Our view:

We continue to see a disconnect between Eni’s emissions targets, which are the most ambitious of European peers, scope 1 & 2 (estimated -70% by FY30), and scope 3 (-35% by FY30) and its increasing growth of fossil fuels.

Even with its low carbon ambitions these targets will be difficult to achieve without reliance on divestments or offsets. Investors should ask Eni to quantify the impact on emissions reduction from these levers. Eni has not yet disclosed FY23 emissions performance. 

Key takeaways: