Eni S p A : for 2022 - A Just transition

Mission

We are an energy company.

We concretely support a just energy transition, with the objective of preserving our planet

and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation,

on our unique strengths and skills, on the equal dignity of each person,

recognizing diversity as a key value for human development, on the responsibility, integrity and transparency of our actions.

We believe in the value of long-term partnerships with the Countries

and communities where we operate, bringing long-lasting prosperity for all.

Global goals for a sustainable development

The 2030 Agenda for Sustainable Development, presented in September 2015, identifies the 17 Sustainable Development Goals (SDGs) which represent the common targets of sustainable development on the current complex social problems. These goals are an important reference for the international community and Eni in managing activities in those Countries in which it operates.

1. JUST TRANSITION

Disclaimer

Eni for 2022 is a document published on a yearly basis that contains certain forward-looking statements related to the different topics covered therein. Forward-looking statements are based on Eni management's reasonable assumptions and beliefs given the information available to them at the time the statements are made. Nevertheless, by their nature, forward‐looking statements involve an element of uncertainty as they relate to events and depend on circumstances that may or may not occur in the future and which are, in whole or in part, beyond Eni's control and reasonable prediction. Actual results may differ from those expressed in such statements, depending on a variety of factors, including, without limitation: the impact of the Covid-19 pandemic, the fluctuation of the demand, the offer and pricing of oil and natural gas and other petroleum products, the actual operating performances, the general macroeconomic conditions, geopolitical factors and changes in the economic and regulatory framework in many of the Countries in which Eni operates, the achievements reached in the development and use of new technologies, changes in the stakeholders' expectations and other changes to business conditions. The readers of the document are therefore invited to take into account a possible discrepancy between the forward-looking statements included and the results that may be achieved as a consequence of the events or factors indicated above. Eni for 2022 also contains terms such as, for instance, "partnership" or "public/private partnership" used for convenience only, without a technical-legal implication. "Eni" means the parent company Eni SpA and its consolidated subsidiaries. This report has been translated from the Italian original version solely for the convenience of international readers. The Italian report can be found at the following link: wEni for 2022 - A Just Transition

Photos

All the photos of the covers and the reports Eni for 2022 come from the Eni photographic archive.

Why should you read Eni for 2022?

Eni for describes Eni's contribution to a Just Transition that guarantees access to efficient and sustainable energy, with the 2050 target for carbon neutrality, to share social and economic benefits with workers, suppliers, communities and customers inclusively and transparently. Eni for 2022 aims to represent Eni's path in addressing these challenges through the three levers of the integrated business model: Carbon Neutrality by 2050, Operational Excellence and Alliances for Development, to generate long-term value for all stakeholders. Eni for, differently from the

• Consolidated Disclosure of Non-Financial Information (NFI), delves into the stories, concrete cases and testimonies of people Eni shares its journey with.

LEGEND

• External links Internal links
  Eni's approach to the Just Transition

Reporting principles and criteria

Eni for 2022 is prepared per the "Sustainability Reporting Stan- dards" of the Global Reporting Initiative, in accordance with the GRI Universal and Sector Oil & Gas Standards published in 2021 and taking into account the 10 principles of the Global Compact. The commitments, broken down for each theme, are aligned with the annually updated and approved four-year Plan; therefore, these commitments may be redefined and/or updated accordingly, thus presenting variations between one publication and the next. Such variation does not occur for those commitments that have a baseline such as, for example, those related to climate.

Thew Eni for 2022 - Sustainability Performance includes the GRI Content Index, as well as the reference tables with: Task Force on Climate related Financial Disclosure (TCFD); Climate Action 100+; Sustainability Accounting Standards Board (SASB); World Economic Forum (WEF); EU Sustainable Finance Disclosures Regulation (SFDR); Women's Empowerment Principles (WEPs).

External assurance

In line with previous editions, Eni for 2022 also underwent a limited assurance audit by the independent auditors (PwC), who audited the Consolidated Financial Statements and the Non-Financial Statement, published within the Annual Report. Furthermore, Scope 1 and Scope 2 GHG emissions are subject to wreasonable assurance.

INTRODUCTION

Message to our stakeholders	4
Eni in the world	6
Eni's activities: the value chain	8
Business model	10
Towards a Just Transition: scenario and global challenges	12
The Just Transition for Eni	14
Eni's approach to the SDGs	18
Eni's commitments	20
Sustainability governance	22
2022 Key facts	25
Material topics for Eni	26
Stakeholder engagement activity	28
Integrated Risk Management Model	30
Technological and digital innovation	32

CARBON NEUTRALITY BY 2050

Towards Net Zero in 2050	39
The evolution of business	40
Advocacy and Transparency	46
GHG Metrics	47

OPERATIONAL EXCELLENCE

Each of us	50
Safety and people's Health	58
Environment	66
Human rights	74
Transparency, Anti-Corruption and Tax Strategy	80
Customers and Suppliers	84

