INTESA SANPAOLO APPROVES A COAL SECTOR POLICY
Milan, 19 May 2020 – Intesa Sanpaolo announces that it has issued a policy that defines limitations and exclusion criteria with reference to credit operations in the coal sector for the Group. The policy applies to lending operations provided by the Group, in all the countries where it operates, in the sectors of thermal coal mining and Coal Fired Power Plants (CFPPs).
With the policy Intesa Sanpaolo wants to support its customers that are shifting away from the use of coal for energy production (phase-out) and to encourage the transition to low carbon alternatives (e.g. renewables and gas).
Intesa Sanpaolo will continue to finance companies that demonstrate a documented medium/long-term strategy for the progressive reduction of the use of coal or request financing directly related to coal transition objectives, for example in the form of “green loan”, “sustainable loan” or “transition loan”.
The commitment of Intesa Sanpaolo for the sustainable development is recognised by its positioning in the main social and environmental sustainability indices and rankings: Intesa Sanpaolo is the only Italian bank included in the Dow Jones Sustainability Indices, in the CDP Climate A List and in the Corporate Knights ranking of the world’s 100 most sustainable companies.
All the details of the Group’s ESG (environmental, social, governance) performance are published in the “2019 Consolidated Non-Financial Statement”, available in the Sustainability section of Intesa Sanpaolo Group's website.
A summary of the policy is available on the Group’s website (link).
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About Intesa Sanpaolo
Intesa Sanpaolo is one of the most solid and profitable banks in Europe, providing wealth management, consumer banking, corporate and investment banking, asset management and insurance. As the market leader in Italy, Intesa Sanpaolo serves nearly 12 million customers through digital and traditional channels. The Group’s international subsidiary banks provide for an additional 7.2 million customers in Central Eastern Europe, the Middle East and North Africa. Intesa Sanpaolo is recognized as one of the most sustainable banks in the world.
The Group believes that value creation should be interpreted broadly, supporting social purpose and driving the real economy. As part of its commitment to sustainable growth, Intesa Sanpaolo has created a €5 billion plafond dedicated to the circular economy. The Group’s large-scale project for economic inclusion and poverty alleviation includes a Fund for Impact to provide €1.2 billion in loans to those parts of society that find access to credit difficult. Intesa Sanpaolo is deeply committed to cultural initiatives that it promotes on its own and together with partners in Italy and abroad, including permanent and temporary exhibits of the vast artistic patrimony at the Gallerie d’Italia, the Group’s three museums located in Milan, Naples and Vicenza.
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Last updated 19 May 2020 at 09:52