Committing to a just energy transition

How would you ensure that an energy business operating in over 60 countries and providing more than 30.000 jobs aligns with the world’s climate and development goals? Solid commitments and clear strategies play a key role.

The past year has shown that the fight against climate change and the commitment to a sustainable and just transition have now become clear guidelines for the global agenda, as more and more governments, as well as investors, prioritize them in their agendas.

The private sector has a crucial role to play, especially when we talk about the energy sector. Aware of the challenges and opportunities the fight to climate change creates for people and businesses, energy company Eni wants to be an active part of a virtuous path of the energy sector. For that, it needs to address a key challenge of its sector: ensuring everyone can have access to efficient and sustainable energy while reducing greenhouse gas emissions in line with the goals of the Paris Agreement and working to abide the Sustainable Development Goals (SDGs).

To do that, the company is integrating environmental and social sustainability principles in the whole of its business plan, taking action along three main lines: operational excellence, carbon neutrality by 2050, and forging alliances for development.

To become carbon neutral in the next 30 years, Eni has drawn a medium and long-term plan that will target emissions produced throughout the entire life cycle of its products and use existing technologies for decarbonisation. This means that by 2050, Eni will sell only decarbonised energy products. To support its goals, the company will invest €5.7 billion by 2024 in decarbonisation, circular economy, renewables, and research and development.

“We are taking another step forward in boosting our transformation. We commit to the full decarbonisation of all our products and processes by 2050. Our plan is concrete, detailed, economically sustainable and technologically proven,” said Claudio Descalzi, Eni CEO, when he presented the company’s 2021-2024 Strategic Plan earlier this year.

Committing to a just energy transition
© Enieuronews

To get to 2050 goals, Eni’s decarbonisation targets include:

  • reducing the absolute GHG emissions by 25% by 2030,by 65% by 2040 (relative to 2018) and by 100% by 2050;
  • reducing the net carbon intensity of energy products sold by 15% by 2030 and, 40% by 2040 and by 100% by 2050;

Reaching those targets will include a wide range of actions. To give a strong boost to sustainable mobility, the company will progressively increase the processing capacity of its bio-refining plants, which has already doubled since 2019, and, starting from 2023, will no longer use palm oil as raw material. It will increase renewable energy capacity to 60 GW by 2050 and reduce hydrocarbon production in the medium term, with a relative increase in the share of natural gas. Hydrogen will power Eni biorefineries and other highly energy-intensive industrial activities.

Carbon capture and storage is also part of Eni’s decarbonising strategy, as the company wants to create worldwide storage hubs to decarbonise its plants and refineries and third-party plants.

New technologies, such as Waste to Fuel that converts urban waste into bio-oil and bio-methane will play an increasingly important role. Eni has also launched innovative systems that can access to clean, safe and inexhaustible energy sources, such as the transformation of wave energy into electricity and the confinement fusion of two hydrogen nuclei – still in the experimental stage – that generates energy without greenhouse gases emissions.

To further reduce its carbon footprint toward net-zero, Eni is also investing in REDD+ forestry projects which protect primary and secondary forests in Africa, South Asia, and Latin America, targeting to offset more than 6 metric tons of CO2 per year (MTPA) by 2024 and over 40 MTPA by 2050.

To be successful in the energy transition, a collaborative approach is essential. Indeed, companies and public actors, as well as civil society organizations, must work together to shape ad hoc solutions for each economic entity and for each country, as there is no one unique path towards carbon neutrality. That is why Eni is strengthening its alliances in the countries it works in to promote development and meet the needs of local communities in line with national development plans and the UN 2030 Agenda. What sets the company apart is its “Dual Flag” strategy it uses in partner countries, which means Eni constantly interacts with local institutions and stakeholders to improve livelihoods and create new growth opportunities. Through its Local Development Programmes (LDPs), Eni invests in energy access, economic diversification, training, community health, water and sanitation access and land protection, aligning with the national and regional contexts and international sustainability agendas.

Committing to a just energy transition
© Enieuronews

During the pandemic, the company has also boosted its alliances and partnerships, as it worked closely with countries to track the health of local communities and address healthcare and education issues, social protection, or basic necessities’ access. For instance, to promote local sustainable development, Eni is working closely with the UN’s Food and Agriculture Organisation (FAO) and food banks to improve food security in Nigeria, with the United Nations Development Programme (UNDP) to improve access to sustainable energy and mitigate climate change across African countries, and with the UN’s Industrial Development Organisation (UNIDO) to improve youth employment and agrifood chains in countries like Mozambique and Congo.

In 2020, Eni has also started new collaborations with civil society organisations such as AMREF, AVSI, CUAMM, and VIS, which will help create local partnerships that improve energy access, economic diversification, education, access to utilities and healthcare especially for vulnerable groups. The group is also developing participatory projects with Indigenous communities and their representatives to make sure that energy projects and infrastructure respect the rights of the local peoples.

