Eni strategic plan 2021-2024: towards zero emissions

Claudio Descalzi, Chief Executive Officer of Eni, has presented today to the financial community the company’s Strategic Plan for 2021-2024.

Leading Energy Transition. Decarbonization of operations and products to deliver a mix of entirely decarbonized products.

  • Net Zero emissions at 2050, introducing new target for absolute emissions of -25% at 2030 vs 2018 and -65% at 2040;
  • Net Zero Carbon Intensity by 2050: introducing new intermediate targets of -15% at 2030 instead of 2035. Reduction will reach -40% in 2040.
    Leveraging Integration. Diversification and expansion of retail and renewables businesses, bio-products and circular economy.
    Merge of retail and renewable businesses:
  • accelerated growth of customer base to 15 million customers;
  • growth of renewable installed capacity to 15GW by 2030;
  • EBITDA will double in the plan to almost €1bln in 2024.
    Financial Robustness to absorb price volatility. Selective growth, increased efficiency and right-sizing to ensure value and high returns in all activities.
  • Reduction of group cash neutrality covering capex and dividend floor (0.36€/share) below $40/bbl over the four-year plan.
    Stakeholder Value Creation. Enhanced remuneration policy:
  • dividend floor set at €0.36 at $43/bbl vs the previous level of $45/bbl;
  • €300mln/year buyback to re-start at $56/bbl. Confirmed buyback at €400mln/year from $61/bbl and €800mln/year from $66/bbl.

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