Europe’s biggest gas pipeline company unveils multi-billion Euro investment plan to transition to hydrogen and biomethane
Italian gas and energy infrastructure giant Snam has set its sights on becoming a carbon neutral company by 2040, pledging to invest €7.5bn over the next four years in hydrogen, biomethane, energy efficiency, and digitisation to help drive its transition away from fossil fuels.
Snam, Europe’s biggest gas pipeline company and one of Italy’s largest firms in terms of market capitalisation, said this week it aimed to cut its Scope 1 and 2 emissions from its core business in half between 2018 and 2030, in addition to helping its suppliers reduce their carbon emissions.
The firm said it was strengthening its collaboration initiatives with suppliers and subsidiaries to help drive down its Scope 3 value chain emissions, and that it aimed to step up investment in infrastructure for transporting renewable gas, LNG, and hydrogen.
Overall the multi-billion Euro green investment plan outlined on Wednesday aims to avoid more than 600,000 tonnes of CO2 in 2024, and would position the company to “seize the new opportunities arising from the energy transition”, Snam said.
Marco Alverà, the company’s CEO, said the 2020-24 green investment plan opened “a new phase in the history of Snam, which in the climate challenge is ideally positioned to play an important role in the energy transition, with a long-term vision consistent with its purpose and European objectives”.
“Snam will be one of the first energy companies to reach carbon neutrality in 2040 and provide a wide contribution to