Italian oil and gas firm Eni is planning to have 55GW of installed renewable energy capacity by 2050.
The company’s Long-Term Strategic Plan to 2050 includes plans to reduce net greenhouse gas (GHG) emissions of its energy products by 80% by 2050, using biomethane, hydrogen, carbon capture and storage, methanol and products from the recycling of waste materials.
“The strategy we announce today represents a fundamental step for Eni,” said Claudio Descalzi, CEO of Eni. “We will set out the evolution of our company in the next 30 years combining the objectives of ongoing development in a fast-changing energy market and a significant reduction in our carbon footprint, a combination considered impossible by many.
“We will be the first in the industry to provide a business strategy to address these issues. Our strategy will rely on the quality of our assets, our technologies and our competencies.”
According to Descalzi, the company aims to reinforce its role as a “global player in the world of energy” with renewables and circular economy activities. He added: “We have quantified our carbon footprint reduction targets giving ourselves a comprehensive method of calculating emissions, which includes both direct and indirect emissions deriving from the end-use of our products, whether from our own production or purchased from third parties.
“Consequently, our targets for reducing our absolute GHG emissions cannot be compared with other methodologies given the wider scope of emissions considered in our method. We have fixed a target of an 80% reduction in net GHG emissions of our energy products by 2050, which exceeds the 70% indicated by the IEA in their SDS scenario, which aims to be compatible with the Paris Agreement.”