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Eni announces new targets for net zero emission goals
Italy’s global energy company Eni has announced accelerated targets for its net zero emission goals. In 2020 Eni announced its target covering scope 1, 2 and 3 emissions, based on its fully comprehensive methodology of GHG assessment, considering all the activities and every traded product, to reach a reduction of its absolute emissions by 80% in 2050.
Eni announced that it is accelerating its net zero emission targets, committing to reach complete carbon neutrality by 2050.
Full decarbonization of Eni’s products and operations will be achieved through existing technologies:
∙ Bio-refineries: doubling capacity to around 2 million tons by 2024, increasing capacity five times by 2050;
∙ Circular economy: larger use of biogas, waste and recycling final products;
∙ Efficiency and digital solutions in operations and customer services;
∙ Renewables capacity increasing up to 4GW in 2024, 15GW in 2030 and 60GW in 2050, fully integrated with Eni’s clients;
∙ Blue and green hydrogen for Eni’s bio-refining system and other hard to abate activities;
∙ Natural or artificial carbon capture to remove residual emissions;
∙ REDD+ initiatives: offsetting more than 6MTPA of CO2 by 2024 and more than 40MTPA by 2050;
∙ CCS projects: total storage capacity of approximately 7MTPA at 2030, 50MTPA at 2050.
In the long term, gas will represent more than 90% of Eni’s production and will support the energy transition as a back-up of intermittent sources, the company said.
In the refining & marketing segment, growth will come from increased bio-refining capacity that will double by 2024; gradual demand recovery after Covid-19 crisis; and a focus on high margin segments in marketing, enlarging Eni’s network in Europe; and, the contribution of ADNOC Refining at full capacity.
The company also announced that Eni Bio-refineries will become palm oil free in 2023, with a growing input of feedstock coming from waste and residues that will account for approximately 80% of the total in 2024 vs. 20% today.
Eni’s renewables business will merge with the Gas & Power retail business to further increase integration and synergies and to maximize value generation along the whole green power chain. This merger will leverage Eni’s large customer base, which will grow from 11 to 15 million clients, and will increase Eni’s supply of renewable power from 4GW to 15GW respectively by 2024 and 2030.
Overall investment for the combined businesses will be EUR4 billion (USD5.4 billion) in the four-year plan, mainly related to renewables.