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Eni targets zero emissions by 2050
Unveiling Eni’s strategic plan for 2021–2024, Claudio Descalzi, CEO, committed to the full decarbonisation of all the Italian company’s products and processes by 2050. He also announced the merger of Eni’s renewable and retail businesses.
The strategy’s goal is to achieve net zero emissions by 2050, targeting a 25% reduction in absolute emissions by 2030 compared to 2018 rising to 65% by 2040.
The company also plans to reach net zero carbon intensity by 2050, introducing new intermediate targets of –15% by 2030 instead of 2035, reaching –40% in 2040.
Full decarbonisation of Eni’s products and operations is to be achieved through existing technologies, says the company. It plans to double capacity at its bio-refineries to around 2mn tonnes by 2024, which will be palm oil free by 2023, increasing capacity five times by 2050, and to focus on the circular economy through greater use of biogas, waste and recycling final products. Renewables capacity is to be increased up to 4 GW in 2024, 15 GW in 2030 and 60 GW in 2050. The company will also utilise blue and green hydrogen, as well as carbon capture and storage (CCS) technologies and carbon offsetting initiatives. Its CCS projects will be targeting a total storage capacity of approximately 7mn t/y of CO2 by 2030 and 50mn t/y by 2050, while its carbon offsetting initiatives will target 6mn t/y by 2024 and over 20mn t/y by 2030.
Eni also says that in the long term, gas will represent more than 90% of its production, supporting the energy transition as a back-up to intermittent sources.