ALLIANCES FOR DEVELOPMENT

Eni as a local development player	92
Access to energy	94
Context analysis and Stakeholder engagement	96
Impact analysis and Human rights in communities	97
Local Development Programme	98
Local Development Projects	100
Local Content and its evaluation	105
Partnerships for development	106
Glossary	108
Independent Auditors' Report	109
Eni's sustainability reporting	112

• Eni for 2022 - Sustainability performance

(Detailed Annex on KPIs and related trends)

4 ENI FOR 2022 A JUST TRANSITIONHOME

Message to our stakeholders

INTRODUCTION	CARBON NEUTRALITY		OPERATIONAL EXCELLENCE		ALLIANCES FOR DEVELOPMENT	5

sources to benefit energy security and sustainability.

ernance, business activities and financial instruments. Agri-busi-

fields. Furthermore, the year saw the Joint Declaration with UNIDO

The events in Europe in 2022, correlated to Russia's invasion of Ukraine, have brought energy security and energy costs into focus as essential elements for our communities to be pursued alongside decarbonization. The challenge at the heart of the public debate is to find adequate answers to this trilemma in a context of extreme volatility, uncertainty and growing imbalances.

In this scenario, Eni has worked to contribute to European energy security. The company has pursued its path of transformation towards the decarbonization of products and services, leveraging a distinctive strategy based on geographical and technological diversification of energy sources, working with its stake- holders, and considering gas as a "bridge" energy source in the transition.

A few months after the outbreak of the war, we defined a series of agreements with our historical partners to diversify gas supplies to Italy and Europe, enabling us to replace 100% of the approximately 20 billion cubic metres previously supplied by Russia by 2025. This will be possible thanks to Eni's quick entry into production of its gas discoveries and the solidity of its rela-

tions with producing Countries. In this regard, in the last quarter of 2022, the first delivery of LNG produced by the Coral South field in Mozambique was completed, and we expect the first delivery of LNG from Congo as early as the end of this year.

At the same time, we remained firm in our commitment and our targets towards Carbon Neutrality by 2050, anchored on sound investments. We achieved a 17% reduction in Net GHG Lifecycle Emissions (Scope 1+2+3) compared to 2018. We continued implementing the necessary measures to achieve Scope 1+2 Net Zero emissions Upstream by 2030. We have worked to reduce our upstream emissions by investing in emission-reduction technologies and developing upstream low carbon projects. In particular, in April 2023, we launched the FPSO that will be used, as early as the middle of this year, for production from the Baleine deposit in Côte d'Ivoire, the most important discovery ever made in the Country and also the first Scope 1+2 Net Zero development in Africa.

We continue to invest in reducing methane emissions.

To provide effective answers to the energy trilemma and con-

tribute to providing abundant, affordable and environmentally sustainable energy, Eni has developed an innovative business and financial model that allows us to solve the problem of capital allocation, striking the right balance between investments and returns. The satellite business model envisages the creation of dedicated companies capable of independently accessing capital markets to finance their growth and able to exploit each business fully. These companies can access specialised capital pools, optimising Eni's financial structure while exploiting the technologies, know-how and services that Eni itself offers. In early 2023, Eni Sustainable Mobility became operational, offering progressively decarbonized products and services to reduce Scope 3 emissions in mobility, working alongside Plenitude, focused on increasing renewable capacity and providing decarbonized energy to end custom- ers. With different purposes, the satellite model was applied in some E&P geographic areas, through business combinations that resulted in deconsolidated companies whose significant investments are financed auton- omously, freeing up financial re-

We strongly believe in technological innovation as a driver to achieve our short-, medium- and long-term goals: proprietary technologies matured within traditional businesses and breakthrough technologies play a central role in Eni's decarbonization strate- gy. Among the former, Ecofining technology allows us to produce biofuels from biological origin waste and raw materials that do not compete with food use. In contrast, reservoir and storage technologies are used in synergy with depleted oil fields to develop effective CO2 capture and storage solutions. In addition, we connected the first system for generating electricity from wave power, another potentially inexhaustible energy source, to the island of Pantelleria's electricity grid. Finally, we have increased efforts to accelerate the development of breakthrough technologies such as fusion, whose implementation and penetration, in the long run, could reshape energy paradigms globally, providing vast amounts of safe, potentially inexhaustible and zero-emission energy. In March 2023, we signed a new cooperation agreement with Commonwealth Fusion Systems (CFS), a spin-out of the Massachusetts Institute of Technology (MIT), to accelerate the industrialisation of fusion ener- gy. CFS, where Eni is a strategic shareholder, is working to have the first pilot reactor capable of generating energy from fusion operational as early as 2025, with

1. view to the first grid-connected industrial plant planned for early next decade.
   In the transformation path that Eni has undertaken, the UN Sus- tainable Development Goals are an important reference for con- ducting activities in the Countries where it operates for integrating principles and values into its gov-

ness, for example, embodies the fundamental pillars of Eni sus- tainability: an energy transition with a strong innovative component combined with a strong focus for the social dimension. With this in mind, Eni is working to ensure that the decarbonization process offers opportunities to convert existing activities and develop new production supply chains with significant opportunities in the Countries where it operates. In 2022, the first cargo of vegetable oil produced in Ken- ya not competing with the food production chain, from waste and raw materials produced on degraded land, was delivered to Eni's biorefining plants, with substantial positive impacts on employment and local development. The model will be replicated in other Countries and is accompanied by

