Snam launches €26 billion plan to achieve net zero by 2050

Snam (BIT: SRG) has unveiled its first Transition Plan, outlining its goals for 2050, the actions and resources required to drive the Group's energy transition, and Italy's decarbonization efforts.

Snam launches €26 billion plan to achieve net zero by 2050

The plan decarbonizes the energy system by advancing key transition areas such as biomethane, hydrogen, carbon capture and storage, and energy efficiency. A €26 billion investment program backs this strategy for 2023-2032.

Sustainable finance will play a crucial role, with its share of total committed financing rising from 40% in 2020 to 80% in 2023 and expected to reach 85% by 2027. Snam's sustainability-linked financial instruments adjust their terms based on whether predefined Sustainability KPIs are met, reinforcing the company's commitment to decarbonization. Over 50% of its sustainable financing is currently tied to emissions reduction targets.

Snam CEO highlights transition plan's roadmap to net zero by 2050, emphasizes the role of sustainable finance

CEO Stefano Venier emphasized that the Transition Plan provides a detailed roadmap of initiatives, metrics, and KPIs to support Snam's journey to Net Zero by 2050. He added that now is the right time to act with a robust plan to reduce emissions and create a positive environmental impact. Increasing the share of sustainable finance will be vital to achieving these ambitious decarbonization goals.