All Eni agreements between Cop28 and Plenitude
Interviewed by Sole 24 Ore, CEO Claudio Descalzi comments on Eni's initiatives on emissions at COP28. And on Plenitude it says that… All the details
At COP28 , the United Nations climate conference held in Dubai, Eni joined a platform made up of fifty oil companies for the net zeroing of Scope 1 and Scope 2 emissions by 2050: this is the name of direct emissions, linked to operational projects, and indirect ones linked for example to energy consumption for building lighting.
“We are ahead of these objectives, which we hope to achieve in 2035,” said Eni's CEO, Claudio Descalzi, to Il Sole 24 Ore , “but it is still a fundamental initiative as it sets achievable objectives and therefore creates sharing, not division".
THE WORLD BANK ANTI- FLARING FUND
During the conference, Eni also joined , as a donor, the World Bank trust fund to reduce methane emissions (a powerful greenhouse gas) and eliminate gas flaring (the practice of burning excess natural gas extracted from oil wells ) by 2030.
The objective of the fund is to mobilize financing and provide technical assistance to governments and relevant authorities. Descalzi explained to Sole 24 Ore that Eni is “making skills and experience available in the reduction of methane emissions to create operational synergies with the initiatives that will be activated. As far as we are concerned, from 2018 to today we have more than halved methane emissions into the atmosphere with the aim of practically eliminating them by 2030". The projects are concentrated in particular in Algeria and Egypt, together with state energy companies.
INVESTMENTS IN THE ENERGY TRANSITION
To the Confindustria newspaper, Descalzi declared that the energy transition is "absolutely" necessary. “But it is also necessary”, he added, “not to restrict the supply [of fossil fuels, ed. ] in the short to medium term, especially of gas which is the least emitting component, because it would cause unsustainable consequences in terms of safety, development of the areas emerging markets, inflation to the detriment of businesses and families, as well as impacts on state budgets".
By 2026, zero and low-carbon activities will receive 30 percent of Eni's overall investments, which mainly deals with oil and natural gas. The decision to invest in the energy transition “was made over 10 years ago,” Descalzi said, even though low-emission activities give “lower returns than traditional activities” in the short term.
WHAT WILL HAPPEN TO PLENITUDE?
The Sole 24 Ore interview with Descalzi then turns to Plenitude, the subsidiary company that deals with the sale of gas and electricity. Eni's plans include the sale of a stake and an initial public offering (IPO).
When asked by the newspaper for news, Descalzi replied that "we are in the final stages of the negotiation, we hope to have news as soon as possible". The buyer is an "international financial investor", whose Swiss nationality, however, is not confirmed, as per the interviewer's question.
According to rumors, in fact, Eni could sell 10 percent of Plenitude to Energy Infrastructure Partners, an investment company based in Zurich specializing in energy assets.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/eni-cop28-intervista-claudio-descalzi/ on Wed, 13 Dec 2023 10:20:01 +0000.