Eni says upstream net emissions down by 40% compared with 2018

MILAN (Reuters) - Eni reduced net carbon emissions in the upstream sector by 40% and overall emissions by 30% last year compared with the levels of 2018, the Italian energy company said on Wednesday as it published its sustainability report.

The group has recently given particular attention to reducing the emissions of methane, which decreased by more than 20% by 2023 for the upstream business, it added.

The company also has established strategic collaborations with international partners, such as Sonatrach in Algeria,

EGAS in Egypt, and ADNOC in the United Arab Emirates, to support them in the energy transition path.

WHY IT'S IMPORTANT

The state-controlled group has set a target of net-zero carbon emissions (Scope 1 and Scope 2) from upstream operations by 2030, which is part of its ultimate goal to reach carbon neutrality by 2050.

Eni is shifting its hydrocarbon production towards natural gas and away from coal and oil under its energy transition path, it is also growing low-carbon businesses.

Methane is the second-biggest cause of climate change after carbon dioxide and in the short term has a far higher warming effect, despite having a much shorter lifespan in the world's atmosphere than other gases.

KEY QUOTE

"The energy transition is irreversible, and we must ensure its realisation without sacrificing the production system and

social sustainability," Eni Chief Executive Claudio Descalzi said in a statement.

(Reporting by Francesca Landini; Editing by Cristina Carlevaro/Keith Weir)