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Eni’s €3 billion plan for net zero carbon emissions includes mass forestation



Italian supermajor Eni has announced its plans to achieve net zero carbon emissions from its oil and gas exploration and production operations by 2030, by earmarking €3 billion of investment in projects including large-scale forestry programs in Africa.

They aim to plant 20 million acres of forests throughout South Africa, Zimbabwe, Mozambique and Ghana.

Eni plan to plant 20 million acres of forest throughout Africa in order to offset their upstream carbon emissions
(Image via Eni)

Eni claim that this activity will remove around 20 millions tons of CO2 per year from the atmosphere by 2030, offsetting the residual emissions from their upstream business. 

Approximately €1.1 billion of the investment will be put into circular economy initiatives to reduce further upstream emissions through greater operational efficiency and waste minimisation. They plan to maximise the use of waste as a feedstock and extend the lives of industrial sites.

“Our objective is to achieve net zero emissions in our upstream business by 2030,” said CEO Claudio Descalzi in the company’s strategy update.

“We will accomplish this by increased efficiency to minimise direct upstream CO2 emissions and offsetting residual upstream emissions through large forestry projects.”

In addition to these projects, the remainder of the company’s investment will be used to improve renewable technology, energy efficiency and flaring down projects.

By 2022 the company aims to complete 60 clean energy projects, expanding its renewable energy capacity from 200MW to 2.6GW. It then plans to almost double this again to a 5GW total by 2025, while also stepping up its focus on energy storage.

Aside from these, Eni has also been investing in converting two of its Italian crude oil refineries to use vegetable oil. The facilities in Venice and Gela will be the first in the world to be converted from processing traditional fossil fuels to biofuels.

These plans are not intended to come at the expense of further upstream growth - Eni plan to deliver 2.5 billion barrels of new resources through drilling 140 exploration wells by 2022. They expect production to grow by 3.5% a year, with the Middle East, Norway and Mexico highlighted as targets for drilling. 

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Tags: Oil & Gas
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Eni’s €3 billion plan for net zero carbon emissions includes mass forestation - Time to read 2 min
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