Eni, an Italian oil and Gas company is to spend about one billion euros ($1.1 billion) on “circular economy” initiatives to reduce emissions over the next four years across the globe.

The oil and gas explorer said it would develop forestry projects through REDD+, a programme to reduce emissions stemming from deforestation or forest degradation and has therefore formed partnerships with Zambia, Mozambique, Zimbabwe, Mexico and Brazil.

Ms Marilia Cronin, Regional External Communication Advisor, Sub Sahara Africa told the GNA that talks were underway to develop new initiatives in Congo, Indonesia, Mozambique and Ghana.

The strategy will include; growth in Eni’s portfolio of low- or zero-carbon energy sources, with an increasing share of gas, biofuels, solar, wind, and “a circular approach to maximise the use of waste as a feedstock and to transform and extend the life of industrial sites,” the company said.

She said Eni SpA’s plan to offset emissions from its oil and gas operations would focus on working with African communities to prevent deforestation.

The project is part of the Italian energy giant’s goal of removing the equivalent of 20 million tons a year of carbon dioxide from the atmosphere by 2030, apart from efforts to improve on operational efficiency and minimise waste

The forest initiative would result in net zero emissions from its upstream fossil fuels business.

While Eni’s initiative would involve planting some new trees, the main focus is on preserving mature forests “which play a crucial role to absorb CO2 from the atmosphere,” the company said.

“We pursue an approach which aims at the sustainable management of forests, their conservation, and enhancement of forest carbon stocks, also leveraging local population as crucial players."