World Energy Transitions Outlook 2023 - 1.5°C Pathway

The scenario outlined by the publication presents a plan to reach the 1.5°C target by 2050. The most significant aspects are:

• The new report describes the trajectory the energy sector has to take to stay within the 1.5°C scenario until 2050.
• Some progress has been made, but there is still not enough investment in renewables and it mainly focuses on a limited number of countries and technologies.
• More investment is needed in transitional energy technologies (hydropower, geothermal energy, sustainable biomass, clean hydrogen) as well as in sectors using lower shares of renewable energy (heating and transport).
• The COP28 will be a crucial moment to give new impetus to the energy transition whose main drivers are energy efficiency, electrification, expansion of electricity grids and flexibility.
• Barriers to the energy transition need to be removed through 3 main areas of intervention: investment in physical infrastructure; the adaptation of policies and regulatory frameworks; and providing the skills needed for the energy transition.
• Alongside private investment, significant public investment and policies are needed to ensure that interventions are uniform in terms of technology and geography.
• A successful energy transition requires strong and redesigned international cooperation.
• Developing countries must be supported by providing them with access to technology, training, capacity building and affordable finance.

We have initiated a partnership with IRENA that aims to facilitate dialogue and share respective experiences to accelerate the energy transition and the development of renewable energy in fossil fuel exporting countries. The agreement also aims to identify obstacles to private sector investment in renewable energy in countries where Eni operates and to foster coordinated solutions with governments with a special focus on biofuels, marine energy and offshore renewables.

Thanks to this partnership, a Capacity Building on Biofuels training programme has been organised for ministerial officials in African countries, with Eni leading the dissemination of knowledge on biofuel issues. Between 2023 and 2024, the programme will continue to involve a total of 11 African countries.