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.
The years leading up to 2025 have been characterised by a persistent and accelerating climate crisis. Scientific evidence confirms that global temperatures have remained at historically elevated levels, with global warming persisting close to the 1.5°C threshold compared to pre-industrial levels.
Against this scientific backdrop, 2025 marked a shift in international climate governance from ambition-setting to large-scale implementation. The 30th United Nations Climate Change Conference (COP30), held in Belém on the tenth anniversary of the Paris Agreement, recognised climate finance as a central enabling condition for effective climate action.
At European level, climate policy further evolved in 2025 within a complex macroeconomic and geopolitical context. The European Union confirmed a legally binding intermediate target to reduce net greenhouse gas emissions by 90% by 2040 compared to 1990 levels, strengthening the long-term pathway towards climate neutrality. Progress in the energy transition continued in 2025, with renewable sources accounting for around one quarter of gross final energy consumption and nearly half of electricity generation, while overall greenhouse gas emissions showed a continued declining trend.
In Italy, the regulatory framework supporting the energy transition was further strengthened in 2025. Updates to the Renewable Energy Communities (RECs) framework expanded eligibility to municipalities with up to 50,000 inhabitants and introduced the possibility of advance grants of up to 30% under the National Recovery and Resilience Plan (NRRP).
Intesa Sanpaolo's commitment
In this context, as a financial player, 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 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 those of customers and suppliers, and facilitate the transition to a low-carbon economy.
Intesa Sanpaolo is very 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 Group guidelines for the governance of environmental social and governance (ESG) risks which determine the general criteria for excluding financing of companies or projects with particularly relevant environmental, social and governance impacts, and a list of sectors deemed as "sensitive". This framework is complemented by specific exclusion policies and criteria. Currently we have adopted the Rules for the coal sector, the Rules on Oil&Gas sector and the Rules on biodiversity and nature.
As evidence of the strategic importance of climate change, in 2021 Intesa Sanpaolo set the goal of achieving net-zero emissions by 2050, covering both its own emissions and those related to its loan and investment portfolios, as well as its asset management and insurance activities. The Group joined the relevant initiatives launched by UNEP FI: in particular, in October 2021 it joined the Net-Zero Banking Alliance (NZBA)1; in November 2021 Eurizon Capital SGR, Fideuram Asset Management SGR2, and Fideuram Asset Management Ireland joined the Net Zero Asset Managers Initiative (NZAMI)3; and in December 2021 Intesa Sanpaolo Assicurazioni joined the Net-Zero Asset Owner Alliance (NZAOA) and the Net-Zero Insurance Alliance (NZIA – now the Forum for Insurance Transition to Net Zero – FIT).
On January 27, 2025, the Group received validation from the Science Based Targets initiative (SBTi) for its targets to reduce its own emissions (Scope 1 + Scope 2) and its financed emissions4. Furthermore, Intesa Sanpaolo was included in the CDP “A List” 2025, which recognizes companies for their transparency and effectiveness in addressing climate change.
In an evolving external context, the Group’s commitment to decarbonization continues with the 2026–2029 Business Plan, which confirms the 2030 targets for financed and own emissions, as well as for asset management and insurance activities, and sets the target of allocating 30% of total new medium- and long-term lending to sustainable lending over the Plan period.
1In October 2025, the Net Zero Banking Alliance changed its structure, shifting from a voluntary membership-based alliance to a reference framework, with the aim of continuing to provide guidelines to promote the transition in line with the Paris Agreement.
2Effective July 1, 2025, the full demerger of Fideuram Asset Management SGR in favor of Fideuram - Intesa Sanpaolo Private Banking and Eurizon Capital SGR took effect.
3On January 13, 2025, NZAMI launched a review of the initiative to ensure its adequacy to the new global context, temporarily suspending monitoring and reporting activities for signatories. On October 29, 2025, the review was completed with the relaunch of the initiative and the adoption of an updated framework introducing greater flexibility in target-setting, while maintaining the commitment to transparency and annual reporting. The Group’s commitments have been reaffirmed following the relaunch of NZAMI.
