BlackRock acquires stake in Eni’s carbon capture platform

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🗞️ Driving the news: BlackRock’s Global Infrastructure Partners (GIP) has acquired a 49.99% co-control stake in Eni CCUS Holding, the carbon capture, utilization and storage (CCUS) business of Italian energy major Eni
• The transaction marks a significant investment in carbon management infrastructure, as both firms aim to fast-track the deployment of large-scale European decarbonization projects targeting industrial emissions

🔭 The context: This move follows Eni’s broader “satellite model,” in which the company attracts external capital to scale energy transition ventures while preserving free cash flow from legacy operations
• Eni CCUS Holding oversees several major projects across Europe, including the HyNet-linked Liverpool Bay and Bacton hubs in the UK (each targeting 10 Mt CO₂/year by 2030), the 5 Mt CO₂/year L10 project in the Netherlands, and rights to the Ravenna CCS initiative in Italy
• BlackRock acquired GIP in 2024, aligning with its growing emphasis on infrastructure tied to climate resilience and energy security

🌍 Why it matters for the planet: Carbon capture is a critical component of net zero strategies, particularly for hard-to-abate sectors like cement, steel, and chemicals
• This partnership reinforces confidence in CCUS as an investable, scalable solution for industrial decarbonization
• However, CCUS still faces public scrutiny over cost, permanence, and potential use in extending fossil fuel operations
• Transparency and robust governance will be key to ensuring environmental integrity

⏭️ What's next: Eni and GIP plan to accelerate the development of their current CCUS portfolio while exploring the integration of additional assets into a broader European platform
• The partnership is expected to play a strategic role in building shared infrastructure for emissions reduction in industrial clusters, with investment timelines aligned to the 2030 decarbonization targets under EU climate policy
• Regulatory support and demand for credible carbon storage services will be key enablers

💬 One quote: “We are excited to partner with Eni… to help accelerate the deployment of CCUS solutions at meaningful scale,” — Bayo Ogunlesi, Chairman and CEO, GIP (BlackRock)

📈 One stat: The Liverpool Bay and Bacton projects under Eni CCUS Holding each aim to capture and store 10 million tonnes of CO₂ annually by 2030

See on illuminem's Data Hub™ the sustainability performance of Eni, and BlackRock

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