By Nathan Allen

Eni SpA (ENI.MI) has set a target for its upstream business to generate net zero direct carbon dioxide emissions by 2030, it said Friday.

Over the next four years, Eni plans to invest 3 billion euros ($3.39 billion) in its decarbonization strategy, which includes planting large forests to absorb 20 million tonnes of CO2 a year.

The company also plans to increase its investment in renewable energy and cut down on flaring, the practice by which natural gas is burned off during the extraction of oil.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 15, 2019 07:40 ET (11:40 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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