4Relating to the Power Generation, Automotive, Iron & Steel and Commercial Real Estate sectors, and to additional temperature rating targets.
Intesa Sanpaolo has completed the definition of 2030 decarbonization targets for the highest-emitting sectors, as outlined in the "Guidelines for Setting Climate Targets for Banks" issued by UNEP FI, which are most relevant to the Group.
This commitment reflects the Bank's strategic ambition to align its financing activities with the objectives of the Paris Agreement and actively contribute to the transition to a low-carbon economy.
In the 2022–2025 Business Plan, the first four targets were published for the Oil & Gas, Power Generation, Automotive and Coal Mining sectors. In 2023, emission reduction targets were also defined for the Iron & Steel and Commercial Real Estate sectors, and in 2024 targets were introduced for the Cement, Aluminium, Residential Real Estate and Agriculture – Primary Farming5 sectors. These sectors represent a significant share of the financed emissions in the Group’s portfolio and are crucial to achieving broader decarbonization objectives.
In January 2025, Intesa Sanpaolo obtained validation from the Science Based Targets Initiative (SBTi) for the decarbonization targets6 submitted in March 2024.
Progress and annual monitoring of the targets, as well as the Sectoral Transition Plans, are available in the 2025 Climate Report approved by the Board of Directors in March 2026.
The 2025 results show a 12% reduction in absolute financed emissions compared to 2024 for the sectors subject to target setting.
The table below provides a detailed overview, for each sector subject to targets, of the metrics used, the value chain, the baseline, the 2030 target and the 2025 result.
5In the same year, the target relating to Commercial Real Estate was also revised, raising its level of ambition to align with a trajectory aimed at limiting the increase in temperature to well below 2 degrees. The achievement of the targets set for Commercial Real Estate and Residential Real Estate largely depends on the implementation of government policies for the decarbonization of the energy network.
6Including the sector targets defined for Automotive, Commercial Real Estate, Iron & Steel, Power Generation.
Sector Targets |
Value Chain |
Metrics |
Baseline |
Target 2030 |
31/12/2025 |
|---|---|---|---|---|---|
| Agriculture – Primary Farming (7) Scope 1, 2 |
Focus on primary farming | tCO2 e/€m revenue | 721 (31/12/2022) |
641 | 671 |
| Aluminium Scope 1, 2 |
Focus on aluminium producers (refining of alumina from bauxite and both primary and secondary smelting) | tCO2 e/t aluminium | 4.79 (31/12/2022) |
4.31 | 3.03 |
| Automotive Scope 3 WTW |
Vehicle production | gCO2 e/vkm | 192 (31/12/2022) |
100 (8) | 175 |
| Cement Scope 1, 2 |
Focus on cement producers, including production of clinker | tCO2 e/t cement | 0.65 (31/12/2022) |
0.50 | 0.63 |
| Coal Mining (exclusion policy) | Coal mining | € bn exposure | 0.2 (30/06/2021) |
Zero by 2025 Zero emissions | 0.01 (9) |
| Commercial Real Estate (CRE) Scope 1, 2, 3 (10) |
In-use operational emissions of buildings in Italy | kgCO2 e/m2 | 43.16 (31/12/2022) |
22.11 | 36.14 |
| Iron & Steel Scope 1, 2 |
Companies producing crude steel that use iron ore (or scrap) as an input | tCO2 /t steel (11) | 1.05 (31/12/2022) |
0.81 | 0.90 |
| Oil&Gas Scope 1, 2, 3 |
Upstream operators and integrated players |
gCO2e/MJ |
64 |
55 (12) (52-58) |
63 |
| Power generation Scope 1, 2 |
Generation and |
kgCO2e/MWh |
202 |
110 | 108 |
| Residential Real Estate (RRE) Scope 1, 2, 3 (13) |
In-use operational emissions of buildings in Italy | kgCO2 e/m2 | 30.13 (31/12/2022) | 19.26 | 26.88 |
7For Agriculture – Primary Farming the approach is based on revenue intensity. See ‘Methodology: Target Setting on Lending Activities’ on 2025 Climate Report.
