INTESA SANPAOLO EXTENDS THE CIRCULAR ECONOMY FUND TO THE UBI NETWORK
- The fund increases from 5 to 6 billion euro, 1 billion euro of which exclusively for UBI customers
- Over 1 billion euro has already been disbursed to support 119 innovative projects
Milan, 7 October 2020 - Intesa Sanpaolo is extending access to the circular economy fund to the UBI network. The fund is open to companies of all sizes that plan to adopt the principles of the circular economy, a new economic and production model that aims to decouple development from the exploitation of nonrenewable natural resources and to redesign how business is done.
The amount allocated to the fund in the 2018-2021 business plan was increased from 5 billion euro to 6 billion euro. The additional billion is reserved for UBI customers who will now have access to credit lines at favourable conditions to finance their circular economy projects.
Intesa Sanpaolo Innovation Center - the Group company dedicated to the study of new business models, the acceleration of innovation in businesses and the monitoring of activities in the circular economy - will evaluate the projects of UBI's customers based on criteria established with the Ellen MacArthur Foundation, an organisation that is a world leader in promoting the circular economy, in which Intesa Sanpaolo became the first financial services global partner in 2015. Since 2018, Intesa Sanpaolo has disbursed over one billion euro from the circular economy fund to support 119 innovative projects.
Along with contributing to environmental and social improvement within the contexts in which they operate and, more broadly, throughout the planet, the companies that choose the circular economic and production model can count on a new and effective source of competitive leverage and on the opportunities offered by the funds provided by the European Union's Green Deal under the Next Generation EU recovery package.
Intesa Sanpaolo is one of the most sustainable banks in the world, featuring in all the leading sustainability indices. This background and the powerful drive towards innovation form the basis of a commitment to the circular economy. In 2018, the Bank worked alongside Fondazione Cariplo to create the first Italian circular economy laboratory - the Milan-based Circular Economy Lab (CE Lab) dedicated to encouraging the use of open innovation in circular economy initiatives for businesses and startups.
The extension of the circular economy fund follows other initiatives that Intesa Sanpaolo has chosen to make immediately available to UBI customers and is one of the measures already underway to support the Italian economy, businesses and households in 2020.
Intesa Sanpaolo is one of the soundest and most profitable banks in Europe. It offers commercial, corporate investment banking, asset management and insurance services. It is the leading Bank in Italy, with approximately 11.8 million customers who are assisted through both digital and traditional channels. The Group’s international subsidiary banks serve 7.2 million customers across Eastern Europe, the Middle East and North Africa. Intesa Sanpaolo is considered one of the most sustainable banks in the world. For the Group, creating value means being a driver for growth, for the benefit of both society and the economy. As regards the environment, the Group has set up a 5-billion-euro fund for the circular economy. Intesa Sanpaolo supports major economic inclusion and poverty reduction projects, including an impact fund of 1.2 billion euro for loans available to social groups who struggle to access credit. Intesa Sanpaolo has a high level of involvement in cultural initiatives, organised by the Bank or in collaboration with other entities in Italy and further afield. These include permanent and temporary exhibitions showcasing the Bank’s impressive artistic heritage at the Gallerie d’Italia, the Group’s museums located in Milan, Naples, Vicenza and soon Turin.
Last updated 7 October 2020 at 12:04