The Transition Plan, approved by Snam’s Board of Directors, outlines the goals, actions and resources that the company will implement towards a low-carbon economic system, supported by clear governance, with actionable initiatives on emissions containment and biodiversity and the growing role of sustainable finance. Key targets include Net Positive Impact on nature by 2027, 52% of investments aligned with the EU taxonomy by 2032 and carbon neutrality by 2040. Snam’s assets are highly resilient on the path to Net Zero and beyond, and are essential for the transition to carbon neutrality, especially for the energy and hard-to-abate sectors.
Chairman Monica de Virgiliis and CEO Stefano Venier present Snam’s first Transition Plan , a transparent roadmap to clearly and systematically outline the objectives for 2050, and the related actions and resources to support the Group’s energy transition and the country’s decarbonisation.
The Transition Plan, approved by the Board of Directors, highlights Snam's commitment to decarbonisation and improving biodiversity , in line with the company's strategy and investment profile. The document will be constantly updated to reflect the evolution of the energy system, including technological innovation and the results achieved during this journey.
“Snam’s first Transition Plan provides a comprehensive set of initiatives, metrics and KPIs to support a credible transition to Net Zero by 2050 ,” said CEO Stefano Venier . “ In the complex journey to Net Zero, this is the right time to act through a comprehensive sustainability roadmap with a solid and reliable path to Net Zero emissions and a positive impact on nature. An increasing share of sustainable finance will help us achieve our ambitious decarbonisation targets.”
The document is based on long-term energy scenarios that represent the most up-to-date evolution of Italian energy demand, in line with those developed jointly with the Italian electricity transport operator, the National Integrated Plan for Energy and Climate (PNIEC) 2024 and European scenarios in the sector, such as those developed by continental network operators (ENTSOs). These references establish the context in which Snam will operate by 2040, extending the time frame, for the first time, up to 2050, to complete the transition path to Net Zero.
A thorough risk assessment across all scenarios confirms the resilience of Snam’s multi-molecule business model, which is primarily based on the use and physical risk exposure of assets along the entire pipeline to 2050 and beyond: only 1% of pipelines are at risk of under-utilization until 2040 and less than 10% in 2050. Regulation, the critical role of assets and the opportunities for their repurposing , combined with Italy’s position at the crossroads of energy flows to Europe, support Snam’s vision of becoming a pan-European multi-molecule operator in the long term.
All investments in network development are subject to cost-benefit analyses required by the regulator and, in many cases, public consultation to ensure they are necessary and in the best interests of the system.
Snam’s path to Net Zero will be based on two main pillars: reducing emissions and minimising the impact on biodiversity. As part of its climate strategy , Snam is firmly committed to achieving carbon neutrality by 2040 (for scope 1 and 2 emissions) and Net Zero for all emissions, including scope 3, by 2050. CO2 emissions have already decreased by 10% compared to 2022, while a reduction of around 20% is expected for 2024; In line with this path, Snam is committed to achieving -25% by 2027, -40% by 2030 and -50% by 2032. Reducing methane emissions is also a key priority: Snam has already recorded a reduction of -57.5% in 2023 compared to 2015 and is already working on the next objectives: -64.5% by 2027, -70% by 2030 and -72% by 2032.
Regarding biodiversity , Snam is committed to achieving Zero Net Conversion this year and to generating a positive impact on nature by 2027, which includes the complete restoration of vegetation and landscape ex ante combined with defined policies on land, water and waste management.
Snam is also committed to the decarbonisation of the energy system , leveraging its key role in the development of transition activities: biomethane, hydrogen, carbon capture and storage and energy efficiency. These efforts are supported by a solid investment programme of €26 billion for the period 2023-2032. The first part from 2023 to 2027, with €11.5 billion (net of public funding), is focused on maintaining the reliability and resilience of assets worldwide, combined with the simultaneous reduction of their carbon footprint. In the long term (2028-2032) , overall investment opportunities will amount to €14.5 billion (net of public funding) to support the evolution of the energy system, including the repurposing of existing infrastructures towards a multi-molecule system. In particular, the scale-up of the H2 backbone and the Ravenna CCS project , together with the acceleration of the development of dual-fuel compressor stations, will lead to a significant increase in EU taxonomy-aligned capex from 37% (2023-2027) to 52% (2028-2032).
Sustainable finance will support Snam's broader strategy and transition efforts, in line with the Group's sustainability objectives, increasing from 40% of total committed financing in 2020 to approximately 80% in 2023. The share of sustainable finance will further increase to 85% by 2027. Snam's sustainability-linked instruments adjust their financial characteristics depending on whether certain Sustainability KPIs, predefined at the subscription stage, are achieved or not by a set date, thus strengthening the company's commitment to achieving its decarbonisation targets: over 50% of sustainable financing is now linked to emissions reduction indicators , further confirming Snam's broader commitment to sustainability.
The plan is supported by active third-party engagement and ongoing dialogue with all stakeholders, supported by solid oversight of climate commitments and a robust governance system , which since 2021 incorporates the energy transition into the company statute and establishes, among other things, a remuneration policy consistent with sustainability objectives, promoting systematic stakeholder engagement, with particular reference to the financial community.
