E - Eni Snam join Italian state-backed bank on green initiatives

Italian energy companies Eni ([[E]] +3.4%) and Snam reach an agreement with state-backed lender Cassa Depositi e Prestiti to collaborate on a series of energy transition projects aimed at cutting carbon emissions.The three firms say they will team up to produce, transport and market green hydrogen, promote the use of the fuel for rail transport, and build refueling stations for compressed natural gas and liquefied natural gas in Italy.The group also plan to develop carbon capture and storage units to produce hydrogen to cut emissions in sectors that are hard to decarbonize such as refineries.CDP, controlled by the Italian Treasury, is the main shareholder of the two energy groups.Eni has pledged to cut its greenhouse gas emissions by 80% and achieve a net zero carbon footprint for 2030 for Scope 1 and 2 emissions from upstream activities.

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Eni, Snam join Italian state-backed bank on green initiatives