BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
2023-02-24 13:46:14
Pego power station conversion plans halted
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Dodgy Deals ›
Dodgy Deal
ENIItaly

Company – Active

This profile is actively maintained
Lead organisation:
BankTrack
Last update: 2022-09-30 00:00:00
ENI head office, Piazzale Enrico Mattei in Rome. Photo: CAPTAIN RAJU, CC BY-SA 4.0 via Wiki Commons

Company – Active

This profile is actively maintained
Lead organisation:
BankTrack
Last update: 2022-09-30 00:00:00
Why this profile?

Why this profile?

ENI is primarily working to discover new oil and gas reserves at a time when fossil fuel expansion has been ruled out in the name of a survivable climate. With profits of USD 9.7 billion in 2021, ENI is actively contributing to climate breakdown and amassing a fortune in the process.

What must happen

Banks and other financial institutions must demand that ENI immediately halts all activities that expand fossil fuel infrastructure, and develop and implement credible phase-out plans for their existing fossil-fuel-based activities, on a timescale aligned with Paris Agreement goals. In the absence of such commitments, banks must stop servicing ENI.

About
Sectors Oil and Gas Extraction
Headquarters
Ownership
listed on Borsa Italiana & NYSE

ENI's relevant shareholders are the Italian Ministry of Economy and Finance, and CDP SpA. The company's complete shareholder structure can be accessed here.

Subsidiaries
Website http://www.eni.com

ENI (Ente Nazionale Idrocarburi) is an Italian multinational oil and gas supermajor. Founded in 1953, Italy’s Ministry of Economy and Finance now has “de facto control” of ENI with 30.6% of shares. The company prospects for oil and gas, supplies and sells electricity and gas to end consumers and operates refineries and petrol stations. ENI has six divisions: exploration, the company's main division; natural gas & LNG; refining and marketing; renewables; renewables and retail; and chemicals, which is operated via the ENI subsidiary Versalis. In 2021, ENI had 31,888 employees operating in 69 countries. According to the Carbon Disclosure Project, ENI was responsible for 0.44% of global industrial greenhouse gas emissions between 1988 and 2018. ENI also has close ties with the authoritarian Egyptian government, which has been consistently accused of human rights violations.

Impacts

Social and human rights impacts

ENI has close ties to the authoritarian government in Egypt, which has been accused of human rights violations such as politically-motivated arrests and the use of "morality" charges to detain women. In 2016, ENI's Chief Exploration Officer Luca Bertelli stated that ENI has "a historical, long-term, win-win relationship with Egypt". The Italian government, which has de facto control of ENI, works with the government in Cairo on issues of migration and security.

Egypt will host the upcoming COP27 conference, which has been described by human rights advocates as a "carceral climate summit", reinforcing the overlapping environmental and social impacts of ENI's continued collaboration with the Egyptian government.


Impact on climate

The accelerating warming of Earth has long been a consequence of ENI’s operations: According to the Carbon Majors Report 2017, ENI accounted for 0.6% of the world’s entire industrial greenhouse gas (GHG) emissions between 1988 and 2015, or 5.32 billion tonnes of carbon dioxide equivalent. Following research conducted by the Climate Accountability Institute in 2020, ENI ranked 12th for GHG emissions between 1965 and 2018 among fossil fuel companies with assets, operations, production, or sales in the United States. These findings make ENI one of the world’s biggest contributors to global heating and therefore climate change.

ENI has no intention to stop emitting greenhouse gases any time soon. During a 2022 industry event in the UAE, ENI’s CEO Claudio Descalzi referred to decarbonisation as an “ideology” and underlined the importance of carbon capture technology; the company’s Road to 2050 net-zero plan relies on ENI being able to capture and store approximately 50 million tonnes of CO2 emissions annually by 2050. Such technology does not yet exist: In September 2022, the International Energy Agency reported that CO2 capture technology is in its infancy, with just two small-scale plants in operation that store captured carbon underground. By relying on unproven solutions, ENI’s net-zero plans risk exacerbating climate change for decades to come.

