Eni, CDP Launch Green Crusade

The CEOs of Italian state-backed investment fund Cassa Depositi e Prestiti (CDP) and Eni have agreed to work together on initiatives related to decarbonisation and sustainability at home and in developing countries, they said March 12.

Projects will include new plants to produce bio-oil and bio-methane using organic municipal solid waste and promote resource efficiency as part of a drive towards a wider circular economy. They will also look at constructing renewable energy plants on brownfield sites in Italy to minimise the use of land that could be used for other purposes, they said.

Eni has subsidiaries that specialise in this, such as Syndial and Eni New Energy which work on energy access projects and emissions mitigation. CDP will work with public administrations and institutions in co-ordination with Eni, and to expand the scope of their joint initiatives.

CDP will also provide its economic and financial expertise and will evaluate forms of financial support for specific initiatives. With the support of Eni, the company will also help promote initiatives in developing countries, blending resources from national, European and international institutions, and identify appropriate tools and methods of financial support for specific initiatives.

CDP CEO Fabrizio Palermo said the agreement means CDP can "get to work with Eni straight away" on identifying and promoting initiatives, while Eni CEO Claudio Descalzi said the partnership would enable Eni to achieve goals it could not reach alone: "Today's agreement sets the stage for this to happen."