Italian energy group Eni said on Aug. 5 it has reached an agreement with Taiwan's CPC Corp. for the delivery of a carbon-neutral LNG cargo to CPC Corp. at the Yung An receiving terminal in Taiwan.
The LNG will be sourced from the Bontang liquefaction terminal in Indonesia as part of Eni's contract with Eni Muara Bakau BV, a joint venture operated by Eni which owns and operates the Jangkrik gas field, the company said in the release.
"As part of the transaction, the overall GHG (greenhouse gas) emissions related to the entire value chain of the LNG cargo, including gas production, transmission, liquefaction, shipping, regasification, distribution and end use, will be offset through the retirement of high-quality, nature-based credits," it said.
The cargo will be certified as carbon neutral according to the internationally recognized 'PAS 2060' standard, Eni added.
The agreement is part of Eni's decarbonization strategy under which it aims to achieve full carbon neutrality in its products and operations by 2050.
Eni, which makes most of its earnings from oil and gas, plans to reach that goal through more output from bio-refineries, higher renewable capacity, forestry initiatives, carbon capture and other projects.
The U.N. body hopes the revisions encourage their 194 member countries toward actions that slash fossil fuel emissions.
The U.S. District Court for the District of Columbia revoked a key environmental permit for the largest pipeline out of the North Dakota oil basin last year and ordered the study.
The funding would help achieve a global goal set more than a decade ago of $100 billion per year to support climate action in vulnerable countries by 2020.