Released March 26, 2019 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)-- Oil majors Eni SpA (NYSE:E) and Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands) have set out short- and medium-term targets to reduce their emissions and scale up investment in renewable energy projects.
Eni plans to complete 60 brownfield and greenfield projects for a total in excess of 1.6 gigawatts (GW) of renewable capacity by 2022, investing 1.4 billion euro ($1.6 billion), and raising that up to 5 GW by 2025. A further 3 billion euro ($3.4 billion) will be used to strengthen its decarbonisation strategy through energy efficiency and flaring down projects. The company has stated its "deep commitment" to reducing its carbon footprint by setting the ambitious target of net-zero direct emissions in the upstream business by 2030. It will accomplish this by increasing operational efficiency to minimize CO2 emissions and offsetting residual upstream emissions through large forestry projects.
Eni will plant enough woodland to act as a natural carbon sink to capture up to 20 million tonnes per year of carbon emissions by 2030. The 20 million-acre (81,000 square kilometres) forestry project will be located mainly in Africa, in countries including South Africa, Zimbabwe, Mozambique and Ghana. It is claimed as the largest forestry offset commitment from any oil major and the combined projects will cover an area the size of Austria.
"We are committed to growing our renewables business organically during the plan," explained Eni Chief Executive Officer Claudio Descalzi. "Our renewables portfolio is well diversified both geographically and in terms of technologies. In the future we are planning to increase our exposure to energy storage. In Italy, we will expand the "Progetto Italia," our industrial conversion project generating power from renewables on reclaimed industrial areas. Decarbonisation is structurally embedded in our overall strategy. 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."
Shell has announced its first short-term emissions target, to reduce the company's net carbon footprint by 2-3% by 2021. It is the first of a rolling series of three- to five-year time-bound net carbon footprint targets which it aims to achieve by boosting renewables investment and its growing electric vehicle (EV) operations including battery storage.
"We have set a long-term ambition to reduce the net carbon footprint of our energy products, measured in grams of CO2 equivalent per megajoule consumed, by around 20% by 2035 and by around 50% by 2050, in pace with society," the company stated. "To operationalise this long-term ambition, we will start setting specific net carbon footprint targets for shorter-term periods. The first target has been set for a three-year period."
Last year, Industrial Info reported on Shell's plans to spend up to $2 billion per year to 2020 as part of its transition to lower-carbon energy. For additional information, see April 25, 2018, article--Shell Outlines Energy Transition.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
Eni plans to complete 60 brownfield and greenfield projects for a total in excess of 1.6 gigawatts (GW) of renewable capacity by 2022, investing 1.4 billion euro ($1.6 billion), and raising that up to 5 GW by 2025. A further 3 billion euro ($3.4 billion) will be used to strengthen its decarbonisation strategy through energy efficiency and flaring down projects. The company has stated its "deep commitment" to reducing its carbon footprint by setting the ambitious target of net-zero direct emissions in the upstream business by 2030. It will accomplish this by increasing operational efficiency to minimize CO2 emissions and offsetting residual upstream emissions through large forestry projects.
Eni will plant enough woodland to act as a natural carbon sink to capture up to 20 million tonnes per year of carbon emissions by 2030. The 20 million-acre (81,000 square kilometres) forestry project will be located mainly in Africa, in countries including South Africa, Zimbabwe, Mozambique and Ghana. It is claimed as the largest forestry offset commitment from any oil major and the combined projects will cover an area the size of Austria.
"We are committed to growing our renewables business organically during the plan," explained Eni Chief Executive Officer Claudio Descalzi. "Our renewables portfolio is well diversified both geographically and in terms of technologies. In the future we are planning to increase our exposure to energy storage. In Italy, we will expand the "Progetto Italia," our industrial conversion project generating power from renewables on reclaimed industrial areas. Decarbonisation is structurally embedded in our overall strategy. 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."
Shell has announced its first short-term emissions target, to reduce the company's net carbon footprint by 2-3% by 2021. It is the first of a rolling series of three- to five-year time-bound net carbon footprint targets which it aims to achieve by boosting renewables investment and its growing electric vehicle (EV) operations including battery storage.
"We have set a long-term ambition to reduce the net carbon footprint of our energy products, measured in grams of CO2 equivalent per megajoule consumed, by around 20% by 2035 and by around 50% by 2050, in pace with society," the company stated. "To operationalise this long-term ambition, we will start setting specific net carbon footprint targets for shorter-term periods. The first target has been set for a three-year period."
Last year, Industrial Info reported on Shell's plans to spend up to $2 billion per year to 2020 as part of its transition to lower-carbon energy. For additional information, see April 25, 2018, article--Shell Outlines Energy Transition.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
