Eni to plant new forests

Eni, the Italian energy company has said that it will embark on a major tree planting programme as part of its efforts to become net zero by 2030.

Chief Executive Claudio Descalzi announced the programme during the company’s annual strategy presentation for operations up to 2022, and will also see the organisation reduce flaring and methane leaks.

Descalzi said: “Decarbonisation is structurally embedded in our overall strategy and ambitions. As a first step, our objective is to achieve net zero emissions in our upstream business by 2030. We will accomplish this by increased efficiency to minimize direct upstream CO2 emissions and offsetting residual upstream emissions through large forestry projects.”

Under the strategy, around 10 per cent of capital expenditures over the period will be used in decarbonisation measures, including the forestry programmes, and 25 per cent of executive pay will be directly related to the targets.

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