MILAN (ITALPRESS) – Chairman Monica de Virgiliis and CEO Stefano Venier present Snam’s first Transition Plan, a transparent roadmap to outline in a defined and systematic way the goals to 2050, and related actions and resources to support the Group’s energy transition and the country’s decarbonization.The Transition Plan, approved by the Board of Directors, highlights Snam’s commitment to decarbonization and biodiversity improvement, consistent with the company’s strategy and investment profile. The document will be continually updated to reflect the evolution of the energy system, including technological innovation and achievements during this journey. “Snam’s first Transition Plan provides a comprehensive set of initiatives, metrics and KPIs to support a credible transition to Net Zero at 2050,” said CEO Stefano Venier. “In the complex journey to Net Zero, now is the right time to take action through a well-rounded 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 decarbonization goals. “The document is based on long-term energy scenarios that represent the most up-to-date evolution of Italian energy demand, consistent with those developed jointly with the Italian electricity transmission operator, the National Integrated Energy and Climate Plan (NIPEC) 2024, and European industry scenarios, such as those developed by continental grid operators (ENTSOs). These references set the context in which Snam will operate by 2040 by extending the time front, for the first time, to 2050, completing the transition path to Net Zero.An in-depth risk assessment in all scenarios confirms the resilience of Snam’s multi-molecule business model, based mainly on the use and physical risk exposure of assets along the entire path to 2050 and beyond: only 1 percent of pipelines have an underutilization risk until 2040 and less than 10 percent in 2050. Regulation, the critical role of the assets and the opportunities for their repurposing, combined with Italy’s position at the crossroads of energy flows to Europe, support Snam’s vision of becoming a pan-European multi-molecule operator in the long run.All network development investments are subject to cost-benefit analyses required by the regulator and, in many cases, to public consultation to ensure that they are necessary and in the best interest of the system.Snam’s path to Net Zero will be based on two main pillars: reducing emissions and minimizing impacts on biodiversity. As part of its climate strategy, Snam is firmly committed to achieving carbon neutrality by 2040 (for so-called scope 1 and 2 emissions) and Net Zero for all emissions, including scope 3, by 2050. CO2 emissions have already decreased by 10 percent compared to 2022, and a reduction of about 20 percent is expected by 2024; consistent with this path, Snam is committed to achieving -25 percent by 2027, -40 percent by 2030, and -50 percent by 2032. Reducing methane emissions is also a key priority: Snam has already recorded a -57.5% reduction in 2023 compared to 2015 and is already working on the next targets: -64.5 percent by 2027, -70 percent by 2030, and -72 percent by 2032.Regarding biodiversity, Snam is committed to achieving Zero Net Conversion this year and generating a positive impact on nature by 2027, which includes full ex ante vegetation and landscape restoration combined with defined policies on land, water, and waste management.Snam is also committed to the decarbonization of the energy system, leveraging its key role in the development of transition activities: biomethane, hydrogen, carbon capture and storage, and energy efficiency. These efforts are supported by a robust investment program of 26 billion euros for the period 2023-2032. The first part from 2023 to 2027, with €11.5 billion (net of public funding), is focused on maintaining the reliability and resilience of assets globally, combined with the simultaneous reduction of their carbon footprint. In the long term (2028-2032), total investment opportunities will amount to €14.5 billion (net of public funding) to support the evolution of the energy system, including repurposing existing infrastructure to a multi-molecule system. In particular, the scale-up of the H2 backbone and the Ravenna CCS project, together with the accelerated development of dual-fuel compressor stations, will lead to a significant increase in EU taxonomy-aligned capex from 37 percent (2023-2027) to 52 percent (2028-2032).Sustainable finance will support Snam’s broader strategy and transition efforts, in line with the Group’s sustainability goals, increasing from 40 percent of total committed finance in 2020 to about 80 percent in 2023. The share of sustainable finance will further increase to 85 percent by 2027. Snam’s sustainability-linked instruments adjust their financial characteristics depending on whether or not certain Sustainability KPIs, predefined at the subscription stage, are achieved by a set date, thus reinforcing the company’s commitment to achieving its decarbonization targets: more than 50 percent of sustainable financing today is linked to emission reduction indicators, further confirming Snam’s broader commitment to sustainability.The plan is underpinned by active third-party engagement and ongoing dialogue with all stakeholders, supported by robust oversight of climate commitments and a robust governance system, which from 2021 incorporates the energy transition into the corporate charter and establishes, among other things, a remuneration policy consistent with sustainability goals, promoting systematic stakeholder engagement, with particular reference to the financial community.
– Snam press office photo –
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