IS ENI ON TRACK FOR 1.5°C?

The briefing concludes that ENI is not on track for the 1.5°C climate goal, as its cumulative greenhouse gas emissions are projected to exceed its allocated carbon budget by at least 13.6% by 2050. The analysis finds that ENI's short-to-medium term plans are incompatible with 1.5°C because the company continues to invest in oil and gas expansion, with production expected to grow until 2025. Furthermore, the report argues that ENI relies unsustainably on carbon offsets and Carbon Capture Use and Storage (CCUS) to meet its targets, while its capital expenditure remains heavily focused on fossil fuels despite claims of diversification.

• ENI's current strategy is not aligned with the 1.5°C climate goal; the company is projected to emit at least 13.6% more greenhouse gas than its authorized carbon budget by 2050 and will overshoot its share of the remaining budget as early as 2038.
• ENI's carbon intensity is projected to remain too high; until 2035, it is estimated to be on average 21.9% higher than the maximum levels allowed by the 1.5°C reference scenario.
• The company's oil and gas production is increasing in the short term, with planned production in 2025 expected to be 8.0% higher than 2016 levels, contradicting the production declines required by the IEA Net Zero scenario.
• ENI's investment strategy remains heavily focused on fossil fuels; by 2030, the company is projected to produce fifteen times more fossil fuels than renewables.
• ENI relies heavily on offsets and CCUS to reach its targets, aiming for 15 MtCO2e per annum from Nature-based solutions (NBS) and 10 MtCO2e per annum from CCUS by 2030, which the report suggests raises feasibility and viability concerns.
• In Mozambique, ENI is leading LNG projects, including the Coral FLNG facility, which the report describes as a potential "climate bomb" due to estimated emissions amounting to seven times France's annual emissions.

APA

Her, H., & Delaporte, L.-M. (2022). IS ENI ON TRACK FOR 1.5°C? Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/05/ENI-company-briefing-March-2022_update-20-Apr.pdf

Chicago

Her, Henri, and Louis-Maxence Delaporte. IS ENI ON TRACK FOR 1.5°C? Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/05/ENI-company-briefing-March-2022_update-20-Apr.pdf.

Wikipedia

{{cite report |last1=Her |first1=Henri |last2=Delaporte |first2=Louis-Maxence |title=IS ENI ON TRACK FOR 1.5°C? |publisher=Reclaim Finance |date=May 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/05/ENI-company-briefing-March-2022_update-20-Apr.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{her2022eni, author = {Her, Henri and Delaporte, Louis-Maxence}, title = {{IS ENI ON TRACK FOR 1.5°C?}}, institution = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/05/ENI-company-briefing-March-2022_update-20-Apr.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }