Italian oil giant Eni has previously been slow to jump into renewable energy because of such strong success in their own field. But this week the group has announced a progressive new strategy to enter into the sector. Eni’s renewable energy strategy will begin by developing sites in Pakistan, Italy, and Egypt but with a twist. The company will be developing on land previously used for fossil fuel extraction, giving the derelict land a second purpose. We love this closed-cycle recycling of land, an innovative effort to reducing consumption on the firm’s part. Eni aims to bring 420 megawatts of mostly solar power generation online by 2022 by reusing derelict land linked to existing fossil fuel operations.
Since the Paris talks last November and the corresponding government responses, Europe’s top oil firms have urged governments around the world to introduce a pricing system for carbon emissions as part of a wider push to move to a low-carbon economy.
French oil company Total said this week it was buying high-tech battery maker Saft as its seeks to expand its renewable energy business.
“In the next three years investments in renewable projects will be around 500 million euros with a similar amount for scientific research,” Descalzi said at the Eni annual shareholder meeting on Thursday.
Oil and gas remain at the heart of Eni’s investment plans. Last month Descalzi outlined plans to invest 20 billion euros in Africa over the next four years, mostly in oil and gas, while also boosting the continent’s energy mix by spending on renewables.
On if they expect to enter the renewables field as a top competitor Eni responded:
“Our model is not greenfield… (The projects) will be based on our land, with contracts signed by us on existing contracts,” the CEO said.
Oil and Gas remain at the heart of Eni’s investment plans. Last month Descalzi outlined plans to invest 20 billion euros in Africa over the next four years, mostly in oil and gas, while also boosting the continent’s energy mix by spending on renewables. Eni previously said it was ready to spend “hundreds of millions” of euros on solar power projects in Africa, where it is the largest foreign oil and gas producer.