Italian oil and gas giant Eni plans to install 55GW of renewable energy capacity by 2050, by which time the energy group aims to slash greenhouse gas emissions by 80% .
These decarbonisation targets confirm and build on previously announced goals, such as a net-zero carbon footprint by 2030 for scope 1 and 2 (all direct and indirect) emissions from upstream activities and a net-zero carbon footprint for scope 1 and 2 emissions from the Eni group by 2040.
Eni says its oil and gas production will peak in 2025 while it will reach a renewable target of 5GW with investments of €2.6 billion (£2.2bn) during the period.
Claudio Descalzi, CEO of Eni, said: “We have quantified our carbon footprint reduction targets giving ourselves a comprehensive method of calculating emissions, which includes both direct and indirect emissions deriving from the end use of our products, whether from our own production or purchased from third parties.
“We have fixed a target of an 80% reduction in net greenhouse gas emissions of our energy products by 2050, which exceeds the 70% indicated by the IEA in their Sustainable Development Scenario which aims to be compatible with the Paris Agreement.”