Our decarbonization journey

The industrial transformation we have initiated aims to steadily decarbonise our activities, across all our business lines. We support the energy transition through a measured and systematic approach, building on the expertise gained in conventional industries and combining it with innovative solutions. We implement energy-efficiency measures and projects guided by circular economy principles, invest in renewable energy, develop carbon capture and storage technologies, and broaden our range of low-emission products and services. We diversify our energy sources both geographically and technologically to ensure efficient, secure, sustainable and affordable energy for a growing population. As we strive for carbon neutrality by 2050, our decarbonisation plan sets interim goals to cut greenhouse gas (GHG) emissions. It initially targets eliminating net emissions (Scope 1+2) from our upstream operations by 2030 and from all of Eni (Scope 1+2) by 2035. The ultimate aim is to reach net zero for all GHG emissions (Scope 1, 2, and 3) by 2050, both in absolute terms and intensity, reflecting a plan for growth and transformation that covers the entire value chain.

We aim to optimize and enhance the Oil & Gas portfolio by progressively reducing its emissions, along with expansion into renewable energy, the circular economy, and offering new energy solutions and services. The plan is supported by cross-cutting activities that seek to optimise existing solutions and develop breakthrough innovations to accelerate the path to carbon neutrality.

Eni’s Decarbonisation Plan outlines levers that can have an impact across its various businesses. These are then applied and calibrated on a targeted basis, with timelines that consider the technological and market maturity of each solution. In addition to ongoing efforts including measures to reduce flaring and methane emissions, enhance energy efficiency, and refine our portfolio, key future initiatives include:

• in the upstream sector, improving efficiency and gradually increasing the share of gas (including condensates) in total production, to over 60% by 2030 and 90% beyond 2040, will help limit the rise in emissions from hydrocarbon-based production
• in the downstream sector, developing biofuels presents a chance to transform and reduce Eni’s existing conventional refining capacity and will play a major role in cutting carbon emissions from hard-to-abate transport modes such as aviation, maritime, and heavy haulage
• biofuels and the growth of renewable energy generation are increasing the availability of lower-carbon solutions
• Carbon Capture and Storage (CCS) projects provide an additional route to cutting hard-to-abate residual emissions from activities using current technologies. Finally, offsetting residual emissions occurs mainly through Natural Climate Solutions initiatives focused on the protection, conservation and more sustainable management of forests.

The process for managing climate change risks falls within our Risk Management Model (IRM) which we designed to help management with decision-making by enhancing understanding of risk profiles and their mitigation.Risks related to climate change are identified, assessed and managed by considering both energy transition risks (market changes, regulatory and legal matters, technological developments, and reputation) and physical risks (both acute and chronic), through a comprehensive and cross-functional approach that engages the relevant departments and business units.