of methane fugitive emissions and the realization of projects based on energy efficiency; • ‘low carbon’ and resilient Oil & Gas portfolio: Eni’s portfolio is characterized by a high share of natural gas (more than 50%), a bridge towards reduced future emissions. The main upstream projects in execution present an average breakeven at a Brent price of approximately 25 $/barrel, resilient to low carbon scenario; • development of renewable sources and green business: the promotion of renewable sources targets an installed power capacity of approximately 5 GW by 2025. In the medium term, Eni targets the net zero carbon footprint by 2030, relating to direct emissions of the upstream equity assets, by maximizing the decarbonization initiatives and developing forestry projects offsetting residual upstream emissions. A central role will be played by those solutions addressed to capture, store and reuse CO2. Another lever of our decarbonization path is the development of circular economy initiatives aimed at waste and bio-mass valorization in order to extract new energy, new products or materials and revitalized dismissed or decommissioned assets.”115 “Growing worldwide public concern over greenhouse gas (GHG) emissions and climate change, as well as increasingly regulations in this area, could adversely affect the Group’s business and reputation, increase its operating costs and reduce its results of operations, cash flow, financial condition, business prospects and shareholders returns. Those risks may emerge in the short and medium-term, as well as over the long-term. The scientific community has established a link between climate change and increasing GHG concentration in the atmosphere. International efforts to limit global warming have led, and Eni expects them to continue to lead, to new laws and regulations designed to reduce GHG emissions that are expected to bring about a gradual reduction in the use of fossil fuel over the medium to long-term, notably through the diversification of the energy mix. xxx Further, in some countries, governments and regulators have filed lawsuits seeking to hold fossil fuel companies, including Eni, liable for costs associated with climate change. Losing any of these lawsuits could have a material adverse effect on our results of operations, cash flows, liquidity and business prospects.”116 “This [Stakeholder Management System] tool allows to survey and visualize, through a map, the relations with each category of stakeholder, highlighting any areas for improvement, with the possibility of better investigating the potential Id., p. 19. ENI, S.P.A. (2018), Annual Report 2018 on Form 20-F, pp. 20-22, available at https://www.eni.com/docs/en_IT/enicom/publications-archive/publications/reports/reports-2018/Annual-Report-OnForm-20-F-2018.pdf (last accessed on 12 September 2019). 115 116 Annex D: Corporate Statements on Climate Change and Human Rights | 29