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First carbon credits for Eni
Eni has achieved its first carbon credits for offsetting greenhouse gas (GHG) emissions equivalent to 1.5mn tonnes of CO2 through the enhancement of forest conservation projects in Africa.
The credits have been generated by the REDD+ Luangwa Community Forest Project (LCFP), based in the Republic of Zambia, in which Eni has been involved for over a year. LCFP is one of Africa’s forest protection and conservation projects that have been created in accordance with the REDD+ (Reduction of Emissions from Deforestation and forest Degradation), a scheme designed by the United Nations Framework Convention on Climate Change (UNFCCC).
The development of voluntary projects that support the fight against climate change, including REDD+ projects, are part of Eni's long-term decarbonisation strategy, which recognises the important role of natural climate solutions (NCS) for limiting global warming to below 2°C. Within this framework, Eni plans to progressively reach a carbon credit portfolio of 10mn t/y CO2e in 2025, 20mn tonnes in 2030, and more than 30mn tonnes by 2050.
In addition to achieving climatic and environmental benefits (such as reduction of deforestation and forest degradation, increased forest carbon stocks, conservation and restoration of biodiversity), the REDD+ projects also promote social and economic development of the local host population.
Eni aims to achieve a net zero carbon footprint for Scope 1 and 2 emissions from its upstream activities by 2030, and a net zero carbon footprint from all the company’s activities by 2040. By 2050, it targets an 80% reduction in net emissions from the entire life cycle of energy products sold, including Scope 1, 2 and 3 emissions. It plans to achieve this through improved energy efficiency, an increase in the gas component compared to liquids in the hydrocarbon production portfolio, a wider development of energy products from renewable and decarbonised sources (through carbon capture, use and storage (CCUS) projects and the use of waste and biomass).
The use of carbon credits generated by projects adhering to the REDD+ scheme is one of the measures that Eni is adopting under its decarbonisation path to compensate part of its residual emissions that are difficult to reduce with current technologies, the so-called hard-to-abate emissions.