ASSESSMENT OF ENI’S CLIMATE STRATEGY

The report finds that Eni's investment strategy prioritizes oil and gas expansion and shareholder returns over renewable energy, leading to projected 2030 production levels that significantly exceed NZE requirements. While Eni is diversifying into renewables and bioenergy, these remain marginal compared to its fossil fuel core, and its decarbonization plan relies heavily on unproven carbon capture and offset technologies.

• Eni's 2023 financial allocations heavily favored fossil fuels and shareholders over its low-carbon 'Plenitude' business. For every euro invested in Plenitude, the company invested 12.9 euros in oil and gas and distributed 7.7 euros to shareholders via dividends and share buybacks.
• Eni's projected 2030 oil and gas production is significantly higher than the levels required for NZE alignment. Based on current producing fields and short-term expansion, production will be 49% higher than the NZE; if Eni pursues its target of 3-4% yearly increase in underlying production by 2027, it will overshoot the NZE by 73%. Even with asset sales, reported production will remain 66% above NZE alignment.
• Eni's LNG strategy is not aligned with the NZE or the IEA's Announced Pledges Scenario (APS). The company plans to add 8.2 Mtpa of liquefaction capacity through new and expanded terminals, which would result in exceeding NZE capacities by 100.1% and APS by 78.2% by 2030.
• Diversification into renewable energy remains marginal. While Eni aims for over 15 GW of installed renewable capacity by 2030, renewable energy would only represent 6% of its energy production mix in 2030, while oil and gas extraction would still account for 86.0%.
• Eni's diversification includes 'unsustainable' energy sources. This includes blue hydrogen based on fossil fuels, the continued development of gas power plants in Nigeria and Congo, and a target of 5 Mtpa of biofuel production by 2030, including 2 Mtpa of Sustainable Aviation Fuels (SAF).
• Eni's emissions targets are criticized for lacking 2025 scope 3 targets, despite scope 3 representing 87% of its total emissions. Furthermore, the company relies heavily on carbon capture, utilization and storage (CCUS) and nature-based solutions (NBS) for 14% of its absolute emissions reduction by 2030.

APA

Delaporte, L.-M., Her, H., & Gebel, B. (2024). ASSESSMENT OF ENI’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-eni.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, and Bastien Gebel. ASSESSMENT OF ENI’S CLIMATE STRATEGY. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-eni.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Gebel |first3=Bastien |title=ASSESSMENT OF ENI’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-eni.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2024assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Gebel, Bastien}, title = {{ASSESSMENT OF ENI’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-eni.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }