Italian energy major ENI published on May 13 the company’s sustainability report that describes its commitments in its Long-Term Strategic Plan to 2050, which combines financial, environmental and social sustainability.

“The historical moment we are going through poses complex challenges on our path, but we are certain that these difficulties will lead to new opportunities for ENI,” CEO Claudio Descalzi said. The commitments we have made to pursue in our transformation process as a business are now even stronger, as well as our determination to fight climate change and our efforts towards a just energy transition that takes into account all the factors at stake: from the need to reduce our carbon footprint in the direction of the Paris Agreement to the need for a global development of mankind,” Descalzi added.

The ENI CEO stated that his company was inspired by the UN’s Sustainable Development Goals, undergoing a significant transformation in the last few years to become a simpler, faster and more resilient energy company that integrates sustainability into each business area.

According to ENI, the company’s 14th sustainability report outlines 2019 results and the company’s sustainability goals for the coming years, with a focus on three main areas: carbon neutrality in the long-term, the operational excellence model, and alliances for the promotion of local development.

For the third year in a row, ENI for includes an annex which is entirely dedicated to ENI’s path for achieving carbon neutrality in the long-term and prepared according to the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD), of which ENI is a member since the foundation. ENI said the company’s commitment to progressive decarbonisation is central to its energy transition roadmap, which entails a significant reduction in the carbon footprint related to the business portfolio. ENI’s new Strategy aims at reaching net zero scope 1 and scope 2 greenhouse gas emissions by 2040, and reducing net lifecycle greenhouse gas emissions of energy products sold by 80% in 2050 vs 2018, a target which exceeds the 70% threshold reduction foreseen by the International Energy Agency in the Sustainable Development Scenario, which is in line with the objectives of the Paris Agreement.

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