Climate change

Climate change is mainly referred to the increase in the average temperature of the atmosphere and oceans, this is caused by the accumulation of greenhouse gases in the atmosphere. Its impact is already having consequences and repercussions not only on the planet's ecosystem, but also on economic and social dynamics.

Scientists and governments are aligned in supporting the need to mitigate environmental impacts to reduce climate impacts and support the transition to a lower emission future.

In this context in Intesa Sanpaolo we are aware that we have a key role to play and a strong responsibility on the issue of climate change because we have the possibility of directing loans and investments towards companies that are virtuous from an environmental point of view, assisting our customers in taking more resilient choices in respect to the consequences on the environment and operating with a view toward raising awareness and risks containment.

Since October 2018, we have decided to support the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and so we commit ourselves on a voluntary basis to the dissemination of transparent reporting on climate change risks and opportunities, so to include, within the framework of the financial information for stakeholders, the main climate-related communications.

We are active in promoting renewable energy, energy efficiency and the circular business model supporting its development and the different customer segments, committed to reducing their environmental footprint, by promoting green products and services offered by the commercial network in Italy and abroad. Particular attention is also paid to the impacts generated by customers and suppliers, contributing to the spread of procedures and virtuous behaviors that benefit the environment.

The commitment is confirmed by the 2018-2021 Business Plan, with objectives that relate to supporting the production system from an environmental perspective, such as the specific credit plafond of up to 6 billion euro aimed at companies adopting the circular model.
In addition, in January 2020, in the context of the European Green Deal, Intesa Sanpaolo stated its willingness to make available 50 billion euro loans in the coming years in Italy. 
In 2020, the Group's disbursements for the Green and Circular Economy totaled approximately 2.5 billion euro, equal to 2.9% of all Group's loans.
Intesa Sanpaolo has also adopted Guidelines for the governance of environmental social and governance risks regarding lending operations which determine the general criteria for excluding financing of companies or projects with particularly relevant environmental, social and governance impacts, and list sectors deemed as "sensitive". This framework will be followed by specific exclusion policies and criteria. Currently we have adopted the Rules for the coal sector and the Rules for lending operations in the oil & gas unconventional sector.

As regards direct impacts, the Intesa Sanpaolo Group Environmental Plan - Climate Change Action Plan - identifies mid and long-term objectives for reducing CO2 emissions and increasing energy consumption and production from renewable sources. 

The goals for 2022 include a reduction of 37% in absolute emissions connected with energy consumption (direct and indirect) compared with 2012. A reduction of 43% was recorded in 2012-2020 but this was influenced by the effect of the COVID-19  emergency on energy consumption. The Plan also includes objectives related to consumption and energy production from renewable sources. In particular: 
• an increase in the use of renewable energy sources, from 76% at the end of 2012 to 81% by the end of 2022; In 2020 electricity consumption from renewable sources exceeded 84%;
• the maintenance of electricity production levels from photovoltaic energy, taking account of the restrictions and characteristics of the real estate assets. Once again, over 1,000 MWh was produced in 2020.

Finally, in accordance with the international climate change agreements, long-term targets for 2037 have been set and more specifically, as a continuation of the mid-term goal for 2022, the aim is to reduce direct and indirect emissions (Market-based) by 43% compared to 2012.

Following the integration of UBI in the Group, the Climate Change Action Plan was updated in 2020 with the revision of the 2012 baseline and also confirming the medium- and long-term emission reduction goals established by the original Plan within the new corporate structure. In addition, with regard to renewable energy a new goal of purchasing 89% of electricity from renewable sources by 2022 was established. In 2020 electricity purchased from renewable sources already amounted to 88%.

In October 2021 the Bank approved the commitment to a net zero emissions target by 2050 and joining the Net-Zero Banking Alliance (NZBA) and in November 2021 the Bank joined, through Eurizon Capital SGR, Fideuram Asset Management SGR and Fideuram Asset Management Ireland the Net Zero Asset Managers Initiative (NZAMI). In December 2021 Intesa Sanpaolo has completed the Group’s main Business Units’ commitment to net zero emissions by 2050, through the adhesion, through the Intesa Sanpaolo Vita Insurance Group, to the Net Zero Asset Owner Alliance (NZAOA) and the Net Zero Insurance Alliance (NZIA).

Our commitment and the projects aimed at reducing the emissions generated and the objectives for the future are accurately monitored and reported through the key stakeholder communication tools: Consolidated Non-Financial Statement , CDP reporting, TCFD Report.

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