Eni steps up ambitions to become fully decarbonized by 2050

Eni 2050

The Italian oil major, Eni, has raised its ambitions to become fully decarbonized by 2050; this Friday the company announced a new plan to achieve sustainability and a full decarbonization of all its products and processes by such year.

Firstly, Claudio Descalzi, company’s CEO, said. “Eni is strongly committed to continue to play a key role in sustainability and innovation; supporting social and economic development in all our activities.”

Secondly, he said: “Our plan is concrete, detailed, economically sustainable; and also technologically proven.” Thirdly, the company would achieve its goal by merging their renewable and retail businesses.

“Additionally, the combination of our bio-refining and marketing businesses will play an important role in delivering sustainable mobility. These initiatives will greatly contribute to the decarbonization of our products; impacting positively on our customers,” Descalzi wrote in the statement.

Moreover, the strategy draws a clear path, in which decarbonization will happen by doubling the capacity of the company’s biorefineries to around 2 million tons by 2024; while also increasing their capacity by five times, by 2050.

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Eni strategy 2050

Eni will bet to blue and green hydrogen production

In addition, the company plans to increase its use of biogas; also, to increase its renewable energy capacity to 4GW by 2024; then, 15 GW in 2030, and finally 60 GW 2050.

“The 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,” the full statement reads.

Moreover, Eni will also bet to blue and green hydrogen production for its biorefining segment. These plans come just days after the new Italian prime minister Mario Draghi, has put climate change at the center of its agenda.

“This is a target, not an aspiration,” Descalzi told analysts during a presentation of the plan. Finally, he said: this year was an important to mark this transition. “We will never forget this exceptional year marked by the most unexpected and disruptive crisis we have ever seen.”

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