IT (CURRENT) Home Operations New Energy Solutions Decarbonization Decarbonization We have drawn up a decarbonization policy and - where climate change is concerned - are pursuing a clear strategy that is integral to our business model. Our decarbonization plan As a key player in the energy sector, we are well aware that we have an important role to play in containing emissions and the fight against climate change. Our activities include: reducing emissions of climate-change gases cutting fugitive emissions of methane trying to eliminate process flaring, aiming to reach zero flaring by 2025. We are always aiming towards energy efficiency favouring research and development to reduce emissions. Decarbonization of our business model To ensure long-term sustainability and progress towards a low-carbon future, we have drawn up a decarbonization policy - one of the pillars of our business model. We want to play a leading role in the process of energy transition, supporting the objectives of the Paris Agreement on Climate Change. Among our peers in the Oil & Gas sector, we are the only organisation to belong to the Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board, which at the end of June published non-binding recommendations to encourage exhaustive communication of the financial implications of climate change. Eni can substantially contribute to the system's decarbonization and take a further step towards a more sustainable energy mix which is cleaner and therefore better suited to the future LUCA COSENTINO Corporate bodies playing their part in decarbonization In July 2017, the Eni Board of Directors set up an advisory board of international experts in the energy sector, tasked with analysing current geopolitical, technological and economic trends, including issues relating to decarbonization. Drawing on each member's skills and abilities in offering advice, assistance and support, an advisory board cannot make binding recommendations, but has the task of guiding the company when strategic decisions need to be taken. Eni's advisory board, chaired by director Fabrizio Pagani, consists of some of the foremost experts on the international scene: Ian Bremmer, president and founder of the Eurasia Group think tank, specialising in geopolitical issues; Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change from 2010 to 2016, chief promoter of the Paris Agreement, leading expert on environmental matters and founder of the Mission 2020 initiative; Philip Lambert, CEO of British firm Lambert Energy Advisory, a specialist in strategic analysis and M&A operations in the energy sector; and Davide Tabarelli, chairman and founder of Nomisma Energia, an Italian company researching energy issues. Our chief executive also chairs the steering committee of the Climate Change Programme, an inter-departmental working group of Eni senior managers, which has formulated a medium to long-term decarbonization strategy and is constantly monitoring its progress. Since 2014, the Board of Directors has been supported in its decision-making by the Sustainability and Scenarios Committee, with which it discusses the integration of strategy, development scenarios and business sustainability. Press Release | Eni's Board of Directors establishes an Advisory Board of international energy experts Press Release | Eni: first meeting of the Advisory Board Strategies and recognition for decarbonization As part of the Oil & Gas Climate Initiative (OGCI), we are contributors to the billion-dollar investment programme launched in November 2016 to develop and accelerate the spread of innovative technologies leading to low emissions. Our climate-change strategy has also received the approval of the Transition Pathway Initiative (TPI), while for the tenth year running we have been included in the FTSE4Good Index. In recognition of our strategic plans to deal with climate change, in 2017 we were again confirmed as lead company in the CDP (formerly the Carbon Disclosure Project), the principal independent rating system for large international companies. We also belong to the Global Gas Flaring Reduction Partnership (GGFR), sponsored by the World Bank, a public-private initiative involving international oil companies, governments and international institutions. Investment for decarbonization In 2017, we invested €9 million in energy efficiency projects. Of the €185 million engaged in scientific research and technological development last year, €72 million were allocated to investments relating to the decarbonization process. These included energy transition, bio-refining, green chemicals, renewable energy sources, emissions reduction and energy efficiency. Results achieved in 2017 In 2017, all our production-related emission indices showed an improvement on the previous year. In the Exploration & Production sector, our climate-changing emissions intensity index was down by 2.7 per cent to a figure of 0.162 tonnes of CO2 /toe (tonne of equivalent oil). The overall decrease since 2014 has been 15 per cent, so we are on target to achieve our objective of a 43 per cent reduction by 2025. In pursuing our decarbonization strategy, in 2017 we purchased and cancelled 680,193 forest credits on the international market, thus compensating for roughly half the increase in our direct emissions in the period since 2016. Where the main sources of Eni's climate-changing gas emissions are concerned, since 2014 the volume of hydrocarbons burnt off by flaring has been reduced by 7 per cent. In the past 10 years, we have reduced flaring by about 68 per cent, while facilitating access to energy for more than 18 million people in Sub-Saharan Africa. 04/26/2018 - 12:00 PM RELATED CONTENT Decarbonization Plan in Investor Reduction of emissions in Sustainability OGCI: the energy of collaboration in Sustainability Decarbonization path in Sustainability We are an energy company. We are working to build a future where everyone can access energy resources efficiently and sustainably. Our work is based on passion and innovation, on our unique strengths and skills, on the quality of our people and in recognising that diversity across all aspects of our operations and organisation is something to be cherished. We believe in the value of long term partnerships with the countries and communities where we operate. 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