In Urgewald’s Global Oil and Gas Exit List, the amount of resources a company is in the process of developing is reflected by the “short-term expansion” metric. [...] Eni will have overshot the level required to align with the International Energy Agency’s Net Zero According to the Investing in Climate Chaos Emission Scenario (NZE) by 71%.29 research,35 the financial institutions holding the most shares and bonds in Eni were BlackRock In addition to being one of the biggest polluters (US$ 1.8 billion), Vanguard (US$ 1.2 billion), and globally,30 Eni received a. [...] If the company meets this revised target, The climate strategy of the Austrian state-owned its production will be 25% higher than the level company is completely insufficient: 60% of OMV’s required to align with the IEA’s NZE scenario, and capital expenditure (CAPEX) plan by 2030 is dedi- the emissions will overshoot the level required by cated to oil and gas while 40% is dedicated to so at least. [...] Only one of these protected areas is still emissions.50 Other big investors in these oil and free from fossil fuel extraction.47 5 of the 17 ups- gas reserves are the Dubai Supply Authority, the tream oil and gas expansion projects in the United French company TotalEnergies, Italy’s Eni and Arab Emirates are being developed in protected South Korea’s KNOC. [...] Unless fossil fuel emissions rapidly de- leadership to end fossil fuels – in the Emirates cline, the climate on the Arab Peninsula could and in the rest of the world.
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