Eni Targets Profit Parity Between Green Units and Oil by 2035

Eni SpA plans to lift earnings from its low-carbon businesses to the point where they equal the profit it generates from oil and gas by 2035, the Financial Times reported. The Italian producer will continue to deploy what it calls a “satellite” model, keeping each clean-energy unit—such as renewables, biorefineries and carbon-capture—operationally separate but supported by the group’s balance sheet. The goal underscores Eni’s decision to double down on its transition strategy even as several peers scale back climate commitments amid volatile energy markets. Profitability targets were not disclosed, but the company signaled it will rely on the lower capital intensity of its existing hydrocarbons portfolio to fund growth in low-carbon projects and maintain shareholder returns.