Intesa Sanpaolo phases out lending to coal and unconventional oil & gas sectors
Intesa Sanpaolo will provide no new financing to the coal mining or unconventional oil & gas sectors. All existing financing to these sectors will be phased out by 2025 in the case of coal and by 2030 for unconventional oil & gas, such as shale oil and tar sands. These are the main updates in the Group’s newly revised lending rules.
The policies also exclude exploration and extraction in geographical areas characterized by fragile ecosystems, such as the Arctic or the Amazon Sacred Headwaters.
The policies apply to all Intesa Sanpaolo Group companies and in all countries in which they operate. The new measures are intended to promote the fight against climate change.
Intesa Sanpaolo will support companies in the transition to a low-carbon economy, providing financing for renewable energy through instruments such as green loans, sustainable loans, transition loans and acquisition/project transition financing.
Intesa Sanpaolo is included in the main international sustainability indexes. It is the only Italian bank included in the Dow Jones Sustainability Indices and in the 2021 Corporate Knights “Global 100 Most Sustainable Corporations in the World Index”. It also ranks first among European banks in two of the main international ESG assessments: MSCI and Bloomberg ESG Disclosure Score.
A summary of the Bank’s policies and the Consolidated Non-financial Statement are available here.
Last updated 27 July 2021 at 17:35:35