Our decarbonization strategy envisages that only about 5 per cent of the total absolute emission reduction at 2050 vs. 2018 will be related to offsetting through carbon credits from Natural Climate Solutions and the application of technological solutions.
To this end, as part of the ongoing business transformation, we undertake initiatives to generate high-quality carbon credits used to offset residual CO2 emissions that cannot be abated with current technologies (so-called 'carbon offsetting'). These initiatives are based both on the capacity of ecosystems to sequester and store CO2 and on the use of technologies to reduce greenhouse gas emissions. According to UN estimates, Natural Climate Solutions (NCS) have the potential to reduce of GHG emissions by between 5 and 12 billion tonnes of CO₂ by 2030, equivalent to 30% of the reduction needed to keep global warming within 1.5°C compared to pre-industrial times. The role of NCS in the decarbonization process is also recognised by the Intergovernmental Panel on Climate Change (IPCC), which envisages the use of NCS among the solutions to be implemented to reduce emissions and removeCO2 from the atmosphere. NCS encompass a wide range of actions that not only have a positive impact on the climate, but also generate important effects on the adaptive capacity to climate change of local communities and ecosystems and are a tool for sustainable development.
Eni's first activities in the field of NCS were initiated in the area of forest protection, working alongside governments, local communities and UN agencies, consistent with the Nationally Determined Contributions (NDCs), National Development Plans and the Sustainable Development Goals (SDGs).
NCS include initiatives for conservation, restoration and sustainable management of forests, which are in the short term an indispensable element of our decarbonization strategy. Actions for the conservation, restoration and sustainable management of this heritage are part of the REDD+ (Reducing Emissions from Deforestation and Forest Degradation) scheme, defined and promoted by the United Nations (in particular under the UNFCCC - United Nations Framework Convention on Climate Change). In addition to providing activities to reduce emissions and improve the natural storage capacity of CO₂, our projects foster an alternative development model for local communities through the promotion of socio-economic activities in line with sustainable forest management and biodiversity conservation.
In addition, through a strong network of agreements with international developers and partners (including BioCarbon Partners, Terra Global, Peace Parks Foundation, Carbonsink, and Respira International), we monitor projects for adherence to the principles of the REDD+ scheme, a prerequisite for obtaining the Verified Carbon Standard (VCS) certification. Moreover, thanks to these partnerships, Eni can measure social and environmental impacts according to the highest, internationally recognised standards (e.g. Climate Community & Biodiversity Standards - CCB).
The application of technological solutions in various areas is an additional lever for offsetting residual emissions. In particular, Eni has initiated projects to promote the adoption of Improved Cookstoves (ICS) for cooking food in energy-poor contexts, and continues to evaluate opportunities in the areas of renewable energy, waste management, and improved agricultural practices, which ensure, in addition to climate change mitigation, significant social and environmental benefits for local stakeholders. The identified initiatives generate high quality credits, certified according to the highest international standards (Verified Carbon Standard - VCS) and contribute to the achievement of the SDGs (Sustainable Development Verified Impact Standard - SD VISta). In June 2022, Eni started a programme in Côte d'Ivoire to distribute improved cookstoves to vulnerable families. The project involves the distribution of more than 300,000 ICSs over a 6-year period, reaching over 1 million people. The cookstoves, produced in the country by a local company, reduce biomass consumption and associated emissions and contribute to local development and sustainable value creation. In 2022, more than 20,000 cookstoves were distributed in just six months, reaching more than 100,000 people in the Gbêkê region. In 2023, another 40,000 will be distributed. The project will generate high quality carbon credits certified by the international VERRA standard, amounting to over 2 million VCU (Verified Carbon Units) over the next 10 years. Similar initiatives are planned in several countries, including the Republic of Congo, Kenya, Rwanda and Angola, while two new projects have been launched in Mozambique with the aim of distributing 200,000 improved cookstoves in the city and province of Maputo and the provinces of Sofala and Manica. Eni's plan in the country involves future projects, to reach a target of 450,000 distributed ICS.
Here are some of our main forest protection and conservation initiatives.
We finance the project, which covers about 1 million hectares, through the purchase of carbon credits generated until 2038.
We acquired credits to finance project activities including access to health services and education for the communities involved.
We acquired credits to finance project activities including access to health and education for the communities involved.
We finance the start-up of the project and undertake to purchase credits to support forest conservation by the communities involved.
Our long-term strategy aims to achieve carbon neutrality by 2050 through a plan with progressive targets based on established technologies and the development of cutting-edge solutions.
We have drawn up a plan with progressive targets involving all areas of the company, based on established technologies, starting with the development.