• The transition plan includes actions that the company will take towards a low-carbon economic system.
• By 2032, 52% of investments aligned with the EU taxonomy.

Snam, Europe’s leading operator in natural gas transport, has announced its first transition plan to reach net zero by 2050.

The Italian energy infrastructure company has committed to reducing carbon emissions and improving biodiversity in line with its strategy and investment profile.

“Snam’s first Transition Plan provides a comprehensive set of initiatives, metrics and KPIs to support a credible transition to Net Zero by 2050,” said CEO Stefano Venier. "In the complex journey to Net Zero, this is the right time to act through a comprehensive sustainability roadmap with a solid and reliable path to Net Zero emissions and a positive impact on nature. An increasing share of sustainable finance will help us achieve our ambitious decarbonisation targets.”

The plan comes on the heels of the latest projections for Italy's energy needs and aligns with European energy strategies. The company's emission reduction goals include achieving carbon neutrality by 2040 and Net Zero by 2050 as well as significant reductions in carbon emissions by 2027, 2030, and 2032 and a focus on cutting methane emissions.

It has also vowed to positively impact nature by 2027. To this end, the company will not convert natural areas for development purposes, will restore vegetation, and manage land, water, and waste sustainably.

Snam plans to invest about €26 billion from 2024 to 2032 to support biomethane, hydrogen, carbon capture and storage, and energy efficiency. It aims to increase sustainable financing from 40% in 2023 to 85% by 2027, with goals linked to achieving sustainability.

Follow KnowESG's Company News for regular news and views.

Discover an extensive network of ESG providers here

Check out KnowESG's latest ESG Course updates

Source: Snam