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Mr. Puliti presented IEA data to demonstrate that the earth is warming up in an anomalous way. In order to contain temperature increase, we have to severely limit our carbon emissions. A new era of energy is required. Our existing carbon budget will soon be exhausted, without fundamental changes in energy consumption behaviors.
Key enablers of sustainable environment scenarios include: energy efficiency to reduce demand, reduction in coal, technology innovation in oil and gas.

Major components of emission reduction strategies include:
• Efficiency and fossil fuel subsidy reform (17%)
• Renewables and reducing least efficient coal power (36%)
• Reducing upstream oil and gas methane (8%)
• Other, nuclear, CCUS, fuel switching (20%)

The goal is using less fossil fuel to produce the same amount of energy. Oil and gas investments are still necessary. If existing fields halted and no new fields are developed, there will be a supply gap. Without further investments, reductions worldwide will equal 8% per year to 2025, or 6 billion barrels a year. This is a larger decline than in the sustainable energy scenario.

In the sustainable energy scenario, after 2040, negative CO2 emissions are projected by 2100, allowing the reduction of greenhouse gas in the atmosphere.

The combination of new technologies, new fuels, carbon capture, utilization, and storage has the potential to decarbonize the industry. Technological challenges must be developed to make CCS economically viable. Without CCS, it will be very difficult to achieve negative CO2 emissions. ENI is investing in CCS technologies.

The oil and gas industry must focus on maximizing efficiency and reducing the carbon footprint while delivering energy to everyone in the world.

By Alessandro Puliti, Chief Development, Operations & Technology Officer, Eni