8The target of 100 gCO2 e/vkm to 2030 was calculated with the reduction approach and meets the expected reduction of the net-zero aligned IEA curves for the two components: IEA NZ 2050 Automotive pathway (TTW) and IEA NZ 2050 Power pathway (WTT).
9The Group confirms the achievement in 2025 of the phase-out for its exposure to counterparties active in the coal mining sector, as per exclusion policy; a marginal amount remains, mainly attributable to a non-performing exposure.
10Includes SME corporates but not SME retail. It is to be noted that achieving the target is significantly dependent on the implementation of government policies for the decarbonisation of the energy grid.
11Iron & Steel considers only CO2 GHG emissions.
12Central value of the target range identified.
13It is to be noted that achieving the target is significantly dependent on the implementation of government policies for the decarbonisation of the energy grid. Scope 3 emissions for RRE include emissions arising from the tenant’s energy use in the building owner’s emissions reporting.
For further details, see the sections ANALYSIS BY SECTOR and METHODOLOGY: TARGET SETTING ON LENDING ACTIVITIES – EXECUTIVE SUMMARY, of the 2025 Climate Report
Total absolute financed emissions
| Sector Targets |
Scope | 31/12/2023 MtCO2e |
31/12/2024 MtCO2e |
31/12/2025 MtCO2e |
| Agriculture – Primary Farming | Scope 1, 2 | 0.8 | 0.7 | 0.9 |
| Aluminium | Scope 1, 2 | 0.4 | 0.4 | 0.1 |
| Automotive | Scope 3 WTW | 1.0 | 1.0 | 1.1 |
| Cement | Scope 1, 2 | 0.7 | 0.6 | 0.3 |
| Coal Mining (exclusion policy) | Scope 1, 2 | 0.1 | 0.1 | 0.0 (14) |
| Commercial Real Estate (CRE) (15) | Scope 1, 2, 3 (16) | 0.8 | 0.5 | 0.4 |
| Iron & Steel (17) | Scope 1, 2 | 1.2 |
1.0 | 1.0 |
| Oil & Gas | Scope 1, 2, 3 | 15.1 | 12.6 | 10.9 |
| Power generation | Scope 1, 2 | 2.0 | 1.5 | 1.4 |
| Residential Real Estate (RRE) | Scope 1, 2, 3 (18) | 2.1 |
2.0 | 1.8 |
| Total (19) | 24.2 |
20.4 | 17.9 |
14The Group confirms the achievement in 2025 of the phase-out for its exposure to counterparties active in the coal mining sector, as per exclusion policy; a marginal amount remains, mainly attributable to a non-performing exposure.
15Includes SME corporates but not SME retail. It is to be noted that achieving the target is significantly dependent on the implementation of government policies for the decarbonisation of the energy grid.
16Scope 3 emissions for CRE include emissions arising from the tenant’s energy use in the building owner’s emissions reporting.
17Iron & Steel considers only CO2 GHG emissions.
18Scope 3 emissions for RRE include emissions arising from the tenant’s energy use in the building owner’s emissions reporting.
19Data breakdown as of 31 December 2025. ASSET CLASS: Loan: 16.3 MtCO2e; Project Finance: 0.3 MtCO2e; HTC: 1.2 MtCO2e. SCOPE: Scope 1: 3.7 MtCO2e; Scope 2: 0.5 MtCO2e; Scope 3: 11.2 MtCO2e. For Aluminium, Coal mining, Commercial Real Estate and Residential Real Estate the breakdown by scope is not available. COUNTRY/REGION: Italy: 5.5 MtCO2e; Europe (excluding Italy): 9.2 MtCO2e; Rest of the World: 3.0 MtCO2e. Attribution by country/region is based on counterpart’s head office, except for CRE and RRE, for which attribution is based on the property’s location.
For further details, see the sections ANALYSIS BY SECTOR and METHODOLOGY: TARGET SETTING ON LENDING ACTIVITIES of the 2025 Climate Report.
