Italian multinational oil and gas company, Eni SPA, has said it intends to reach net zero carbon emissions by 2050.
Presenting the company’s strategic plan for 2021 to 2024, Chief Executive Officer (CEO) for Eni, Claudio Descalzi, noted that net zero carbon emissions will be achieved through introduction of new targets for absolute emissions of -25% by 2030 and -65% by 2040 based on its fully comprehensive methodology of GHG assessment methodology.
“We commit to the full decarbonization of all our products and processes by 2050. Our plan is concrete, detailed, economically sustainable and technologically proven,” he noted.
Full decarbonization of Eni’s products and operations will be achieved through existing technologies such as bio-refineries, increment in renewables capacity, blue and green hydrogen, carbon capture among others.
Eni in its strategic plan from 2021 – 2024, also notes plans to spend on average $5.45 billion on its upstream activities each year. Fifty per cent (50%) of the capital expenditure it asserts will be used to fight depletion of reserves in its fields and the remaining 50% devoted to growth.
Also, a remuneration policy approved in July 2020 by the Board of Directors was structured include a dividend composed of a €0.36 per share floor when the annual Brent
scenario is at least $45/bbl, and a variable component increasing when the Brent price rises above $45 up to $60.
A €400 million shares buyback plan will also be undertaken when Brent price rises above $61/bbl, and a €800 million share buyback for a Brent price above $65/bbl.
Read below details of Eni’s Strategic Plan from 2021 – 2024:
PR-strategy-2021-2024 by Fuaad Dodoo on Scribd
