The Italian oil ad gas firm, Eni, has committed to reaching net-zero carbon emissions within its operations by 2030.
The company has also announced its plans to increase oil and gas production by 3.5% per annum over the next three years, edie.net reported.
The firm will increase its production due to existing business strategies, which will see 2.5bn barrels of oil and gas to be generated by 2022.
The recent pledge forms part of Eni’s business transformation which aims to conform to Paris Agreement targets.
According to the company’s Chief Executive Officer, Claudio Descalzi, the group will invest upwards of €3bn (US$3.4bn) on renewable energy, energy efficiency, waste-to-energy, and a forestry offsetting scheme.
The scheme will see Eni plant enough trees to capture up to 20Mt of carbon during the review period.
Almost €1.5bn ($1.7bn) will be used for renewables, with the Italian company aiming to install more than 10GW of capacity, specifically targeting its investment towards solar power. Currently the firm has installed 0.2GW of green energy.
The company will work to convert organic waste into biofuel, to be used by boats and cars.