Eni: obtains credits for offsetting GHG emissions

The company carried out the first offsetting of emissions for an amount equal to 1,5 million tons of CO2

Eni, thanks to the enhancement of forest conservation interventions in Africa, has achieved the first generation of carbon credits to offset GHG emissions equivalent to 1,5 million tons of CO2. The credits were generated by the REDD + Luangwa Community Forest Project (LCFP) in the Republic of Zambia, in which Eni has been actively involved for over a year. LCFP is part of the projects aimed at the protection and conservation of forests in the African continent, in line with the REDD + framework (Reducing Emissions from Deforestation and forest Degradation), defined by the United Nations (United Nations Framework Convention on Climate Change - UNFCCC). Eni refers to this framework and is committed to the development and monitoring of REDD + through an active participation in their management.

The development of voluntary projects to support initiatives aimed at combating Climate Change, such as REDD + projects, is part of Eni's long-term decarbonization strategy, which recognizes the important role of Natural Climate Solutions (NCS) in limiting global warming well below 2 ° C.

In this framework, Eni plans to progressively achieve a carbon credit portfolio of 10 million tons per year of CO2 equivalent in 2025, 20 million tons in 2030 and exceed 30 million tons by 2050.

The REDD + projects developed by Eni, in addition to achieving climatic and environmental benefits (reduction of deforestation and forest degradation, increase of natural carbon stocks, conservation and restoration of biodiversity), promote the social and economic development of host local populations. In this way, Eni contributes to the achievement of the United Nations Sustainable Development Goals (SDGs) including, in particular, SDGs 13 (Acting for the climate) and 15 (Life on Earth).

Due to the high and positive social and environmental impact of these projects, the carbon credits are validated and verified according to the highest international standards such as the Verified Carbon Standard (VCS) and the Climate Community and Biodiversity Standard (CCB) Triple Gold, issued by the international certifying body VERRA.

Eni's strategy targets the elimination of absolute net emissions scope 1 and 2 upstream by 2030 and Eni by 2040. By 2050 Eni aims to obtain a reduction of -80% in scope 1, 2, 3 net emissions referable to the entire cycle of life of energy products sold.

These objectives will be pursued through energy efficiency actions, an increase in the gas component compared to liquids in the hydrocarbon production portfolio, extensive development of energy products from renewable and decarbonised sources (through projects for the capture, use and geological storage of CO2 -CCUS- and use of waste and biomass). The use of carbon credits generated by projects adhering to the REDD + scheme is one of the levers envisaged by Eni in its decarbonisation process to compensate for part of its residual emissions that are difficult to reduce with current technologies (the so-called hard to abate emissions).

Eni: obtains credits for offsetting GHG emissions

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