Italian major Eni has achieved its first carbon credits generation for offsetting greenhouse gas emissions under a United Nations-backed project based in the forests of Zambia.
The oil and gas giant, which has targeted net-zero emissions, was certified for offsetting emissions equivalent to 1.5 million tonnes of carbon dioxide, with the credits generated by the REDD+ Luangwa Community Forest Project (LCFP).
The forest protection and conservation project was created in accordance with REDD+ (Reduction of Emissions from Deforestation and forest Degradation), a scheme designed by the UN Framework Convention on Climate Change.
Eni is aiming to hit a carbon credit portfolio of 10 million tonnes per annum of CO2-equivalent in 2025, 20 million tonnes in 2030 and 30 million tonnes by 2050.
Its overall strategy is to have net zero scope 1 and scope 2 emissions from its upstream operations by 2030, and be net zero from all its activities by 2040.
By 2050, it is aiming for an 80% reduction in net emissions from the entire life cycle of energy products sold, including scope 1, 2 and 3 emissions.