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Snam raises methane emissions reduction target

Oil&Gas Materials 29 November 2021 17:16 (UTC +04:00)

BAKU, Azerbaijan, Nov.29

By Leman Zeynalova – Trend:

Italian Snam company has raised the methane emissions reduction target from 45 percent to 55 percent by 2025 (on a 2015 basis), more ambitious than that (-45 percent) of the UNEP (UN Environment Program) objectives, Trend reports with reference to the company.

Snam is committed to reducing emissions related to subsidiaries by 46 percent (and other much smaller categories such as emissions related to the production and transmission of fuels and energy, work and home-work commuting of employees) and 55 percent emissions (in terms of economic intensity) deriving from their supply chain by 2030 compared to 2019 values. With these objectives, Snam becomes the first energy infrastructure company within the European Union to establish Scope 3 emission reduction targets also relating to its suppliers. Snam's emission reduction targets are in line with the global warming limitation target within 1.5 ° C.

Snam has updated its "ESG scorecard" on 14 areas to 2050, choosing quantitative indicators to provide stakeholders with a holistic vision of the commitment and growing sensitivity in the ESG field, allowing them to monitor the results. The new area added to the scorecard is that of sustainable finance, for which the company is committed to increasing its weight on total funding to 65 percent in 2022 and over 80 percent in 2025. Further efforts are also planned on all areas by 2025.

In terms of the environment, for example, an increase is expected from 24 thousand to 73 thousand tons of CO₂ saved by energy efficiency activities. In the social sphere, there is an enhanced focus on employees, supply chain, safety and community: for example, through the increase in the percentage of women in executive and middle management positions from 25 percent in 2022 to 27 percent in 2025, and an increase in the involvement of local businesses in projects (from 40 percent of procurement costs in 2022 to 50 percent in 2025).

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Follow the author on Twitter: @Lyaman_Zeyn

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