The portfolio coverage (as at 31/12/2025) for each target sector with respect to the total loans at consolidated level of the Intesa Sanpaolo Group (€430.7 billion) is as follows: Agriculture-Primary Farming: 0.2% (€0.9 billion); Aluminium: 0.04% (€0.2 billion); Automotive: 0.4% (€1.8 billion); Cement: 0.04% (€0.2 billion); Coal mining: 0.002% (€0.01 billion)9; Commercial Real Estate: 1.5% (€6.4 billion); Iron&Steel: 0.2% (€0.9 billion); Oil & Gas: 0.7% (€3.1 billion); Power Generation: 1.8% (€7.6 billion); Residential Real Estate: 24.8% (€106.9 billion). Total 29.7% (€128 billion)20.
For completeness, the issues in relation to loans granted in the sectors subject to target setting are shown below.
20Data breakdown as of 31 December 2025. ASSET CLASS: Loans: €124.1bn; Project Finance: €3.5bn; HTC: €0.4bn.
| Portfolio-wide emissions intensity (MtCO2 e/ €bn lent) |
31/12/2023 | 31/12/2024 | 31/12/2025 |
| Agriculture – Primary Farming (Scope 1, 2) | 0.8 | 0.8 | 1.0 |
| Aluminium (Scope 1, 2) | 0.9 | 0.9 | 0.7 |
| Automotive (Scope 3 WTW) | 0.8 | 0.8 | 0.6 |
| Cement (Scope 1, 2) | 3.0 | 2.8 | 1.6 |
| Coal Mining (exclusion policy) (Scope 1, 2) | 3.8 | 5.3 | 5.7 (21) |
| Commercial Real Estate (CRE) (Scope 1, 2, 3) (22) | 0.1 | 0.1 | 0.1 |
| Iron & Steel (Scope 1, 2) (23) | 1.2 | 1.0 | 1.1 |
| Oil & Gas (Scope 1, 2, 3) | 3.7 |
3.5 | 3.5 |
| Power Generation (Scope 1, 2) |
0.3 |
0.2 | 0.2 |
| Residential Real Estate (RRE) (Scope 1, 2, 3) (24) | 0.02 |
0.02 | 0.02 |
| Total Portfolio-wide emissions intensity (25) | 0.2 |
0.2 | 0.1 |
21The Group confirms the achievement in 2025 of the phase-out for its exposure to counterparties active in the coal mining sector, as per exclusion policy; a marginal amount remains, mainly attributable to a non-performing exposure.
22Includes SME corporates but not SME retail. It is to be noted that achieving the target is significantly dependent on the implementation of government policies for the decarbonisation of the energy grid. Scope 3 emissions for CRE include emissions arising from the tenant’s energy use in the building owner’s emissions reporting.
23Iron & Steel considers only CO2 GHG emissions.
24Scope 3 emissions for RRE include emissions arising from the tenant’s energy use in the building owner’s emissions reporting.
25Data breakdown as of 31 December 2025. ASSET CLASS: Loans: 0.1 MtCO2e/€bn; Project Finance: 0.1 MtCO2e/€bn; HTC: 2.8 MtCO2e/€bn. COUNTRY/REGION: Italy 0.05 MtCO2e/€bn; Europe (excluding Italy): 1.35 MtCO2e/€bn; Rest of the World: 0.75 MtCO2e/€bn. Attribution by country/region is based on the counterparty’s head office, except for CRE and RRE, for which attribution is based on the property’s location.
Each value is calculated as the ratio between in-scope financed emissions (numerator) and the total in-scope exposures (denominator) (for details, see the sections METHODOLOGY and TARGET SETTING ON LENDING ACTIVITIES of the 2025 Climate Report).
Disclaimer: metrics and data may be updated over time following the evolution of emissions calculation methodologies, updates to NZBA and SBTi guidelines, as well as updates to data sources and established market practices. Metrics and data are based on projections and sectoral estimates and on the strategic plans of the entities within scope. These assumptions may largely depend on external factors that are not under the direct control of Intesa Sanpaolo, such as, by way of example, technological improvements and/or government policies. Furthermore, the calculation of the metrics is based on data whose quality and availability are subject to change and may improve over time. Please note that progress towards achieving the targets may not be linear in the short term due to the need for financing the transition to a low-carbon economy or as a result of external factors.
