Yahoo Finance Eni (E) Launches Major Forest Conservation Project in Mozambique
Eni SpA E, in partnership with Biocarbon Partners (“BCP”), an African organization, has initiated the Great Limpopo project in a move to combat deforestation and preserve biodiversity. This ambitious project marks the largest forest protection initiative undertaken in Mozambique and the first to receive a REDD+ license from the Mozambican authorities.
Eni has been active in Mozambique since 2006, engaging in a range of activities from hydrocarbon production through the Coral South project to initiatives promoting the country’s energy transition.
The Great Limpopo project, developed in accordance with the United Nations' REDD+ framework, is aimed to safeguard up to 4 million hectares of forest across the provinces of Manica, Sofala, Inhambane and Gaza.
Conservation and Community Engagement
Designed in collaboration with both national and provincial Mozambican institutions, as well as local community leaders, the project is tailored to address the specific needs of the regions involved. It is also aimed at reducing forest loss through active community participation in forest management. By promoting climate-smart agricultural practices and creating economic opportunities, the initiative is expected to involve more than 320,000 people. The project is also targeted to preserve and restore biodiversity by linking major National Parks in Mozambique and South Africa with communal forest areas, creating natural wildlife corridors. This initiative is expected to protect endangered species such as elephants, lions, cheetahs and leopards.
Sustainable Financing and Carbon Credits
Eni has committed to ensuring a sustainable financial flow to support community livelihoods through the off-taking of carbon credits generated by the project. Continuous monitoring of the Voluntary Carbon Market should ensure the quality and socio-environmental integrity of these credits. This aligns with Mozambique's national forestry strategy and Eni’s broader net-zero strategy, which aims for carbon neutrality by 2050. By 2050, Eni anticipates carbon credits will constitute 5% of the methods employed to reach carbon neutrality.
Conclusion
The launch of the Great Limpopo Project by Eni and Biocarbon Partners signifies a transformative step in Mozambique's journey toward sustainable forest conservation and biodiversity protection. By integrating community involvement, financial sustainability, and innovative conservation strategies, this initiative is not only aimed to curb deforestation but also enhance the livelihoods of local populations. As the first project to receive a REDD+ license in Mozambique, it sets a benchmark for future environmental efforts in the region. Eni and BCP's collaboration demonstrates the power of collective action in addressing global environmental challenges and striving for a carbon-neutral future.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, Sunoco LP SUN and SM Energy Company SM, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Eni SpA (E) : Free Stock Analysis Report
Sunoco LP (SUN) : Free Stock Analysis Report
SM Energy Company (SM) : Free Stock Analysis Report
Archrock, Inc. (AROC) : Free Stock Analysis Report