News Related


What's behind the energy crunch - and why it's hurting UK industry

Gas prices are running at about £162 per therm - when for most of the past decade they have been around £40 therm - and the increase has been astonishingly fast. Read more »

‘It was impossible to make a living from clothes'

in ‘When my daughter (28) was one year old, I started making children’s clothes. You try something, sometimes things go wrong, but as I got better at it, I switched ... Read more »

Nazara Technologies' Nodwin Gaming acquires OML Entertainment's IP and gaming business

NODWIN Gaming, an esports company and an independent subsidiary of Nazara Technologies Limited has acquired the gaming and adjacent IP (intellectual property) business of OML Entertainment, a media and entertainment ... Read more »

Petrol, diesel prices may rise as international oil rates surge

Representative image A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin ... Read more »

The working student: from tapping beers to vaccinating – and never going back

‘I would rather not have had it necessary, but working at the GGD was really a godsend for me,’ says 25-year-old Marjolein. Her side job at a museum in Utrecht ... Read more »

GST Council refers Swiggy, Zomato GST issue to GoM

The GST Council on September 17 referred the issue pertaining to the tax to be levied on online food aggregators such as Swiggy and Zomato  to the group of ministers, said West Bengal Minister ... Read more »

Spain announces small rise in minimum wage, by €15 to €965

The Spanish government, together with the CCOO and UGT trade unions, have agreed to increase the minimum wage from €950 to €965 gross per month, and which will be backdated ... Read more »

Nong Khai plans for rail link with China New depot taking shape to handle increased trade once Laos-China line opens in December

Thailand hopes a rail link with China will offer faster delivery of goods to southern Chinese provinces. (Bangkok Post photo) The Rail Transport Department has unveiled a plan to develop ... Read more »

Will import duty cut on edible oils offer the much-needed relief to consumers?

The government has yet again slashed import duty on edible oils. Earlier this week, a notification from the Central Board of Indirect Taxes and Customs informed that the base import ... Read more »

Looking to gain from sustainability efforts? Sign a green property lease

positive-environmental-footprint-04_84156053 As we move towards achieving carbon neutrality for a more sustainable world, green leases seem to be the future of real estate. But what exactly is a green lease? ... Read more »

Biocon, SII deal to extend to exploring partnership in biologics, mRNA vaccines

Representative picture: AFP Biocon Biologics and Serum Institute of India (SII) on September 17 said their strategic alliance goes beyond the fill-finish, or filling up of vials and packaging them ... Read more »

Developments in Afghanistan could lead to an uncontrolled flow of drugs, illegal weapons and human trafficking: PM Modi

PM Modi Prime Minister Narendra Modi on September 17 said the recent developments in Afghanistan will have the greatest impact on neighbouring countries like India and continuing instability in that ... Read more »

Four Years of GST: Charting the Road Ahead for the Real Estate Sector

The Central government’s decision to introduce Goods and Services Tax (GST) in 2017 was a game changer for not just the real estate sector but the entire Indian economy. By ... Read more »

‘I don't like numbers, so we complement each other well'

Kirsten: “We wake up at six thirty without an alarm clock.” Danny: „We can go back to the business! No really, we do the work with great pleasure.” Kirsten: “First ... Read more »

Asian-Pacific Bank acquired for $193 mln by investor from Kazakhstan

Three out of the four participants invited by the Bank of Russia participated in the auction — Promsvyazbank, Sovcombank, Pioneer Capital Invest LLP Read more »

TSB turns to insurance veteran Prettejohn as next chairman

The Spanish-owned high street bank will announce Nick Prettejohn’s appointment as its new chairman within days, Sky News learns. Read more »

JM Financial Products Limited Announces Tranche I Public Issue of upto Rs 500 Crore of Secured, Rated, Listed, Redeemable NCDs

Representative image JM Financial Products Limited, the flagship NBFC arm of the JM Financial Group, announced Tranche I public issue of Secured NCDs of face value of Rs. 1,000 each. ... Read more »

IPL effect: Disney+Hotstar to dialup subscribers, price hike in plans to have no impact, say experts

The remainder of the 14th edition of the Indian Premier League (IPL) will start from September 19 and this will attract many new subscribers, say experts in video streaming space. Last year, ... Read more »

If your colleague loses a loved one

What do you do when a colleague loses a loved one? I wondered after reading the moving interview with State Secretary Paul Blokhuis. Among other things, about the loss of ... Read more »

Budget Day: battle for billions for abolition of dividend tax breaks loose again

The 1.9 billion euros that would once be spent on abolishing the dividend tax will definitely not go to the business community, according to the documents for Budget Day. The ... Read more »

