What are Mission Vision & Core Values of Eni Company?

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What are the Mission, Vision, and Core Values of the Company?

Mission and vision statements are crucial strategic foundations, offering a clear sense of purpose and direction. They articulate an organization's reason for existence and future aspirations, guiding strategic decisions and shaping corporate identity. The Company, a global integrated energy company, is a significant player in oil and natural gas exploration, development, and production across many countries.

The Company also operates in gas, LNG, power supply, trading, and marketing, while actively expanding into renewable energy and chemical products. Its mission, vision, and core values serve as a fundamental compass for business decisions, especially during the complex global energy transition, influencing strategic plans and defining corporate identity in an evolving market. For a deeper dive, consider the Eni PESTEL Analysis.

Eni's mission statement emphasizes a commitment to a just energy transition, aiming to preserve the planet while ensuring efficient and sustainable energy access globally. This reflects Eni's company purpose, driven by innovation, human dignity, and long-term partnerships in the communities where it operates.

Energy Transition Focus

Eni is dedicated to a just energy transition, balancing environmental preservation with global energy access.

Renewable Energy Growth

The company targets 4 GW of renewable capacity by 2024 and over 8 GW by 2027 through Plenitude.

Bio-refining Expansion

Bio-refining capacity is projected to exceed 5 million tonnes/year by 2030, including Sustainable Aviation Fuel (SAF).

Customer-Centric Innovation

Eni aims to provide decarbonized, customer-oriented energy products, driven by scientific research and technological advancement.

Global Community Impact

The mission highlights long-term partnerships with countries and communities, promoting lasting prosperity.

Ethical Operations

Eni's corporate philosophy is founded on responsibility, integrity, and transparency in all actions.

Eni's mission reflects its strategic goals, emphasizing sustainability and innovation. The company's commitment to increasing renewable energy capacity, with targets of 4 GW by 2024 and over 8 GW by 2027, showcases its dedication to a decarbonized future. This aligns with Eni's vision for energy transition and its broader company purpose and objectives. For more details on the company's structure, refer to Owners & Shareholders of Eni.

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Eni's vision for the future is to become a global energy tech company, leading the energy transition. This involves producing and selling decarbonized, customer-oriented energy products and services, leveraging advanced technologies. The company aims for carbon neutrality by 2050, with significant investments in renewables and bio-refining.

Carbon Neutrality by 2050

Eni's strategic goal is to achieve carbon neutrality across all GHG emissions (Scope 1, 2, and 3) by 2050.

Emissions Reduction Targets

Intermediate targets include reducing net Scope 1 and 2 emissions by 55% for Upstream and 37% for Eni overall by 2024, compared to 2018 levels.

Diversified Energy Supply

The vision incorporates natural gas as a bridge fuel and expands into renewables, electric mobility, biofuels, and Carbon Capture and Storage (CCS) projects.

Investment in Transition

Eni's strategic plan for 2024-2027 includes an average net capital expenditure of €7 billion per year, with a significant portion allocated to transition businesses.

Strong Financial Performance

The company reported an adjusted net profit of €8.3 billion for the 2024 fiscal year, supporting its ambitious strategic goals.

Technological Innovation

Eni's vision emphasizes scientific research and technological innovation as foundational to its approach to energy transition.

Eni's vision for the future positions it as a global energy tech company, committed to leading the energy transition. This involves producing and selling increasingly decarbonized and customer-oriented energy products and services. The company's strategic goals include achieving carbon neutrality by 2050 for all GHG emissions (Scope 1, 2, and 3), with intermediate targets such as reducing net Scope 1 and 2 emissions by 55% for Upstream and 37% for Eni overall by 2024 compared to 2018. This commitment is supported by significant investments, with an average net capital expenditure of €7 billion per year for 2024-2027, largely directed towards transition businesses. Eni's vision for energy transition also includes diversifying supply sources, incorporating natural gas as a bridge fuel, and expanding into renewables, electric mobility, biofuels, and Carbon Capture and Storage (CCS) projects. For more insights into the broader market, consider exploring the Competitors Landscape of Eni. The company's robust financial performance, with an adjusted net profit of €8.3 billion for the 2024 fiscal year, underscores the realism and aspirational nature of Eni's strategic vision and mission, placing scientific research and technological innovation at the core of its approach.

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Eni's core values guide its choices and actions, differentiating the company and shaping its unique corporate identity. These values include integrity, respect and protection of human rights, transparency, and promotion of development.

Integrity

Eni carries out its daily activities with responsibility, fairness, honesty, and transparency, complying with internal and external regulations. This value is evident in their strong anti-corruption stance and transparent financial reporting, such as the Q1 2024 results, which included proforma adjusted EBIT.

Respect and Protection of Human Rights

Eni respects individual dignity and human rights, fostering an inclusive working environment that values uniqueness and diversity. In 2024, Eni strengthened actions to combat violence against women and collaborated with organizations like the International Labour Organisation (ILO) and the International Finance Corporation (IFC) to promote safer working conditions.

Transparency

Eni provides clear and truthful information to its counterparts, sharing goals and results to maximize value and reduce risk. Their 'Eni for 2024 – A Just Transition' report exemplifies this commitment by offering a comprehensive overview of performance and strategies.

Promotion of Development

Eni works towards efficient and sustainable access to energy, fostering inclusive development in all territories where it operates. In 2024, Eni invested in over 100 active development projects across 21 countries, supporting access to energy, clean water, healthcare, and education.

