Snam will be “Net Zero” in 2040
The company has taken a precise commitment and laid out a roadmap to reach the goal in advance compared to its sector.
Reaching net zero “Scope 1” and “Scope 2” emissions in 2040 is the objective that Snam has publicly announced to combat climate change and ensure the sustainable development in its activities.
Climate change is one of the most important challenges of this century and it is essential to achieve the goals set in the 2015 Paris Agreement, to contain global warming to within 1.5°C to avoid irreparable damages to our planet.
For this reason, Snam has set 2040 as its target, in advance compared to that of its sector and within the framework of the commitments of the European Union.
As the CEO, Marco Alverà, comments, the target outlined in the company’s 2020-2024 strategic plan “opens a new phase in the history of Snam, which in the climate challenge is ideally positioned to play a role of enabler of the energy transition, promoting decarbonisation with a long-term vision consistent with its purpose and Italian and European objectives”.
The Green Deal plan aims to make Europe the first continent, by 2050, to remove at least as much CO2 from the atmosphere as it produces. A target that it also shares with Canada, Japan, South Korea, and which is once again the same for the United States of President Joe Biden. China has set the goal for 2060.
For Snam, the first significant step for cutting emissions in 2030 – Commitments in ESG
To reach “net zero” by 2040, the group has raised the CO2 eq. emissions reduction target (Scope 1 and Scope 2) to 50% by 2030 (based on 2018 emissions), while previously aiming at 40% compared to 2016. Snam has also committed to reduce indirect “Scope 3” emissions by strengthening collaboration with its subsidiaries and its supply chain. In addition to climate-related initiatives, the company also monitors all ESG factors (Environment, Social, Governance) through a Scorecard which aims for the achievement of 22 quantitative targets in 13 areas.
Less emissions, greater efficiency and innovative solutions: the role of natural gas
Snam is aware of its role as a facilitator of the country’s energy transition towards a decarbonised economy. For this reason, in addition to the continuous strengthening of its core business, there have been more and more investments and efforts directed towards the development of green gases, and the introduction of new business sectors such as sustainable mobility and energy efficiency. In fact, the company envisages the development of activities and projects for the energy transition, key in the 2020-2024 strategic plan, that focus both on biomethane and hydrogen, for which the gas infrastructure network can be adapted competitively, contributing to the country’s decarbonisation process.