{"id":113574,"date":"2021-02-19T15:44:26","date_gmt":"2021-02-19T15:44:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113574"},"modified":"2021-02-19T15:44:26","modified_gmt":"2021-02-19T15:44:26","slug":"italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push\/","title":{"rendered":"Italy's Eni vows to become carbon neutral by 2050 in latest green push"},"content":{"rendered":"

MILAN (Reuters) – Italian energy group Eni on Friday raised its ambition to cut greenhouse gas emissions, vowing to become net carbon neutral by 2050, as it seeks to keep up pace in an industry under pressure from investors to go green.<\/p>

FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy August 16, 2018. REUTERS\/Max Rossi\/File Photo<\/figcaption>

Like its peers, Eni is stepping up plans to transition to cleaner fuels as governments around the world ratchet up green deals to tackle the climate crisis and electrify economies.<\/p>\n

\u201cWe commit to the full decarbonisation of all our products and processes by 2050,\u201d Chief Executive Claudio Descalzi said. \u201cOur plan is concrete, detailed, economically sustainable and technologically proven.\u201d<\/p>\n

Graphic: ENI Strategic Presentation 2021-2024 –<\/p>\n

Eni shares accelerated after the plan was unveiled, rising 2.3% by 1324 GMT versus a flat European oil and gas index.<\/p>\n

In an update to a clean-up drive announced last year, Eni said it would cut absolute emissions by 25% by 2030 from 2018 levels and by 65% by 2040.<\/p>\n

Eni\u2019s plans come just days after newly-appointed Italian Prime Minister Mario Draghi has put climate change at the heart of his plans for Italy and has said his government intends to boost renewable energy and green hydrogen production.<\/p>\n

Eni, which makes most of its earnings from oil and gas, said the 2050 decarbonisation goal would be reached by growing output from bio-refineries, raising renewable capacity, deforestation initiatives, carbon capture and other green projects.<\/p>\n

\u201cThis is a target, not an aspiration,\u201d Descalzi told analysts during a presentation of the plan, adding that management\u2019s salaries would be tied to that.<\/p>\n

The world\u2019s top oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the use of the products they sell.<\/p>\n

Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, raising its ambition from previous targets, as its oil output declines from a 2019 peak, while Total rebranded as part of a push to diversify and grow renewable power and electricity production.<\/p>\n

Eni said it would merge its renewable and retail businesses to grow its customer base in synergy with its green ambitions.<\/p>\n

Unveiling shorter-term targets to 2024, Eni said production would rise 4% per year, with spending on upstream activities of around 4.5 billion euros per year.<\/p>\n

Eni plans to spend an overall 7 billion euros per year over the next four years, with over 20% of that allocated to green projects and the merged renewable and retail business.<\/p>\n

Eni said it would again base its dividend policy on the price of Brent, saying the floor of 0.36 euros per share would start at an annual Brent scenario of $43 a barrel, two dollars lower than the previous level.<\/p>\n

The company will buy back shares for 300 million euros if Brent reaches $56 a barrel, and more should prices go higher.<\/p>\n

Earlier on Friday, Eni posted a better-than-expected adjusted net profit for the fourth quarter on firmer oil prices after what Descalzi said had been \u201ca year like no other in the history of the energy industry\u201d sent full-year profits tumbling.<\/p>\n

\u201cWe will never forget this exceptional year marked by the most unexpected and disruptive crisis we have ever seen,\u201d Descalzi said.<\/p>\n

Graphic: Eni vs European Oil & Gas Sector –<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MILAN (Reuters) – Italian energy group Eni<\/p>\n","protected":false},"author":3,"featured_media":113573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nItaly's Eni vows to become carbon neutral by 2050 in latest green push - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Italy's Eni vows to become carbon neutral by 2050 in latest green push - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MILAN (Reuters) – Italian energy group Eni\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-19T15:44:26+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor6-11.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/italys-eni-vows-to-become-carbon-neutral-by-2050-in-latest-green-push\/\",\"name\":\"Italy's Eni vows to become carbon neutral by 2050 in latest green push - 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