1. capacity-buildinginitiative, car- ried out with IRENA, to train civil servants in the same Countries on the opportunities of developing a biofuel supply chain.
   Through alliances for develop- ment, we also carry out local de- velopment projects in the Coun- tries where we operate to help provide access to energy, edu- cation and health and promote economic diversification. Among the initiatives implemented in 2022 to support the Just Tran- sition are those in Côte d'Ivoire, Mozambique and Ghana to facil- itate access to clean cooking. In Côte d'Ivoire, more than 20,000 cookstoves were distributed in just six months, reaching more than 100,000 people. Eni has promoted the right to education in Congo, Ghana, Iraq, Mexico, Mozambique, and Egypt, where Eni opened the Zohr Applied Technology School, intending to significantly increase the number of young people with appropriate technical and professional skills in the energy and technology

signed to strengthen collaboration in areas of common interest, such as economic diversification and renewable energy, in line with SDG 9 (Industry, Innovation and Infrastructure).

To protect and respect human rights, we promote a structured and rigorous approach, constantly monitoring activities and projects to assess their impacts and outcomes in line with the highest standards. Among them, the Guiding Principles on Business and Human Rights (UNGPs), the 10 Principles of the Global Compact and the OECD Guidelines for Multinational Enterprises are vital references to guide our business and corporate practices.

In managing the difficult challenges that Eni faces, we keep our priorities firmly on track with an ongoing commitment to protecting the health and safety of our people, safeguarding the integrity of our assets, and protecting the environment, biodiversity and water resources. We value a culture of diversity and inclusion as a strength for addressing change and are committed to promoting gender equality and women's empowerment in the workplace and communities.

The success of our strategy can only be achieved with the collaboration of our stakeholders, from private, public, international and civil society organisations to research institutes. More than ever, there is a need to pool resources and human capital with a broad view to align on common goals to reduce geographical gaps and promote global human progress.

Claudio Descalzi

Chief Executive Officer

6	ENI FOR 2022 A JUST TRANSITION	HOME	INTRODUCTION	CARBON NEUTRALITY		OPERATIONAL EXCELLENCE		ALLIANCES FOR DEVELOPMENT	7

Eni in the world

Eni is an integrated energy company with a global presence, employing over 32,000 people, that aims to achieve Carbon Neutrality by 2050 satisfying the three fundamental energy goals: environmental sustainabil- ity, energy security and accessibility. Beyond environmental sustainability, Eni's commitment to a socially just and equitable energy transition, as stated in the Company's Mission, includes concrete actions to promote access to efficient and sustainable energy for all, reducing emissions related to its activities and to the whole supply chain of energy products sold, focusing on innovative and proprietary technological solutions, diversifying energy sources and creating at the same time long-term shared value.

The path towards a Just Transition starts with a strong commitment from top management, but it necessarily requires the involvement of every Eni person in the world through the constant dissemination of strong values related to ethical and a socially Just Transition.

AMERICAS

1. COUNTRY

EUROPE

1. COUNTRY

10

19

10

ASIA AND OCEANIA

19 COUNTRY

14

6

9

2

AFRICA

13 COUNTRY

13

3

7

62

Countries of presence

€164 mln

total expenditure on Research and Development

29.9 mln

tonnes of CO2eq. Net Carbon Footprint Eni (Scope 1+2)

1,796

persons hired

90%

reuse of freshwater

ENI'S ACTIVITIES IN THE WORLD

EXPLORATION & PRODUCTION

GLOBAL GAS & LNG PORTFOLIO

REFINING & MARKETING AND CHEMICALS

PLENITUDE & POWER

AMERICAS

EUROPE

AFRICA

ASIA AND OCEANIA

ARGENTINA

ALBANIA

GREECE

SLOVENIA

ALGERIA

KENYA

AUSTRALIA

QATAR

BRAZIL

AUSTRIA

HUNGARY

SPAIN

ANGOLA

LIBYA

BAHRAIN

RUSSIA

CANADA

BELGIUM

ITALY

SWEDEN

CONGO

MOROCCO

CHINA

SAUDI ARABIA

ECUADOR

CYPRUS

NORWAY

SWITZERLAND

EGYPT

MOZAMBIQUE

INDIA

SINGAPORE

MEXICO

CZECH REPUBLIC

POLAND

THE NETHERLANDS

GABON

NIGERIA

INDONESIA

SOUTH KOREA

THE UNITED STATES

DENMARK

PORTUGAL

THE UNITED KINGDOM

GHANA

TUNISIA

IRAQ

THEUNITEDARABEMIRATES

VENEZUELA

FRANCE

ROMANIA

TURKEY

IVORY COAST

JAPAN

TIMOR LESTE

GERMANY

SLOVACK REPUBLIC

KAZAKHSTAN

TURKMENISTAN

LEBANON

VIETNAM

OMAN