Eni and Mubadala Petroleum sign a memorandum of understanding to cooperate in initiatives in the energy transition
Eni and Mubadala Petroleum signed a Memorandum of Understanding (MoU) aimed at identifying cooperation opportunities in the energy transition sector, including hydrogen and the capture, use and storage of CO2, in line with their respective decarbonisation objectives. The scope of cooperation covers potential joint opportunities in the Middle East, North Africa, Southeast Asia, Europe and other regions of mutual interest.
The MoU with Mubadala Petroleum marks a further concrete step in line with Eni's commitment to achieving carbon neutrality by 2050, promoting cooperation between the various players in the sector and consolidating alliances for sustainable development aimed at tackling the challenge together of the energy transition.
Eni CEO Claudio Descalzi said: “The agreement signed with Mubadala Petroleum represents another step towards a low carbon future. Eni will leverage all its proprietary technologies, focused on the energy transition. We will work with a strategic partner such as Mubadala Petroleum to find ways to achieve common decarbonisation goals around the world ”.
Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, commented: “We are committed to playing our part in the energy transition. This includes pursuing a balanced gas portfolio as a bridge to renewable energy. It also includes investments in innovation and technology to advance decarbonisation and support the evolution of the sector. Working with partners to consolidate the progress we have already made is vital and we look forward to continuing this collaboration. "
Eni's decarbonisation process envisages a zero carbon footprint for Scope 1 and 2 emissions of upstream activities by 2030 and of all group activities by 2040. The aim is to achieve the net-zero target on GHG Lifecycle emissions. 1, 2 and 3 by 2050 with the complete decarbonisation of products and operations. This will be achieved through biorefining, circular economy, efficiency and digital solutions, increasing renewable energy capacity, blue and green hydrogen, carbon capture, use and storage projects, and REDD + initiatives. . Recent initiatives include CO2 capture and storage projects in the UK, delivery of zero-emission LNG cargoes, improved electric charging services in Europe, new solar power capacity in Spain and France, and renewable energy projects in operational countries such as Norway, Kazakhstan, Angola and more.