Posted on 05/13/2016 4:05:34 PM PDT by Lorianne
Italian oil major Eni, which has historically invested little in renewable energy given its success in discovering oil and gas, plans renewable energy projects in Italy, Pakistan and Egypt.
As part of a push into green energy, Eni aims to bring 420 megawatts of mostly solar power generation online by 2022 by reusing derelict land linked to existing fossil fuel operations.
Chief Executive Claudio Descalzi expects Eni to invest 1 billion euros ($1.1 billion) over the next three years in renewable energy projects and research.
The world is currently adding more clean energy capacity than coal, oil and gas combined and Eni joins other oil majors in turning to green energy investments to curb carbon emissions and get a foothold in the fast growing sector.
Last year, Europe's top oil firms urged governments around the world to introduce a pricing system for carbon emissions as part of a wider push to move to a low-carbon economy.
French oil company Total said this week it was buying high-tech battery maker Saft as its seeks to expand its renewable energy business.
"In the next three years investments in renewable projects will be around 500 million euros with a similar amount for scientific research," Descalzi said at the Eni annual shareholder meeting on Thursday.
(Excerpt) Read more at reuters.com ...
Dammit, and they pay a good dividend. I’ll sell it now.
Dumbasses.
The Holy Grail.
Time to short sell.
There. Fixed it.
Maybe they are looking for a write off.
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