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ECOSYSTEM

Exhibit 3 sequestration, bioenergy with carbon capture nion pressure and they all commit to sustainable
& storage, direct air carbon capture with sto- development scenario linking Cop-21 ambition to
rage or - longer shot - enhance weathering or business diversification (some of them consider
Ocean fertilization. their Green Energy Businesses as a future new
core, able to partially replace O&G contribution in
Considering the additional target on Scope3 (that the long term).
is 3/4 of the full emission), we are talking about a
8+ trillion€ challenge (still depending on tech deve- When assessing and prioritizing their moves (and
lopment and scale curve of solutions) opportunities to generate the “so-needed” cash
contribution) O&G Companies are considering 2
To achieve the abatement goals, key factors:
we are talking about a 8+ 1. Level of technology maturity: if the intent is to
have a profitable portfolio, positively contri-
“trillion€ challenge - buting to overall cash flow generation, higher
still depending on technology maturity initiatives, that can be deployed at
scale in next 5-10 years, should be prioritized;
development and scale curve of 2. Decarbonization potential: initiatives have to
solutions achieve material decarb targets while deplo-
yed at scale (worth to note that some initiati-
ves contribute to both Scope1&2 and Scope3
targets, and bets with Scope1&2 targets are
Opportunities ahead typically considered “safer” because endorsed
in short-term targets by BODs).

In front of these numbers and targets, is any player Based on these two dimensions, we find some
taking a bold step? more mature technologies in several IOCs’ transi-
tion roadmaps – ready to meet Scope 1&2: first
European IOCs are leading the action: they are and foremost, renewable power but also foresta-
converging towards net zero for scope 1&2 and tion: the latter, although frequently looked at as a
to >50% intensity reduction for overall emissions, “less noble” lever, is the most credible Natural Ba-
scope 3 included see Exhibit 3. sed Solution expected to serve the fast growing
demand for carbon credits. In fact, demand for car-
They are under regulatory, investors and public opi- bon credits is expected to grow from 0.1 GtCO2e

40 40 Impiantistica Italiana - Settembre-Ottobre 2020