These core values define Eni's corporate philosophy and guide its strategic decisions. To understand how these values influence the company's strategic direction, explore the Growth Strategy of Eni in the next chapter, detailing how mission and vision shape its future.

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A company's mission and vision are foundational elements that steer its strategic decisions, providing a clear direction for growth and operations. These statements articulate the company's purpose and its aspirations for the future, influencing everything from investment priorities to operational execution.

Eni's Mission and Vision: A Strategic Compass

Eni's mission and vision are deeply integrated into its strategic framework, guiding its transformation towards a more sustainable energy future. The company's strategic plan for 2024-2027 emphasizes leveraging existing strengths while accelerating new, high-growth energy transition activities.

• Mission: To provide efficient and sustainable energy access.
• Vision: To achieve carbon neutrality by 2050.
• Strategic Alignment: The 2024-2027 plan focuses on delivering value from traditional businesses and fast-tracking energy transition initiatives.
• Key Initiatives: Significant investments in Plenitude (renewables) and Enilive (biorefining and SAF) directly support decarbonization goals.

Driving Energy Transition Through Investment

Eni's commitment to its vision is evident in its substantial investments in renewable energy and decarbonized products. Plenitude, the renewable energy arm, aims for €2 billion of pro-forma EBITDA by 2027, with renewable generation capacity projected to exceed 8 GW by the same year.

Expanding Biorefining and Sustainable Fuels

The expansion of Enilive, focusing on biorefining and sustainable fuels, directly supports the mission's emphasis on preserving the planet. By 2024, Enilive reached a biorefining capacity of 1.65 million tonnes, with plans to surpass 5 million tonnes/year by 2030, including Sustainable Aviation Fuel (SAF).

Measurable Emission Reductions

Tangible progress towards decarbonization targets is demonstrated by Eni's reported reduction in net Scope 1 and 2 emissions. For Upstream, emissions were reduced by 55%, and for Eni overall, by 37% compared to 2018 levels.

Financial Performance and Strategic Execution

The company's strategic alignment is also reflected in its financial results. Q1 2024 saw a proforma adjusted EBIT of €4.12 billion and an adjusted net profit of €1.58 billion, indicating that strategic execution is yielding strong financial returns.

Leadership Perspective on Strategy

Eni's CEO, Claudio Descalzi, highlighted the company's approach: 'We are embracing the challenges created by the energy transition with a distinctive and accretive strategy creating value while addressing energy security and affordability needs, and decarbonization goals.' This underscores the integrated nature of Eni's mission and vision in its strategic planning and operations.

Strategic Capital Allocation

The company's 2024-2027 strategic plan allocates €27 billion in net capital expenditure, with a significant focus on lower-carbon solutions, demonstrating how the mission and vision directly influence investment decisions and operational execution.

Eni's mission and vision are pivotal in shaping its strategic direction, driving investments in sustainable energy and decarbonization efforts. Explore how these core tenets influence Revenue Streams & Business Model of Eni and future strategic decisions.

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Eni's mission and vision statements are foundational to its operations, guiding its strategic direction and commitment to the energy transition. Enhancing these statements can further solidify its market position and stakeholder engagement.

Quantifiable Aspirations for Decarbonization

While Eni has detailed interim targets, incorporating more specific, quantifiable aspirations for decarbonization, similar to industry peers who state percentage reductions by specific years, could offer greater clarity and competitive differentiation.

Explicitly Stating Energy Security Role

Eni could more explicitly articulate its role in fostering energy independence or security for its operating regions, particularly in the current geopolitical climate, to better align with market conditions and strategic importance.

Broader Circular Economy Emphasis

Expanding the vision to include explicit targets for circular economy principles beyond bio-refining, such as waste reduction or recycled material integration across all operations, would align with evolving industry trends.

Incorporating Emerging Technologies in Vision

To signal a commitment to cutting-edge solutions, Eni could proactively address emerging technologies like advanced modular reactors or direct air capture within its vision, demonstrating a forward-thinking approach to sustainability.

Eni's corporate philosophy is deeply rooted in its mission and core values, which guide its strategic objectives and day-to-day operations. Understanding these elements is crucial for grasping the company's direction and its role in the energy sector. A Brief History of Eni reveals the evolution of these guiding principles.

The company's mission centers on providing energy efficiently and sustainably, with a strong focus on innovation and technological advancement. This involves ensuring access to energy for all while actively contributing to the energy transition. Eni's strategic goals are geared towards decarbonization and the development of low-carbon energy sources, aiming to balance energy needs with environmental responsibility.

Eni's vision for the future is to be a leader in the energy transition, transforming its business model to meet the challenges of climate change and evolving market demands. This includes significant investments in renewable energy, circular economy initiatives, and carbon capture technologies. The company aims to create value for its stakeholders by delivering sustainable energy solutions and fostering a culture of innovation and responsibility.

The core values that guide Eni's operations are innovation, reliability, and responsibility. These values are embedded in the company's culture and influence employee behavior and decision-making. Eni's commitment to sustainability is a cornerstone of its mission and vision, driving its efforts to reduce environmental impact and promote social well-being. The company's business ethics are paramount, ensuring that its operations are conducted with integrity and transparency.

In 2024, the company continued to advance its decarbonization strategy, with significant progress reported in its bio-refining and renewable energy segments. For instance, its bio-refining capacity reached approximately 3.5 million tons per year. Eni's chemical business, Versalis, is also a key part of its transition strategy, with ambitious targets for EBITDA breakeven in 2025 and positive EBIT in 2026. These financial objectives underscore the company's commitment to transforming its operations and achieving long-term sustainability.