This content is not available in your region

Italy's Snam raises methane-cutting target after revenues jump 15%

Italy's Snam raises methane-cutting target after revenues jump 15%
Italy's Snam raises methane-cutting target after revenues jump 15%   -   Copyright  Thomson Reuters 2021
By Reuters

MILAN – Italian gas group Snam raised a methane-cutting target after posting a 14.9% jump in revenues in the first nine months boosted by higher gas volumes and energy transition business.

Europe’s biggest gas transport group said on Thursday it now aimed to cut methane emissions by 55% by 2025, from 2015 levels, compared to a previous 45%.

Earlier this week at the climate summit in Glasgow more than 100 countries joined a U.S.- and EU-led effort to cut emissions of methane 30% by 2030 from 2020 levels.

In a statement, Snam said revenues in the period of 2.334 billion euros ($2.7 billion) were boosted by higher investments as the amount of gas transported rose on higher demand and colder weather.

“In a moment of high spike and volatility in gas prices and of strain in supplies globally, Snam is increasing its investments to contribute to Italy’s energy security,” Chief Executive Marco Alvera said.

($1 = 0.8636 euros)