Sustainable investments and insurance

Sustainabiliy-conscious investments

The global financial system can decisively influence the future of the planet, directing capital flows towards sustainable activities to create an economy that respects the climate and the environment.

The Intesa Sanpaolo Group, a conscious interpreter of the change underway, has integrated ESG factors into its investment process in the belief that these elements, in addition to fostering sustainable economic and social development, can contribute positively to the financial results of customer portfolios, whilr reducing the risks.

With the 2022-2025 Business Plan, the Group aims to be a leader in Wealth Management, Protection & Advisory, with a strong commitment to the ESG field. It has declared among its objectives the expansion of the offer of sustainability-conscious products in asset management, its objective is the further development of Eurizon's proprietary ESG scoring and the development by Fideuram of consultancy services with an ESG focus.



>400 ESG Funds1

>€182 bn assets of ESG Funds1 
>€136 bn in 2022

Eurizon Capital SGR SpA

The Group's asset management company offers investors a wide and diversified range of funds that integrate the consideration of sustainability risks into investment choices.
In 2023, Eurizon updated its Sustainability Policy by refining the ESG / SRI strategies adopted by the products and providing specific negative selection criteria (exclusion criteria), positive selection (integration of ESG factors) and commitment strategies. In particular, the methodology for verifying good governance practices by investees has been strengthened and the proprietary Eurizon ESG Score has also been extended to government issuers.

As an adherent of the Stewardship Principles for the exercise of administrative and voting rights in listed companies, the SGR pays particular attention to the policies implemented by issuers, stimulating discussion with the companies in which it invests through engagement activities, aware of the effectiveness of the active shareholding tool. In 2023, approximately half of the companies covered in engagement on ESG issues.



306 ESG products1


228 engagements on ESG issues
(40%of the engagements carried out in the period)


165 companies with engagement on ESG issues

Eurizon’s Net-Zero commitment

In November 2021 Eurizon joined the Net Zero Asset Managers Initiative (NZAMI), committing, among other things, to collaborate with the companies in which it invests on concrete decarbonisation objectives, and in October 2022 it published its intermediate targets for 2030. In 2022 the engagement activity began with the aim of contacting 155 companies by 2030, selected taking into consideration various factors, including the current level of carbon emissions, the estimated level for the future, the jurisdiction and the progress made in reference to the set decarbonisation objectives.

In 2023, in light of the continuous commitment towards the Net-Zero targets subscribed and published, Eurizon launched the third edition of the Eurizon Step 50 Net Zero Objective Fund, which, like the two previous ones in 2022, invests in global companies committed to achieving the Net Zero goal by 2050.

The Green Bonds Impact Report

In May 2023, the SGR drew up the Green Bonds Impact Report in reference to the Eurizon Fund Absolute Green Bonds and Eurizon Fund Green Euro Credit sub-funds for the analysis period (1 January 2022 – 31 December 2022), which illustrates the results of the Quantitative impact analysis and contribution to the United Nations SDGs.


837 Megawatt/hour of renewable energy produced 
obtained for every million euros invested for Eurizon Fund Absolute Green Bonds


1,478,928 liters of water saved or purified 
for every million euros invested for Eurizon Fund Absolute Green Bonds


749 tons of CO2 reduced
for every million euro invested for Eurizon Fund Absolute Green Bonds


1,056 Megawatt/hour of renewable energy produced
obtained for every million euro invested for the Eurizon Fund Green Euro Credit fund


1,600,737 liters of water saved or purified
for every million euro invested for Eurizon Fund Absolute Green Bonds


717 tons of CO2 reduced
for every million euro invested for Eurizon Fund Absolute Green Bonds

Fideuram - Intesa Sanpaolo Private Banking

With the aim of outlining an approach aimed not only at orientation towards sustainability-conscious and responsible investments (SRI), but also at the integration of environmental, social and governance factors, the Division's product companies have adopted the Investment Policies Sustainable and Responsible. The policies involve all collaborators and are applied in company activities and investment processes. During 2023, some updates to the Sustainable and Responsible Investment Policies were carried out by Fideuram Asset Management SGR and Fideuram Asset Management (Ireland) dac, both through the inclusion of further exclusion criteria in the selection of financial instruments and through the strengthening of the concept of good governance of investee companies in compliance with the SFDR Regulation, verifying the presence of a minimum set of requirements in reference to the management structure, relations with staff and their remuneration and compliance with tax obligations.

