April 22, 2021 Read More →

Snam hypes net-zero plan while planning expansion of fossil fuel infrastructure

Il Fatto Quotidiano:

Of the EUR7.4 billion, in Snam’s 2020-2024 investment plan, EUR6.5 are destined for the construction of gas transport infrastructure. Indeed, gas. Because, statute in hand, the corporate purpose since February has also included activities related to the energy transition (including transport and management of renewable energies such as biomethane and hydrogen). For Snam, it is the “green turning point” mentioned by CEO Marco Alverà, appointed in 2016 by the Renzi government and reconfirmed in 2019 by the first executive chaired by Giuseppe Conte. But in the report “The Unjust transition — How Snam is selling out our future,” the social advocacy group Re:Common claims that the company “wants to continue expanding mega-projects for the transport of gas, but also the deposits, and the liquefied natural gas terminals in Italy (and in Europe, China and India),” extending the life of the fossil gas sector and “making the most of the abundant resources of the Recovery Plan and the European Green Deal.”

The report also incorporates a study conducted by the Institute for Energy Economics and Financial Analysis (IEEFA), which analyzed Snam’s 2020-2024 strategy and its “net zero” target (zero net emissions of greenhouse gases) by 2040. The conclusions are critical of the Italian company “accused of inadequately accounting for its greenhouse gas emissions.” According to IEEFA, in fact, between 2017 and 2019, the emissions deriving from the final use of the gas transported by Snam, which the company does not include in its emissions calculation, would amount to 70 times those officially declared. 

[Luisiana Gaita]

More: Snam, the report that denies the “green turning point”: In the 7.4 billion plan, 6.5 billion are destined for gas transport infrastructures

Posted in: IEEFA In the News

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