Italian oil giant Eni has unveiled plans to increase the share of investments dedicated to new energy solutions up till 2040.

Eni, in its new report titled, “Eni for 2021 – A just transition,” said it would increase the share of investments dedicated to new energy solutions, targeting 30 per cent by 2025, doubling to 60 per cent by 2030 and reaching 80 per cent by 2040.

The 16th voluntary sustainability report obtained by The Guardian, outlines the company’s contribution and objectives for a just transition, with a view to sharing social and economic results on its path to carbon neutrality by 2050.

Specifically, with regards to the 2050 carbon neutrality strategy, Eni strengthened its objectives with a new target of 35 per cent reduction in net scope 1, 2 and 3 emissions by 2030 and 80 per cent by 2040 with respect to 2018 levels (compared to the -25 per cent and – 65 per cent targets in the previous plan).

For net scope 1 and 2 emissions, the company plans to achieve: 40 per cent by 2025 (compared to 2018 levels) and net zero emissions by 2035, five years ahead of the previous plan.

Eni’s Chief Executive Officer, Claudio Descalzi said: “As Eni, we strongly feel the responsibility to contribute to giving access to energy to all, supporting the development of the countries where we are present, and contributing to the achievement of the highest ambitions of the Paris Agreement.”

“This commitment is stronger today, in light of the war in Ukraine, at a historical moment when it is necessary to be even more inclusive and not divisive, seeking the common good and increasing efforts to ensure Europe’s energy security, while accelerating the decarbonisation process.”

In achieving decarbonisation goals, it stated that an increasing attention would be paid to the concept of “just transition”, namely managing the impact of the energy transformation on people, starting with direct and indirect workers and including communities and customers.

Some of the projects and initiatives adopted by Eni to ensure a fair transition includes; the conversion of refineries into biorefineries, forest conservation projects, development of renewables, and the creation of agri-hubs that will provide feedstock for biorefineries, creating jobs and supporting the development of new activities in the countries of presence.