Faced with a clientele strongly oriented towards sustainability, as emerges from the analysis of the responses to the Mifid questionnaires, and in line with the Group's objectives, the Division continues the dialogue with its product factories and with third-party partners with the aim of expanding the offer of sustainability-conscious investment solutions available to the Networks' consultants.

Also in 2023, the new offer was strongly focused on solutions that reflected the criteria adopted by the Division on ESG issues with an incidence of over 80% of the products pursuant to the articles. 8 and 9 SFDR on the total new products. Among the new features, which concerned the different product families (traditional and alternative funds, asset management, insurance investment products and placement of administered savings products):

- Willerfunds Private Suite, 5 new segments of the Fideuram Asset Management (Ireland) vehicle dedicated to the Intesa Sanpaolo Private Banking (ISPB) Network, created with leading international asset managers, of which 4 promote environmental and/or social characteristics (art.8 SFDR) and 1 with sustainable investment objectives (art.9 SFDR);

- FAI Progetto Italia II, created by Fideuram Asset Management SGR in collaboration with Eurizon Capital Real Asset SGR S.p.A. (ECRA), which allows you to invest in selected Italian companies and benefit from the tax incentives provided by the legislation on Alternative PIRs, with a strategy that integrates sustainability criteria and risks into the investment policy and is classified pursuant to art.8 SFDR.

In line with the objective declared in the 2022-2025 Business Plan relating to the development of dedicated ESG consultancy services, also during 2023 Fideuram integrated its service model based on personalized consultancy to manage the sustainability preferences of its clients. Engagement activities aimed at companies also continue to guarantee a sustainable offer and with a view to raising customer awareness on the issues.


97 ESG products (81 in 2022) 
classified pursuant to articles. 8 and 9 of the Sustainable Finance Disclosure Regulation (SFDR)


78 engagement activities on ESG topics
(from FAM – 70% of total engagement activities)


74% companies for which FAM has carried out ESG engagement
out of the total companies subject to engagement


82 engagement activities on ESG topics
(from FAMI – 87% of total engagement activities)


87% companies for which FAM has carried out ESG engagement
out of the total companies subject to engagement

In the area of ​​Asset Management, the Fogli Fideuram range has been enriched with new ESG lines, including Foglio Net-Zero Transition (art. 8 SFDR), and the investable universe of the Mio Foglio ESG has been enriched (art. 8 SFDR), which allows the customer to build his own portfolio starting from a specific list of strategies that present strong ESG characteristics (all classified articles 8 or 9 SFDR) or to use predefined model portfolios ("guided paths") broken down by level of risk and built according to the “High Conviction” approach, linked to the tactical selection of specific ESG themes.

Fideuram’s Net-Zero commitment

Fideuram Asset Management SGR and Fideuram Asset Management Ireland signed up to the Net Zero Asset Managers Initiative (NZAMI) in October 2021 to achieve the goal of halving net greenhouse gas emissions by 2030 and reducing them to zero by 2050 and in October 2022 they published their intermediate targets for 2030.

The ESG Ambassadors

The Private Banking Division has established the role of ESG Ambassadors, currently filled by a group of 34 Private Bankers, selected for an initial pilot phase from among the approximately 6,000 belonging to the Fideuram and Intesa Sanpaolo Private Banking Networks on the basis of their attention to ESG topics.

The ESG Ambassadors are called upon to promote, in their respective territories, the culture of sustainability with a dual purpose: to disseminate ESG issues and sustainable behaviors and to represent a listening point for the needs of customers and Private Bankers.

1 Which promote, among other characteristics, environmental and/or social ones, or which have sustainable investment objectives, classified pursuant to articles. 8 and 9 of the SFDR.