eni: Statement on Decarbonisation Strategies
The energy industry is facing a dual challenge:
- to ensure that the entire world population, that will increase from 7 to 10 billion people by 2050, has access to cheap energy, and
- to guarantee that this happens in an environmentally sustainable way, limiting the increase of temperature to below 2°C
Eni acknowledges the challenge posed by climate change and the need to limit this century the temperature increase to 2°C above the level of the pre-industrial era. However, demand for energy will continue to grow in the coming decades, driven by demographic and economic growth in emerging economies. Renewable energy, while having an increasingly important role in the energy supply, can not, in the medium term, replace hydrocarbons and natural gas, in particular, will continue to meet a key part of global energy demand, even in lower carbon intensity scenarios.
Consistent with this vision, Eni has established an integrated strategy to make a contribution to the energy transition towards a low carbon future based on three fundamental pillars:
- we want to produce low carbon impact hydrocarbons ensuring that all our operations are characterised by maximum efficiency and lower CO2 content
- between 2010 to 2015, we reduced direct CO2 emissions by 28%, equivalent to 16.6 million tons of CO2
- we want to maximise the use of gas as a fuel of choice in a scenario of decarbonisation, particularly for electricity generation, but also increasingly for transport
- natural gas comes is the fossil fuel with the lowest carbon content and has a flexibility in electricity production that allows it to be complementary to the typically intermittent production of renewable sources
- today, 58% of Eni’s portfolio is made up of natural gas and development plans in Mozambique, Egypt and Indonesia confirm Eni’s commitment on this front
- we want to promote the development of renewable energies, supporting their spread in the countries where we operate, and stimulating technological research.
To this end, we will pursue projects for generating energy from renewable resources at our facilities, in countries of great potential where we operate, such as in Africa and Asia, with the aim of improving our energy efficiency and contributing to access-to-energy efforts in these countries with a sustainable energy mix. These projects will take advantage of the following competitive levers:
- a established presence in countries where we are already development partners in support of local communities
- an understanding of energy markets and local needs
- the availability in our portfolio of infrastructure and extensive land already available, for to the development of new projects, mainly in the field of solar energy without competing with other uses
- synergies with existing contractual arrangements that accelerate the development process for renewables.
- an ability to design and manage projects, together with the possibility of employing financial resources
- excellence in research
In the downstream sector, we have already launched this strategy, placing alongside our traditional business the production of bio products with high added value. We were the first to convert a traditional refinery into a bio-refinery, in Venice, for the production of environmentally friendly biofuels. We will also pursue the transformation of Gela into a green refinery and launch a series of green chemistry projects at Porto Torres and Porto Marghera.
In line with our business model, the next steps will be to:
- continue to grow the core business, while minimising emissions, with the aim of a further 24% reduction in emissions from current levels, along with the achievement of zero routine flaring by 2025 and a 43% reduction of emissions per barrel produced.
- maximise the use of gas as a fuel of choice for electricity generation in particular in countries where we operate, through new access to energy projects in Ghana, Mozambique, Angola, Congo and Nigeria to provide a sustainable energy mix with to local populations that reduces the use of biomass.
- continue to pursue projects for the development of renewable sources; in Pakistan and Egypt taking advantage of synergies with our industrial facilities and in Italy, benefiting from collaboration with Syndial, that operates in the remediation sector and owns more than 4,000 hectares of land across Italy.
The Italian project aims at enhancing reclaimed industrial areas owned by Syndial that are not suitable or are economically unattractive, by creating new opportunities in the energy sector and reconfiguring the sites with large-scale initiatives, investing in power generation projects with zero emissions.
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