Qatar's oil and gas fields Eni signed an agreement with QatarEnergy to increase the extraction of gas from Qatar's North Field, the biggest non-associated gas field in the world and one of the world's largest carbon bombs. Eni is a shareholder in North Field East. If all the reserves of Qatar's oil and gas fields are burned this will lead to an additional 50 gigatonnes of CO2 emissions. These emissions will lead to USD 20 trillion in economic damage and 11 million people dying prematurely. These deaths will most likely take place in poor, marginalised and/or Indigenous communities who bear very little responsibility for causing the climate crisis.

Financiers

Between 2016 and 2021, 21 commercial banks financed ENI via lending and underwriting totalling USD 34.2 billion. See below for more details on banks involved.

ENI's outstanding long-term debt at banks is EUR 5.359 billion as of 31st December 2021.

Institution type
Finance type
Year
Projects

Rovuma LNG

Mozambique
Project
Target
Oil and Gas Extraction | ...

Rovuma LNG

Mozambique

Nigeria LNG

Nigeria
Project
Target
LNG Terminal

Nigeria LNG

Nigeria

Offshore Cape Three Points (OCTP)

Ghana
Project
Active
Oil and Gas Extraction

Offshore Cape Three Points (OCTP)

Ghana
There are no active project profiles for ENI now.

Baku-Tbilisi-Ceyhan oil pipeline

Azerbaijan
Project
On record
Pipeline Transportation of Crude Oil

Baku-Tbilisi-Ceyhan oil pipeline

Azerbaijan

Congo tar sands

Congo
Project
On record
Oil and Gas Extraction

Congo tar sands

Congo

Venezuelan tar sands

Venezuela
Project
On record
Oil and Gas Extraction

Venezuelan tar sands

Venezuela

Kashagan oil project

Kazakhstan
Project
On record
Oil and Gas Extraction

Kashagan oil project

Kazakhstan
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?

Two banks made clear they will avoid financing Rovuma LNG, but plenty remain in the frame.
2023-03-20 | BankTrack, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Exxon issues Rovuma LNG tender but financing in focus

BankTrack quoted
2023-03-20 | Energy Voice
Blog
BankTrack news BankTrack blog Partner news Partner blog

Mozambique shows how JPMorgan Chase and other banks back war and climate chaos

New Banking on Climate Chaos case study
2023-03-16 | BankTrack, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Qatar’s gas output increase could cause catastrophic global heating, report says

If Qatar exploits all its reserves it will add 50bn metric tons of CO2 to atmosphere, more than entire annual emissions of whole world
BankTrack quoted
2022-12-08 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Exposed: Western banks funding Qatar’s carbon bombs

US$ 20 trillion estimated damage linked to massive gas expansion by hosts of 2022 World Cup
2022-12-08 | Henrieke Butijn – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who will finance yet another gas megaproject in Mozambique?

2022-11-25 | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nordic banks increase finance for Arctic oil and gas, new report finds

Ten Nordic banks provided US$ 21.2 billion to the fossil fuel industry. DNB, SEB, Nordea and Danske Bank largest Nordic financiers.
2022-11-22 | Nijmegen, the Netherlands | BankTrack, Greenpeace, ActionAid Denmark, Fair Finance Guide Norway, Fair Finance Guide Sweden, Friends of the Earth Finland, Swedish Society for Nature Conservation
Blog
BankTrack news BankTrack blog Partner news Partner blog

NGOs reveal the companies and financiers behind fossil fuel expansion in Africa

2022-11-15 | Berlin / Sharm El-Sheikh | BankTrack, urgewald, 350.org Africa, Africa Coal Network, Oilwatch Africa
Blog
BankTrack news BankTrack blog Partner news Partner blog

These U.S. banks are financing climate chaos through fossil fuel expansion

An overview of RAN's new report, Wall Street’s Dirtiest Secret: How fossil fuel expansion depends on big bank finance
2022-11-10 | Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

The business of the 'Italian champions' with the al-Sisi regime in Egypt

Eni, Snam, Intesa Sanpaolo and Sace have in recent years established fruitful relations with the Cairo government, which is responsible for serious human rights violations
2022-11-09 | Altreconomia
BankTrack news BankTrack blog Partner news Partner blog

