Our Decarbonization Targets Anchored on Sound Investments—Eni

By Kestér Kenn Klomegâh

An Italian multinational energy giant headquartered in Rome, Eni, has emphasised that its decarbonization targets would be anchored on sound investments, reaffirming its commitments towards net zero emissions by 2050.

The company said this in its latest 2022 report, which outlined the main outcomes and objectives in the energy transition pathways for a number of African countries.

Eni described its contribution to a just transition that ensures access to efficient and sustainable energy, sharing the social and economic benefits of the path towards net zero emissions by 2050 with employees, suppliers, communities, and customers with an inclusive and transparent approach.

The chief executive of Eni, Ms Claudio Descalzi, said in the report that, “In addressing the challenges in the energy sector that Eni faces, we keep our priorities firmly on track with an ongoing commitment to promote energy access, local development, and environmental protection.”

She explained that the success of Eni’s strategy could not be achieved without collaboration with key stakeholders, from private individuals to the public sector, international organizations, civil society associations, and research institutes.

“Today, more than ever, it is necessary to pool resources and human capital through a broad vision that allows us to align our common goals, to reduce geographical gaps and promote global human progress,” Ms Descalzi added.

It was disclosed that the company achieved a 17 per cent reduction in Scope 1, 2 and 3 emissions, compared to 2018 levels, and continued implementing the necessary measures to achieve Scope 1 and 2 net zero emissions in the Upstream by 2030 by investing in emission-reduction technologies and developing low-carbon projects.

In this context, in 2023, Eni launched the FPSO that will be used for production from the Baleine field in Côte d’Ivoire, the most important discovery ever made in the country and the first net-zero development for Scope 1 and 2 emissions in Africa.

In Eni’s strategy, the United Nations Sustainable Development Goals are a fundamental reference for conducting activities in the countries of operations. Agri-business projects, for example, embodies the fundamental pillars of the Eni approach for the just transition, an energy transition with a strong innovative component combined with a concrete focus on the social dimension.

In this context, Eni is committed to ensuring that the decarbonization process offers opportunities to convert existing activities and develop new production chains with significant perspectives in the countries where it operates.

In 2022, the first cargo of vegetable oil produced in Kenya, not competing with the food production chain, from waste and raw materials produced on degraded land, was delivered to Eni’s biorefining plant in Gela, with substantial positive impacts on employment and local development. The model will be replicated in other countries.

To achieve a just transition, particular attention was paid to initiatives to promote access to energy and education in the countries of operation. These include projects in Côte d’Ivoire, Mozambique, and Ghana to facilitate access to clean cooking.

In Côte d’Ivoire, more than 20,000 cooking stoves were distributed in just six months, reaching more than 100,000 beneficiaries. Eni has promoted the right to education in Congo, Ghana, Iraq, Mexico, Mozambique, and Egypt, where it opened the Zohr Applied Technology School to significantly increase the number of youths with upgraded technical and professional skills in the energy and technology fields.

With revenues of around €92.2 billion, Eni ranked 111th on both the Fortune Global 500 and the Forbes Global 2000 in 2022, making it the third-largest Italian company on the Fortune list (after Assicurazioni Generali and Enel) and second largest on the Forbes list (after Enel). Per the Fortune Global 500, Eni is the largest petroleum company in Italy, the second largest based in the European Union (after TotalEnergies), and the 13th largest in the world.