oil and gas decarbonisation
Eni CEO Claudio Descalzi - Image credit: Eni

Italian oil and gas multinational Eni has announced plans to install 55GW or renewable energy capacity by 2050, and reduce greenhouse gas emissions by 80% by that date.

The announcement serves to confirm the company’s previously stated commitments to transition to a net-zero carbon footprint for all direct and indirect upstream activity emissions, and a complete transition to net-zero emissions from the group by 2040.

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The company estimates its gas and oil production to peak by 2025, by which 5GW of renewables capacity is expected to be in operation, thanks to investments of €2.6 billion ($2.89 billion) during the period.

Claudio Descalzi, CEO of Eni, said: “We have quantified our carbon footprint reduction targets giving ourselves a comprehensive method of calculating emissions, which includes both direct and indirect emissions deriving from the end use of our products, whether from our own production or purchased from third parties.

“We have fixed a target of an 80% reduction in net greenhouse gas emissions of our energy products by 2050, which exceeds the 70% indicated by the IEA in their Sustainable Development Scenario which aims to be compatible with the Paris Agreement.”

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