Nigeria LNG still producing, exporting despite force majeure

2022-10-20 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Eni South Coral FLNG Aims To Reboot Mozambique’s Rovuma

2022-08-08 | Journal of Petroleum Technology
Blog
BankTrack news BankTrack blog Partner news Partner blog

From fisherman to refugee, in part thanks to ING

A report from the coast of Cabo Delgado, Mozambique
2022-07-12 | ING Fossielvrij
BankTrack news BankTrack blog Partner news Partner blog

EU bank hands out billions to companies complicit in burning fossil fuels

The European Investment Bank (EIB) has pumped billions of euros into polluting fossil fuel companies over the past two years despite talking up its climate credentials, new research by Counter Balance and CEE Bankwatch Network reveals.
2022-06-15 | Counter Balance
BankTrack news BankTrack blog Partner news Partner blog

Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown

Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns
2022-05-12 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

UniCredit shareholders’ meeting: on climate ambition there is still a long way to go

Once again, the Italian bank holds its shareholders' meeting behind closed doors, without debate and with little media visibility.
2022-04-08 | ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Eni’s Coral-Sul FLNG arrives in Mozambique

2022-01-04 | Offshore Energy
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks and investors pouring billions into Arctic oil & gas bonanza despite climate pledges – report

How banks, investors and insurers are driving oil and gas expansion in the Arctic
2021-09-23 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New bank links to Myanmar junta and atrocities found

19 international banks together invest over US$65 billion in shares of companies with ties to the Myanmar military junta
2021-07-28 | BankTrack, Justice For Myanmar
BankTrack news BankTrack blog Partner news Partner blog

Plastic Waste Makers Index

Unveiling the source of the single-use plastics crisis
2021-06-01 | Minderoo Foundation
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nine international banks invest over US$24 billion in companies linked to Myanmar regime and atrocities

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, JPMorgan Chase, UBS, Credit Suisse, Morgan Stanley, Bank of America, Wells Fargo and BNP Paribas among the top banks investing in companies linked to the Myanmar military junta
2021-05-27 | BankTrack, Justice For Myanmar
BankTrack news BankTrack blog Partner news Partner blog

Mozambique: Delayed vessel joins Saipem 12,000 drillship in Cabo Delgado maritime 'risk zone'

2021-05-07 | Upstream online
Blog
BankTrack news BankTrack blog Partner news Partner blog

Re:Common: “UniCredit breached its own coal policy and supports oil & gas expansion"

On the occasion of UniCredit’s 2021 Shareholders' Meeting, Re:Common reports important regressive developments in climate commitments taken by the Italian bank
2021-04-15 | Rome | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

More than half of Europe’s bank directors too compromised to end fossil fuel finance

2021-04-07 | DeSmog
BankTrack news BankTrack blog Partner news Partner blog

Infographic: Mozambique’s LNG Forecast

2021-04-01 | Africa Oil & Power
BankTrack news BankTrack blog Partner news Partner blog

There’s $120 Billion at Stake in an Overlooked War in Mozambique

2021-03-25 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Risky business: investment and insurgency in Mozambique

2021-03-16 | Offshore Technology
BankTrack news BankTrack blog Partner news Partner blog

Rovuma LNG: Still no sanction date in sight for delayed Mozambique mega project

2021-02-22 | Upstrean online
Blog
BankTrack news BankTrack blog Partner news Partner blog

Five years lost - How the finance industry is blowing the Paris carbon budget

2020-12-10 | Paris | urgewald, Center for Energy, Ecology, and Development (CEED), Friends of the Earth US, Rainforest Action Network, Reclaim Finance, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Going deep into Mozambique’s Cabo Delgado extremism

To counter violent extremism in places such as Mozambique’s Cabo Delgado properly, it’s necessary to understand the root causes of such conflicts and how mining operations can worsen them
2020-10-29 | Business Live
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big Oil Reality Check: New paper finds 'failure across the board' in oil industry climate plans

2020-09-23 | Washington | Oil Change International
BankTrack news BankTrack blog Partner news Partner blog