SCO Secretary General urges its members to develop joint transport projects

Vladimir Norov noted that in order to overcome the crisis caused by the pandemic, the SCO countries should do more towards eliminating trade barriers, developing investment cooperation, as well as industrial cooperation Read more »

Most Indian firms believe revival of MSME sector can boost rural employment: Report

Representative image A majority of Indian companies (57 per cent) believe there is a need to revive the micro, small and medium enterprises (MSMEs) sector, which has been hit due ... Read more »

Housing demand to rise on SBI's decision to offer home loan at 6.7% interest rates: Realtors

SBI | Representative image India’s residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on ... Read more »

Gas prices in Europe may break records in near future — Gazprom

On September 15, the cost of natural gas at an auction grew by $159, and several times broke a historical record, at its peak, the price reached $970 per 1,000 cubic meters Read more »

Gas supplies to China via Power of Siberia hit 10 bln cubic meters, says Gazprom CEO

"The cooperation between Russia and China is the cooperation of the largest producer with the largest importer," Alexei Miller stressed Read more »

Manchester United posts £92m annual loss as it counts cost of pandemic

The Old Trafford club said matchday revenues were down by 92% over a period when all but one of its matches were played behind closed doors due to COVID-19 restrictions. Read more »

Piyush Goyal asks G-33 nations to strive for permanent solution to public stockholding

Piyush Goyal | PC-MoneyControl Ministry of Commerce & Industry Piyush Goyal on September 16 said that as part of the trust-building exercise for Ministerial Conference (MC) 12, G-33 must strive ... Read more »

SCO countries to restore, expand economic cooperation, says Putin

The pandemic has led to a reduction of the international trade, triggered volatility on the financial and commodities markets, limited investment flows, Vladimir Putin noted Read more »

Hong Kong proposes SPAC listings, restricts to professional investors

Hong Kong will only allow large blank-cheque companies that raise at least HK$1 billion (US$128 million) to list on its main board and ban retail investors from buying these so-called ... Read more »

Travel hopes, retail slump, four-day week

Listen to “Travel hopes, retail slump, four-day week”. Ian discusses the travel sector’s hopes that the government’s about to announce a big relaxation of COVID travel rules for people living ... Read more »

Stanlow Refinery owner faces new financial crunch as HMRC deadline looms

Essar Oil UK, which owns the site that supplies about one-sixth of Britain's road transport fuels, is in renewed talks with HM Revenue & Customs about its financial position, Sky News learns. Read more »

Gas reserves in Russia will last more than 100 years — Miller

Chairman of the Gazprom Board of Directors Alexei Miller noted that Russian gas reserves are the largest in the world Read more »

China says it agrees with S Jaishankar; says Sino-India ties have their own 'intrinsic logic'

MEA S Jaishankar. China on Friday said it agrees with External Affairs Minister S Jaishankar’s assertion that Beijing should not view its relations with India through the lens of a ... Read more »

Buy GNA Axles: target of Rs 948: Sharekhan

Sharekhan’s research report on GNA Axles GNA is well placed to benefit from sharp improvement in commercial vehicle sales across geographies and healthy outlook for the farm sector. GNA’s earnings ... Read more »

Rupee settles 4 paise higher at 73.48 against US dollar

Representative image The rupee closed 4 paise higher at 73.48 (provisional) against the US dollar on Friday, tracking the broad weakness of the American currency in the overseas market. At ... Read more »

Taking Stock | Sensex, Nifty end lower after hitting record highs; mid, smallcaps suffer more

The market ended its three-day winning streak as investors embarked on profit-booking after a stellar bull run in the market which shot up the valuation of many stocks higher. The ... Read more »

Buy Sunteck Realty: target of Rs 580: ICICI Securities

ICICI Securities research report on Sunteck Realty Sunteck Realty (SRIN) has announced a new residential project acquisition of 10msf in Shahad, located in Mumbai Metropolitan Region’s (MMR) extended Eastern suburbs. ... Read more »

Tata Motors drives in Safari Gold Edition at Rs 21.89 lakh

Tata Safari | Representative image Tata Motors on Friday said it has launched a special edition of its flagship model Safari priced at Rs 21.89 lakh (ex-showroom) to further spruce ... Read more »

Gainers & Losers: 10 stocks that moved most on September 17

Market benchmarks–Sensex and Nifty–snapped their 3-day winning run on September 17 as investors booked profit after a stellar record-setting spree in the market. Sensex closed 125 points, or 0.21 percent ... Read more »

SpiceJet reaches settlement with aircraft lessor CDB Aviation amid financial pressures

A SpiceJet aircraft | Representative image Low-cost airline SpiceJet has “commercially agreed” to a settlement over the lease of Boeing MAX aircraft from CDB Aviation, less than three weeks after ... Read more »