The whole of Italy has been faced with an unprecedented situation: theCovid-19 health emergency has changed our lives, putting us all to the test. In the face of this challenge, we have joined forces and made our skills available to respond hand in hand with the rest of the country.
During a global emergency such as this, we must mobilise all available resources to overcome the challenge we face. We at Eni are honoured to be able to contribute to trying to find solutions for this challenge for humanity.
We have provided immediate support, drawing on the experience we gained in past pandemics, such as SARS-CoV-1 and Ebola. We have mobilised significant resources in economic terms, and in terms of human and technological capital, to support our country, our people and the communities where Eni operates. We have put in place an extensive series of medical and social activities, launching important initiatives to support local health structures in the places where we operate.
The economic commitment of the many projects, such as being the sole partner of Agostino Gemelli University Policlinic in building its COVID 2 Hospital in Rome (formerly the private Columbus Hospital), has amounted to approximately 35 million euros.
We have also made the HPC5 supercomputer available for research to support the scientific community in fighting the Covid-19 pandemic. In the field of communication, we have financed public information campaigns with the Italian Federation of general practitioners on the role of the family doctor as the primary point of contact in the fight against Covid-19, as well as a campaign to inform the elderly about services available for their daily needs when they were unable to leave their homes for an extended period.
In addition, we have made Doblò Cargo Enjoy available for the delivery of medical equipment donated by Eni to local health authorities and hospitals.
In the Versalis plant in Crescentino (near Vercelli), we have also started production of a new line of hand sanitiser, whose active ingredient is ethanol, obtained from raw vegetable material, to support the still widespread demand in Italy for this personal protective equipment.
2020 will be remembered for the global health crisis caused by Covid-19 and the impact it had on global economies, energy consumption and society as a whole. The deeper effects of this crisis will be even more evident, in particular, in non-OECD countries.
The Covid-19 pandemic touched the lives of all humanity, with far-reaching consequences for economic activity, the freedom of movement of people and the energy sector. The contraction in global oil demand was the highest on record, at around -9%. In the face of market discontinuity on this scale, Eni reacted quickly, demonstrating its ability to find the strength, resources and adaptability to overcome crises in difficult times. During the most acute phase of the downturn, we took decisive steps to strengthen the Company's financial resilience and capital stability by setting clear priorities for cash allocation. We revised our short- to medium-term plans by reducing our cost and investment outlays by €8 billion over the 2020-2021 period, and adapted our production growth profile accordingly.
Despite the major impact of the crisis on our cash income, which contracted significantly compared to forecasts at the beginning of the year, as a result of these actions we managed to generate an adjusted cash flow of €6.7 billion.
In the face of the crisis, we seized the moment to strengthen our climate commitment and our role in a just energy transition. Progressing with the change that began in 2014, we have reinforced the strategy that will allow Eni to achieve full carbon neutrality by 2050.
During the months of the Covid-19 health emergency, Eni never stopped. From those who ensured production plant continuity, to the thousands of staffengagedin smart working, to those who manned our offices, everyone played their part with a huge sense of responsibility. An internal task force worked every day to ensure the safety of people and workplaces and to provide constant and up-to-date information.
We are an energy company. We concretely support a just energy transition, with the objective of preserving our planet and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation, on our unique strengths and skills, on the equal dignity of each person, recognizing diversity as a key value for human development, on the responsibility, integrity and transparency of our actions. We believe in the value of long term partnerships with the countries and communities where we operate, bringing long-lasting prosperity for all. Find out more
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