Snam Increased Investments to € 7.4 Bn in 2020-2024 Plan and Net Zero Emissions Target by 2040

Italian energy infrastructure company Snam has presented the 2020-2024 plan with approx. € 7.4 billion of investments, as compared to the 2019-2023 plan of € 6.5 billion. This plan has been approved by the Board of Directors of the company in a meeting chaired by Nicola Bedin.

November 26, 2020. By Manu Tayal

Italian energy infrastructure company Snam has presented the 2020-2024 plan with approx. € 7.4 billion of investments, as compared to the 2019-2023 plan of € 6.5 billion. This plan has been approved by the Board of Directors of the company in a meeting chaired by Nicola Bedin.

While discussing about the new plan, Marco Alverà, CEO of Snam, said that “the 2020-2024 plan opens 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 the decarbonisation of the system through the development of green gases and, in particular, hydrogen.”

Alverà further explained that, “the repositioning of the company over recent years and the actions envisaged in the new plan, together with the skills of our people and growing digitalisation, put us in the ideal condition to seize the new opportunities arising from the energy transition. We have visibility on our ‘future-proof’ infrastructure, we are amongst the pioneers in hydrogen development and we are growing rapidly in other businesses which are strengthening the whole green gas value chain. We are becoming an international operator, with a focus on the most relevant areas for the development of gas use for “fuel switching” and energy transition. Through this strategy, combined with our financial flexibility and cost-competitive access to markets, we offer attractive returns for our shareholders.”

“More and more, the notions of economic, environmental and social responsibility are becoming an integral part of Snam’s business model, in which ESG factors guide decisions for the benefit of all stakeholders,” he added.

As per the company’s new plan, it has set a target of achieving carbon neutrality by 2040, in line with the 1.5°C containment target set by the Paris Agreement, thus further consolidating its ESG (Environmental, Social and Governance) leadership.

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