Italian oil giant Eni has launched a new renewable energy-focused business aiming to take the lead in the energy transition period.

The new corporate structure will introduce two different groups, which will work together to help the business achieve growth objectives and environmental sustainability – the first, ‘Natural Resources’, will develop the oil and gas portfolio sustainably promoting energy efficiency and carbon capture.

The second one, named ‘Energy Evolution’, will be dedicated to supporting the evolution of the company’s power generation, product transformation and marketing from fossil to bio, blue and green products.

Eni’s Chief Executive Officer Claudio Descalzi said: “This new structure reflects Eni’s pivot to the energy transition. An irreversible path that will make us leaders in decarbonised energy products.

“The fight against climate change and promotion of sustainable development is recognised by governments, civil society, investors and business alike as priorities for global development. Only those who pursue these in an innovative way will create value in the long term.”