The Board of Directors (BoD) plays a central role in managing the main aspects linked to climate change.
|Sustainability and Scenarios Committee||Control and Risk Committee||Remuneration Committee|
|addresses the integration among strategy, evolution scenarios and business sustainability over the medium to long term and examines the scenario for the strategic plan preparation. Set up in 2014, the SSC was the first example, in the Oil & Gas sector, of an integrated approach in the evaluation of sustainability and energy scenarios. In each of the twelve meetings held in 2017, the SSC discussed issues related to climate change and assessed the consistency of the results achieved with the climate objectives.||supports the BoD in the quarterly review of the main risks, including climate change.||proposes to the BoD the general criteria for the annual incentive of the CEO and managers with strategic responsibilities, which include specific objectives associated with the reduction of GHG emissions.|
Since the second half of 2017, for a broader view of the factors affecting the value creation in the long term, the Board has set up an Advisory Board, composed by international experts, to further strengthen the monitoring of long-term trends in energy markets, geo-politics, technological innovation, energy transition and the decarbonisation process among which Christiana Figueres, ex Executive Secretary of the UN Framework Convention on Climate Change. The CEO’s Short-Term Incentive Plan (STI) includes objectives associated with climate strategy that are consistent with the guidelines defined in the Strategic Plan.
The “Energy Solutions” business division, which reports directly to the CEO, was set up in 2015 to develop renewable energies with large-scale projects. In order to identify new technological, managerial and strategic solutions to support the path to decarbonization, the Climate Change Programme, was also set up in 2015, at top management level with a crosscutting team that reports to a Steering Committee chaired by the CEO. In 2016, the Programme’s objective was updated in order to define a roadmap for the medium-long term decarbonization strategy in line with the Paris Agreement goals.
The process for managing the risks and opportunities related to climate change is a part of the Integrated Risk Management (IRM) Model developed by Eni to ensure that management takes risk-informed decisions, by taking into full account current and potential future risks, including medium and long-term ones, in the frame of an integrated and comprehensive approach. Climate change risk is considered a strategic top risk by Eni and is analysed, assessed and managed considering 5 reference drivers related to aspects related to the energy transition (market scenario, regulatory and technological evolution, reputational issues) and to physical aspects (extreme / chronic meteo-climatic phenomena). The risk analysis is carried out with an integrated and transversal approach that involves specialized functions and business lines and allows a complete analysis not only of risks but also of opportunities linked to climate change. The following is a representation of the risk factors in a low-carbon scenario for each risk driver with indication of the main mitigation actions implemented by Eni.
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