed its decarbonization strategy and its main medium- to long-term emission and business targets. Eni's path to Carbon Neutrality in 2050 is made up of a series of intermediate targets that involve first of all achieving net zero emissions (Scope 1+2) from the Upstream business by 2030 and from Eni in its entirety by 2035, and then achieving net zero by 2050 from all GHG Scope 1, 2 and 3 emissions associated with Eni's entire value chain, both in absolute terms and in terms of intensity.
The strategic drivers of the decarbonization process will be the new technologies and their fast-track development, both to create a diversified energy mix for the energy transition and to support energy security, continuing to create value and breakthrough opportunities. Moreover, Eni has long-standing and solid partnerships with academia, civil society, institutions and the business associations to contribute to the energy system decarbonisation.
Creating long-term value
The pillars of our evolution that will lead Eni towards Net Zero in 2050.
Eni’s strategy towards Net Zero is supported by an industrial transformation plan that encompasses the whole value chain, including the optimisation and enhancement of the upstream portfolio through progressive decarbonization, combined with the expansion of bio, renewable and circular economy businesses and with the offer of new energy solutions and services. The transformation plan is also supported by cross-cutting activities that seek to both optimise existing solutions and develop breakthrough innovations to accelerate the decarbonization process.
Around 90% of the absolute reduction target in the long term will be achieved by transforming conventional operations. As regards upstream, hydrocarbon production will decrease in the medium to long term, with a plateau expected by 2030 and progressive growth of the gas component, which will reach 60% by 2030 and more than 90% after 2040. At the same time, Eni confirms its decarbonization targets with zero net emissions (Scope 1+2) for the upstream business by 2030 and intermediate reduction targets of 50% by 2024 and 65% by 2025 compared to 2018, based on the levers of energy efficiency, zero routine flaring and methane emission minimisation. Midstream and Downstream activities will contribute to reducing emissions mainly through the enhanced use of equity gas and LNG and the conversion of traditional refineries into bio-refineries. CO₂ capture and storage projects will play a complementary role in reducing emissions that are difficult to abate with existing technologies, and only about 5% of the total reduction in supply chain emissions by 2050 will be related to compensation through offsetting, mainly from Natural Climate Solutions.
Business evolution
Eni's decarbonization strategy is based on a plan that takes into account market trends and the evolution of society with specific targets for each business line:
Upstream portfolio
Gas as support for the energy transition.
Renewables
Skills and technology in research and development of energy from alternative sources.
Biofuels & Sustainable Mobility
Proprietary technologies and strategic agreements for future mobility.
Circular economy
Our transition path towards a circular economy.
CCUS
Capturing carbon dioxide for storage or reuse in innovative ways.
Natural Climate Solutions
Eni's commitment to forest protection and conservation.
The evolution towards a fully decarbonized product portfolio will be supported by a progressive growth in the share of investments in new energy solutions and services, which will reach 30% of total investments in 2026, 70% in 2030 and up to 85% in 2040.
After 2035, these activities will generate positive free cash flow and contribute about 75% of the Group's cash flow on average over the 2040-2050 period. Zero and low carbon spending will be 13.8 billion euros in the 2023-26 period:
Eni also undertakes to align investment plans and decisions with its decarbonization strategy: the share of expenditure devoted to Oil & Gas activities will be gradually reduced, assessing the main investment projects in line with the targets set for the reduction of emissions and with the commitment to phase out investments in carbon-intensive “unabated” activities or products as a necessary condition to achieve carbon neutrality by mid-century.
Partnerships for carbon neutrality
A strategic driver to enhance and generate knowledge, share best practices and support initiatives that simultaneously create value for the company and its stakeholders.
The risk and opportunity managementprocess connected with climate change is part of the Integrated Risk Management (IRM) Model, developed by Eni with the aim of supporting the management in the decision-making process by strengthening awareness of the risk profile and related mitigations.
Alongside its commitment to ensuring the integrity of its operations, as a responsible operator Eni is also actively addressing the issue of adaptation to Climate Change also regarding the socio-economic and environmental impacts in the countries where it operates. To this end, a project for the assessment of the main risks and opportunities connected to Climate Change was finalised in 2021 in collaboration with FEEM (Fondazione Eni Enrico Mattei) and the Pisa Institute of Management (IDM). The project led to the development of guidelines and measures which provide methodological support for the identification and implementation of adaptation actions in countries of interest for Eni.
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