Africa’s largest energy project faces a major terrorist threat

2020-08-23 | Oil Price
BankTrack news BankTrack blog Partner news Partner blog

Eni dans les sables congolais

2010-11-23 | Jeune Afrique
BankTrack news BankTrack blog Partner news Partner blog

Kashagan partners to delay second phase of development until 2018-19

2010-08-13 | Silk Road Intelligencer
BankTrack news BankTrack blog Partner news Partner blog

Eni examines offshore Kazakhstan

2010-06-01 | Astana, Kazakhstan | UPI.com
BankTrack news BankTrack blog Partner news Partner blog

Chilean Bishop at Enel’s Annual General Meeting to Argue Against Big Dams in Patagonia

2010-04-28 | Missionary Oblates of Mary Immaculate
BankTrack news BankTrack blog Partner news Partner blog

Eni's Congo oil sands plan under fire

2009-11-09 | Upstream online
Blog
BankTrack news BankTrack blog Partner news Partner blog

Eni's new energy projects threaten Congo Rainforest

Research about Eni’s investments in tar sands and palm oil in the Congo basin
2009-11-09 | Rome, Italy | CRBM
BankTrack news BankTrack blog Partner news Partner blog

Eni seals Congo tar sands deal

2008-05-19 | Upstream online
Resources
Documents
Videos
Links
2022-11-22 00:00:00

Banking on Thin Ice: Two years in the heat

Exposing Nordic bank finance for fossil fuels
BankTrack publication
2022-11-22 00:00:00 | BankTrack
2022-11-15 00:00:00

Who is financing fossil fuel expansion in Africa?

BankTrack publication
2022-11-15 00:00:00 | Urgewald, BankTrack, 350.org Africa, Africa Coal Network & Oilwatch Africa, et al.
2022-05-24 00:00:00

Big oil reality check

Updated assessment of oil and gas company climate plans
NGO document
2022-05-24 00:00:00 | Oil Change International
2022-02-23 00:00:00

Major failure

Why the European oil and gas majors do NOT have a credible climate plan.
NGO document
2022-02-23 00:00:00 | Reclaim Finance
2014-02-28 00:00:00

Mozambique LNG Environmental Impact Assessment Chapter 12

Company document
2014-02-28 00:00:00 | Anadarko, Eni
2018-05-31 00:00:00

Dirty profits 6

NGO document
2018-05-31 00:00:00 | Facing Finance
2015-05-06 00:00:00

West Papua palm oil atlas

The companies behind the plantation explosion
NGO document
2015-05-06 00:00:00 | Y.L. Franky and Selwyn Morgan
2010-07-22 00:00:00

Letter from Heinrich Boell Foundation et al. to Paolo Scaroni, CEO, Eni on Congo biofuel production

Correspondence
2010-07-22 00:00:00 | Heinrich Boll Stiftung et. al.
2010-04-29 00:00:00

Press Release: Shareholder engagement at Eni's AGM Corruption and environmental violations put profits in jeopardy

Other document
2010-04-29 00:00:00 | Fondazione Culturale Responsabilità Etica
2010-04-29 00:00:00

Intervention at AGM ENI 2010

Internal campaign document
2010-04-29 00:00:00 | Fondazione Culturale Responsabilità Etica
2009-11-09 00:00:00

Energy Futures?

NGO document
2009-11-09 00:00:00 | CRBM

ENI CEO Claudio Descalzi says renewables cannot replace fossil fuels

2022-09-30 12:07:46

ENI website

ENI annual report hub

Updates

2022

2022-06-08 00:00:00 | ENI to join huge Qatari LNG expansion project

Italian gas and oil supermajor ENI has been picked to join ExxonMobil, TotalEnergies, Shell and Conoco in expanding the world’s largest LNG project, North Field in Qatar. The expansion is set to cost USD 30 billion.

2021

2021-03-17 00:00:00 | ENI and Shell escape Nigerian corruption charges

A court in Milan has found ENI and Shell to be innocent of corruption charges related to the purchase of an offshore oil block in 2011. Prosecutors claimed that the USD 1.3 billion cost was primarily used to bribe Nigerian elites, in a trial that has lasted for more than three years.

Send feedback on this profile
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted