Italian oil and gas company Eni is planning to have 55GW of installed renewable energy capacity by 2050.
Eni set out the goal in a Long-Term Strategic Plan to 2050 announced today together with an Action Plan 2020-2023.
In the short term, the company is aiming to have 3GW of clean power installed by 2023 and 5GW by 2025.
The capacity drive to 2025 represents investments of €2.6bn, Eni said.
The company will look at markets where it has an “existing or targeted customer base in order to maximise value from an integrated model” and “further development in areas where Eni already operates”, it said.
Eni also aims to reduce net greenhouse gas emissions of its energy products by 80% by 2050.
Other steps to achieve this will include carbon capture and storage and converting refineries to produce hydrogen, methanol, biomethane and products from recycling of waste materials.
Eni chief executive Claudio Descalzi (pictured) said: “The strategy we announce today represents a fundamental step for Eni.
“We will set out the evolution of our company in the next 30 years combining the objectives of ongoing development in a fast changing energy market and a significant reduction in our carbon footprint, a combination considered impossible by many.
“We will be the first in the industry to provide a business strategy to address these issues. Our strategy will rely on the quality of our assets, our technologies and our competencies.
“The Eni of the future will therefore be even more sustainable. It will reinforce its role as a global player in the world of energy with renewables and circular economy activities.
“These nascent businesses will develop strongly and be highly connected to our existing businesses.
“The production of oil and gas is expected to reach a plateau in 2025 followed by a flexible decline in the following years mainly for the oil component.
“The result will be a portfolio that is more balanced and integrated and will be stronger for its adaptability and competitive shareholder remuneration.
“We have designed a strategy that combines economic sustainability with environmental sustainability and we have done so by defining an action plan based on technologies – existing or developed in-house – that we know how to implement.
“This will allow Eni to be a leader in the market supplying decarbonised energy products and actively contributing to the energy transition process.”