Eni plans to invest €1.2 billion in capital expenditure (Capex) between 2018 and 2021 to meet its new targets, with at least a further €600 million invested on wider decarbonisation plans, it added.
The company operates oil and gas projects around the world, including in Europe, South America, Africa and Asia, but highlighted the need for renewables growth in its 2018-2021 strategy.
"The contribution of renewables will grow thanks to a distinctive model based on an integrated approach with the other business, investing about €1.2 billion for the development of 1GW of new capacity by 2021, ensuring a yield of around 10%," Eni CEO Claudio Descalzi said.
Eni added that the company will also spend more than €1.8 billion in total between 2018 and 2021 on a decarbonisation plan.
Descalzi said: "We have a clear decarbonisation strategy that is based on four main drivers: the reduction of direct greenhouse gas (GHG) emissions in all our activities, a low-cost and low-carbon portfolio, the development of projects in the fields of renewables, and investment in R&D (research and development)."
It had previously identified a 463MW pipeline of solar PV and concentrated solar power (CSP) as part of its 2017-2020 plan, but none of these projects have yet been completed.
Eni had signed a framework deal with GE in 2016 to develop renewable energy projects, including onshore and offshore wind, but to-date has no wind power projects installed.