Eni increases its investments in a new energy solution | The Guardian Nigeria News

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The Italian oil giant Eni has unveiled its intention to increase the share of investments dedicated to new energy solutions until 2040.

Eni, in its new report entitled “Eni for 2021 – A just transition”, stated that it will increase the share of investments dedicated to new energy solutions, targeting 30% by 2025, doubling to 60% by 2030 and reaching 80% percent by 2040.

The 16th Voluntary Sustainability Report obtained by The Guardian outlines the company’s contribution and goals for a just transition, with a view to sharing social and economic results on its path to carbon neutrality by 2050.

Specifically, with regard to the 2050 carbon neutrality strategy, Eni has reinforced its objectives with a new objective of reducing net emissions from scopes 1, 2 and 3 by 35% by 2030 and by 80% by 2040 compared to 2018 levels (compared to -25% and -65% targets in the previous plan).

For net Scope 1 and 2 emissions, the company plans to achieve: 40% by 2025 (compared to 2018 levels) and net zero emissions by 2035, five years ahead of the previous plan.

Eni’s Managing Director, Claudio Descalzi, said: “As Eni, we feel strongly responsible for contributing to providing access to energy for all, supporting the development of the countries where we are present and contributing to the achievement of the highest ambitions of the Paris Agreement.

“This commitment is stronger today, in the light of the war in Ukraine, at a historic moment when we must be even more inclusive and non-dividing, seek the common good and redouble our efforts to ensure the energy security of the country. Europe, while accelerating the decarbonisation process.”

In achieving decarbonisation targets, he said increasing attention will be paid to the concept of a “just transition”, namely managing the impact of the energy transformation on people, starting with direct and indirect workers. and including communities and customers.

Some of the projects and initiatives adopted by Eni to ensure a fair transition include; the conversion of refineries into biorefineries, forest conservation projects, the development of renewable energies and the creation of agri-hubs that will supply raw materials to biorefineries, creating jobs and supporting the development of new activities in the countries of presence .

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