Italian energy firm Eni is launching a new business plan to reduce carbon emissions in order to make its upstream business carbon neutral by 2030, AP reported.
As the company aims to stick to the Paris agreement on climate change signed by 195 countries in 2015, CEO Claudio Descalzi said that ENI will focus on developing forestry projects to reduce carbon emissions. However, "buying carbon credit is no longer enough," the Italian chief noted during his presentation on March 15th. Descalzi said that the presentation of the company's goal on the same day that many students around the world were protesting against climate change was a "welcome coincidence."
The company is also working on a series of green initiatives, including using organic waste and harnessing the power of waves to provide energy to power off-shore structures. "Eni needs to transform," Descalzi said. "It needs to transform because it needs to exist in 10, 20, 30 years.
Of the 8 billion euros that Eni will invest this year, about 2.3 billion euros will be invested in Italy, which also covers ENI’s green energy investments.
One of Fortune’s top 100 international companies, Eni is Italy’s leading energy company with its headquarters in Rome and the eighth largest global multinational oil and gas company among the international giants, such as Exxon, Shell and BP.