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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.

The United Nations Climate Change Conference (COP 26), held in Glasgow in November 2021, recognised the importance of a rapid and substantial reduction in greenhouse gas emissions in order to limit global warming to 1.5°C compared to pre-industrial levels, regarded by the experts as the maximum safety threshold to avoid otherwise irreversible consequences.

The European Union has made clear commitments to combating climate change with the aim of reducing emissions by at least 55% by 2030 and making Europe the first climate-neutral continent by 2050.

Intesa Sanpaolo's commitment

In this context, as a financial operator, we are aware that we have a key role in orienting capital towards a sustainable economy in the short and long term, precisely because we generate significant environmental impacts both from our direct activities and from our business; in addition to managing our environmental footprint, we can in fact exert a strong influence on activities and behaviors that we cannot directly control, in particular of customers and suppliers, and facilitate the transition to a low-carbon economy.

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.

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 unconventional oil & gas sector.

 

Net Zero commitment

In 2021 Intesa Sanpaolo underlined the strategic importance of climate change by setting itself the target of achieving net-zero emissions by 2050 in terms of own emissions and in terms of loan and investments portfolios, asset management and insurance, and joining the related initiatives launched by UNEP FI. More specifically, in October 2021 Intesa Sanpaolo joined the Net-Zero Banking Alliance (NZBA); in November 2021 Eurizon Capital SGR, Fideuram Asset Management SGR and Fideuram Asset Management Ireland joined the Net-Zero Asset Managers Initiative (NZAMI); and in December 2021 Intesa Sanpaolo Vita joined the Net-Zero Asset Owner Alliance (NZAOA) and the Net-Zero Insurance Alliance (NZIA).

Confirming its strong commitment to this objective, as part of its 2022-2025 Business Plan and more than one year ahead of the NZBA deadline, Intesa Sanpaolo presented its net-zero aligned emissions reduction targets for 2030 in the oil&gas, power generation, automotive and coal mining sectors1, which represent over 60% of the non-financial corporates portfolio financed emissions in the sectors identified by the NZBA.

With regard to coal mining in particular, the exposure target is zero by 2025, in line with the phase-out present in the “Rules for lending operations in the coal sector”, updated in July 2021. 

The table below provides details on the metrics applied, the baseline and the 2030 goal for each target sector.

With reference to own emissions, in addition to having already obtained a reduction of 60% in 2020 compared to 2008 levels, within the 2022-2025 Business Plan, the bank has set itself the goal of achieving net zero emissions already in 2030 with 100% of electricity purchased from renewable sources at Group level (level already reached in branches and buildings based in Italy in 2021).

Sector and Scope

Metriche
Baseline (2019)*
Target (2030)**
Oil&gas*** (Scope 1,2,3)
gCO2e/MJ
64 52-58
Power generation (Scope 1,2)
kgCO2e/MWh
214 110
Automotive (Scope 3)
gCO2e/km
162 95
Coal mining
(exclusion policy)
€ bn exposure
0.2 zero by 2025

* Portfolio composition as of 30/06/2021; latest available emissions data as of FY19. 
** Targets may be updated over time following the evolution of the emission calculation methodology, the regular updates required by NZBA, “Science Based Target initiative” (SBTi, described below) and any issuance of new external guidelines. 
*** The Group already has a policy in place to phase out unconventional oil&gas by 2030.

TCFD recommendations and disclosure

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.
Sinche the adhesion Intesa Sanpaolo provides its climate change disclosure as part of the Consolidated Non-Financial Statement. In 2021, the Group also published its first TCFD Report.

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.

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