TheCable

Eni, the parent company of Nigerian Agip Oil Company (NAOC), says it will increase the share of investments dedicated to new energy solutions by 30 per cent in 2025. 

The oil giant disclosed this in its sustainability report titled “Eni for 2021 — A just transition”.

In the report, Eni said it is on the path to carbon neutrality by 2050.

Specifically, with regards to the 2050 carbon neutrality strategy, Eni said it further strengthened its objectives, announcing a 35 per cent reduction in net scope 1, 2, and 3 emissions by 2030 and 80 per cent by 2040 with respect to 2018 levels (compared to the 25 per cent and 65 per cent reduction targets in the previous plan).

“For net scope 1 and 2 emissions, the company will achieve -40% by 2025 (compared to 2018 levels) and net zero emissions by 2035, five years ahead of the previous plan. It will also increase the share of investments dedicated to new energy solutions, targeting 30% by 2025, doubling to 60% by 2030 and reaching 80% by 2040,” Eni said.

“As Eni, we strongly feel the responsibility to contribute to giving access to energy to all, supporting the development of the countries where we are present, and contributing to the achievement of the highest ambitions of the Paris Agreement.

“In achieving decarbonisation goals, increasing attention is paid to the concept of “just transition”, namely managing the impact of the energy transformation on people, starting with direct and indirect workers and including communities and customers.”

It said the report provides an overview of the projects and initiatives adopted by Eni to ensure a fair transition.

“These are part of the constant evolution of the company’s business activities, which include the conversion of refineries into biorefineries, forest conservation projects, the development of renewables, and the creation of agri-hubs that will provide feedstock for biorefineries, creating jobs and supporting the development of new activities in the countries of presence,” the oil giant added.

According to the statement, Eni said it has also strengthened partnerships with international organisations for development cooperation.

“The main initiatives for the communities carried out in 2021 include activities aimed at improving access to water for the population of Basra, Iraq, thanks to water treatment plants provided by Eni, economic diversification projects in the agricultural sector in Angola, Congo, and Nigeria, and projects to support local and youth entrepreneurship in Egypt,” it said.

Claudio Descalzi, Eni’s chief executive officer, said it was needful for the company to strengthen its commitment in the face of the ongoing war in Ukraine.

“This commitment is stronger today, in light of the war in Ukraine, at a historical moment when it is necessary to be even more inclusive and not divisive, seeking the common good and increasing efforts to ensure Europe’s energy security, while accelerating the decarbonisation process,” he said.