Net zero emissions by 2050 and joining the Net-Zero Banking Alliance

Intesa Sanpaolo commits to a target of net zero emissions by 2050, both for its own emissions and those of its loan and investment portfolios, and joins the Net-Zero Banking Alliance (NZBA) to boost the shared effort to combat climate change.

The Net-Zero Banking Alliance (NZBA), under the aegis of the United Nations, brings together banks worldwide committed to the targets set by the Paris Climate Agreement. The Alliance is convened by the United Nations Environment Programme Finance Initiative (UNEP FI), the financial institution section of the United Nations Environment Programme, joined by Intesa Sanpaolo with the subscription to its Principles for Responsible Banking (PRB).

With over 75 members in 35 countries and $54 trillion in total assets, the Net-Zero Banking Alliance represents over a third of global banking assets. It also represents the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy for Climate Action and Finance for COP 26.

Joining the Net-Zero Banking Alliance is fully in line with the sustainability strategy pursued by the Group, committed to also support the ecological transition of businesses: Intesa Sanpaolo will provide around €80 billion for financing green and circular economy initiatives during the course of Italy’s National Recovery and Resilience Plan (NRRP), as well as a €6 billion credit facility dedicated to circular economy projects and a €2 billion facility for S-Loans, loans that reward the achievement of specific sustainability objectives by companies.

“Our Bank ranks very well in the main international indices, confirming our commitment to sustainability. This is a further step that sets new and significant objectives in the environmental transition, an expression of our role - by that I mean of our Group and of our clients - in the collective push against climate change. The "green revolution" referred to in Italy’s Recovery Plan is also an important growth opportunity for the country, by adopting new technological solutions, focusing on intellectual development and increasing investments, elements where we are already well placed. Joining the United Nations Banking Alliance to reach net zero emissions by 2050 isn’t an endpoint in itself; rather it is a significant step along a path that commits Intesa Sanpaolo to new objectives in the fight against climate change.”

Carlo Messina, CEO Intesa Sanpaolo

Intesa Sanpaolo in included in numerous sustainability indices: it is the only Italian bank included in the Dow Jones Sustainability Indices, it is included in the Borsa Italiana MIB ESG Index and in the Global 100 Most Sustainable Corporations in the World Index of Corporate Knights; it also ranks first among European banks in three of the main international ESG assessments: MSCI, Bloomberg ESG Disclosure Score and Sustainalytics.