Eni, Italian banks discuss future co-operation
Eni and the Italian Banking Association (ABI) have signed a memorandum of understanding (MoU) to improve dialogue and collaboration, the Italian energy company said May 21.
As the energy transition gathers pace and social and shareholder pressures to decarbonise grow, earlier assumptions about the availability of money for oil and gas projects no longer apply. Awareness is growing that sustainability and environmental, social and governance (ESG) factors can have an increasing impact on financial performance, Eni said.
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ABI and Eni will work on the application of EU sustainability criteria to financial products including its taxonomy; the use of 'green' investments to promote sustainability.
Last week the International Energy Agency (IEA) said that the net zero carbon targets could be met by 2050 with the existing slate of fossil fuel projects, which prompted push-back from the G7 summit a few days later. Gas exporters, less surprisingly, also said gas was an essential enabling part of the transition.
The growing severity of measures against fossil fuel funding and promotion of ESG was demonstrated by RWE May 18. It will voluntarily make payments if it slips up on its self-imposed benchmarks.