Italian oil and gas major Eni has published the 16th voluntary sustainability report that outlines the company’s contribution and objectives for a just transition.
The report named ‘Eni for 2021 – A just transition’ looks to share social and economic results on its path to carbon neutrality by 2050.
“As Eni, we strongly feel the responsibility to contribute to giving access to energy to all, supporting the development of the countries where we are present, and contributing to the achievement of the highest ambitions of the Paris Agreement,” said Claudio Descalzi, Eni’s Chief Executive Officer.
“This commitment is stronger today, in light of the war in Ukraine, at a historical moment when it is necessary to be even more inclusive and not divisive, seeking the common good and increasing efforts to ensure Europe’s energy security, while accelerating the decarbonization process”, he added.
With regards to the 2050 carbon neutrality strategy, Eni further strengthened its objectives, announcing a 35 percent reduction in net scope 1, 2, and 3 emissions by 2030 and 80 percent by 2040 with respect to 2018 levels – compared to the -25 percent and -65 percent targets in the previous plan.
For net scope 1 and 2 emissions, the company will achieve -40 per cent by 2025 compared to 2018 levels and net-zero emissions by 2035, five years ahead of the previous plan. It will also increase the share of investments dedicated to new energy solutions, targeting 30 per cent by 2025, doubling to 60 per cent by 2030, and reaching 80 per cent by 2040.
In achieving decarbonization goals, increasing attention is paid to the concept of ‘just transition’, namely managing the impact of the energy transformation on people, starting with direct and indirect workers, and including communities and customers.
The report provides an overview of the projects and initiatives adopted by Eni to ensure a fair transition.
These are part of the constant evolution of the company’s business activities, which include the conversion of refineries into biorefineries, forest conservation projects, the development of renewables, and the creation of agri-hubs that will provide feedstock for biorefineries, creating jobs, and supporting the development of new activities in the countries of presence.
Eni has also strengthened its partnerships with international organizations for development cooperation.
The main initiatives for the communities carried out in 2021 include activities aimed at improving access to water for the population of Basra, Iraq, thanks to water treatment plants provided by Eni, economic diversification projects in the agricultural sector in Angola, Congo, and Nigeria, and projects to support local and youth entrepreneurship in Egypt.
Eni’s commitment to promoting education and professional training remains central, as shown by the initiatives in Angola, Egypt, Iraq, Mexico, and Mozambique.