Eni targets 55 GW of installed renewables by 2050

04/03/2020 08:59 Renewable

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Italian oil and gas major Eni SpA last week announced a new goal to progressively expand its installed renewable energy capacity around the world to more than 55 GW by 2050.

On Friday, the company released its “Long-Term Strategic Plan to 2050 and Action Plan 2020-2023,” which includes new strategic guidelines for renewables, sustainable gas production, refining and greenhouse gas (GHG) emission reduction, among other areas.

 

When it comes to renewables, Eni plans to expand to new areas based on where it has an existing customer base or targets new clients, but the company will also seek growth in areas where it already is active. Overall, developments will mainly be concentrated in OECD countries.

 

Eni intends to spend a total of EUR 2.6 billion (USD 2.89bn) on renewables over the entire period and install about 3 GW by 2023 and 5 GW by 2025. It also plans to complement renewable power supply with electricity production from gas combined with carbon dioxide (CO2) capture and storage projects.

Source: renewablesnow.com

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