In October 2022, Intesa Sanpaolo's wealth management companies — Eurizon Capital SGR, Fideuram Asset Management SGR*, Fideuram Asset Management Ireland dac — and Intesa Sanpaolo Assicurazioni defined their respective decarbonisation targets as part of the Net Zero Asset Managers Initiative (NZAMI) and the Net-Zero Asset Owner Alliance (NZAOA). The commitments made by joining the NZAMI were divided into four areas of action:
- Asset Level Alignment: monitoring of AUM in the NZAMI perimeter from time to time already in alignment with the goal of net zero greenhouse gas emissions by 2050;
- Portfolio Level Reference: halving the carbon emission intensity of AUM in the NZAMI perimeter by 2030;
- Stewardship: conducting engagement activities with issuers belonging to the NZAMI perimeter and mainly responsible for the emissions financed by the AUM in the perimeter, to encourage the adoption of decarbonization paths aligned with the Net Zero scenario;
- Climate Solution: increase in the share of investments in climate solutions, i.e. investments that have a concrete and positive impact in climate change mitigation.
Following the relaunch of NZAMI in February 2026 and the achievement of the intermediate targets relating to the Stewardship and Climate Solution targets, Eurizon has reconfirmed its net zero commitment, committing to define new targets that will be published by 2026.
* As regards Fideuram Asset Management SGR, the total demerger in favour of Fideuram – Intesa Sanpaolo Private Banking and Eurizon Capital SGR became effective on 1 July 2025, resulting in the cessation of its operating activities.
Eurizon has confirmed its net zero target and continues to strengthen the integration of ESG criteria into investment processes. Fideuram has defined decarbonisation targets focused on Art. 9 SFDR funds and is developing advanced ESG monitoring tools.
For details, see the Metrics & Targets sections of the 2025 Climate Report.
As regards the Intesa Sanpaolo Assicurazioni Insurance Group, the intermediate objectives within the NZAOA are structured along three lines:
- Sub-Portfolio Decarbonization: 50% reduction in "Carbon Intensity by EVIC" on "Listed Equity" and "Publicly Traded Corporate Bonds" by 2030, compared to 2021 (baseline). The AUM target as at 31 December 2021 amounted to approximately 19.6 billion euros.
- Engagement: activate bilateral discussions with the "Top 20 Emitters" (responsible for about 70% of the emissions of the portfolio in scope) to discuss and support their respective decarbonization paths; also contribute to NZAOA's collaborative position papers.
- Financing the Transition: commitment to report annually to the NZAOA on the amount of investments in support of the green transition, also participating in the "Financing the Transition" working groups for the definition of new green investment standards and solutions.
For details, see the Metrics & Targets sections of the 2025 Climate Report.
Since 2018, Intesa Sanpaolo has supported the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), voluntarily committing to transparent disclosure of risks and opportunities related to climate change.
In 2021, the Group published its first TCFD Report and in 2023 the TCFD Report 2022, which also included the transition plan prepared according to the requirements of the GFANZ – Glasgow Financial Alliance for Net Zero) and the monitoring of targets.
In October 2023, with the completion of the TCFD mission, the monitoring of climate disclosures passed to the IFRS Foundation as part of the ISSB. The report has since been renamed Climate Report.
The 2025 edition builds on previous editions, enriched with case studies for the Strategy section, and is part of the Group's sustainability reporting set.
The "Own Operations Indicators" and "Target Setting on Lending Activities: Annual Reporting of Estimated Emissions" sections are subject to limited third-party assurance.
Furthermore, since 2007 Intesa Sanpaolo has responded promptly to the climate change questionnaire of CDP, a non-profit organization that annually carries out an assessment aimed at evaluating the approach to climate change mitigation. The analysis is based on data and information provided by companies, evaluated on 4 levels on a scale from A to D-.
Intesa Sanpaolo has been included in CDP's Climate "A List" 2025.
Last updated 26 May 2026 at 10:58:29
