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Loans and services for the Green Economy

In 2020, the Group's disbursements for the Green Economy totaled 1,985 million euro (almost 22 billion in the 2010-2020 period).

Retail customers

The Bank supports the green projects of Retail customers through the grantin of loans and mortgages for environmental purposes. The financing solutions are not only aimed at those who want to purchase or build an energy efficient property but also at those who want to improve their energy efficiency through energy-saving measures such as, for example, the replacement of fixtures and high-performance boilers, the renovation of buildings from an energy efficiency perspective, the purchase of  environmentally-friendly vehicles and the installation of solar and photovoltaic panels.

In 2020, Intesa Sanpaolo expanded the offer of green funding and services dedicated to those who show attention to the environment.

The range of sustainable Mortgage solutions has been enriched with the introduction of Green - Mutuo Domus: a subsidised mortgage (reduction of the APR and free energy certification for renovation purposes) which makes it possible to purchase and build a residential property in Italy with a high energy class (equal to or higher than B) or to renovate a residential property in Italy improving its energy performance rating by at least one class. In 2020, over 5,100 green mortgages of a total value of over 800 million euro were issued.

Still on the subject of mortgages, Intesa Sanpaolo participates in the EeMAP (Energy efficient Mortgages Action Plan) project, a European initiative that aims to create standardised European energy efficient mortgages with a view to encouraging the dedevelopment of buildings and the purchase of energy efficient properties thanks to preferential financial conditions. 

Special conditions were also introduced in the loans area for the PerTe Prestito Facile and PerTe Prestito Giovani products for environmentally-aware customers who want to improve the quality of their properties with energy redevelopment measures. Around 59 million euro of green loans was granted in 2020.

The range of green solutions has been enriched with a series of dedicated services, some of which provided by partner companies.

Intesa Sanpaolo offers those planning to carry out renovation works - families, condominiums or specialist businesses, for example - a special structured solution so they can benefit from the subsidies introduced by the Italian "Rilancio" Decree (converted into Law no. 77 of 17 July 2020). This Decree raises the tax deduction level to 110% (the so-called "superbonus"), usable over five years or transfer of tax credit, for all energy redevelopment expenses incurred on the building between 1 July 2020 and 31 December 2021 for the performance of works such as insulation, the replacement of boilers with centralised condensation systems and heat pumps, including hybrid or geothermal systems.

Among the insurance products that aim to cover customers' insurance needs in the Family, Health and Property areas, the XME Protezione insurance policy focuses on protection against natural disasters, providing coverage for the damage caused by atmospheric events such as floods and cloudbursts. The coverage will reimburse up to 80% of the customer's property value. Over 105,000 XME Protezione policies with flood coverage had been taken out at the end of 2020. In the area of motor insurance products, the ViaggiaConMe policy with consumption-based plan involves a premium linked to the number of kilometres travelled during the year: once the defined threshold has been exceeded, the premium to be paid will be integrated based on the additional kilometres travelled. The proposed solution therefore discourages the use of vehicles, with potential positive impacts on the environment.

Lastly, following the environmental disasters and extraordinary weather events that affected Italy also in 2020, the Intesa Sanpaolo Group continued its tangible and concrete commitment to supporting households and businesses affected with specific focus on agricultural companies, penalised more than anyone else by exceptional weather events, through the activation of dedicated credit lines, new subsidised loans for redeveloping damaged structures (homes, shops, offices, artisan workshops and businesses), suspensions of payments on outstanding loans and preferential, simplified and expedited procedures for the new instruments.

Third Sector

Intesa Sanpaolo has continued to support non-profit companies that wish to invest in energy efficiency projects with solutions that make it possible to save on energy costs and increase the overall sustainability of the company's activity.

Businesses

Intesa Sanpaolo supports professionals and businesses in the creation of investment plans in the energy sector with short, medium and long-term loans to support renewable energy and energy efficiency projects. In terms of products, in December the Banca dei Territori Division updated its range of solutions with Energia Impresa, a medium-term loan that replaces the previous Energia Imprese and Energia Sostenibile products, incorporating their features.

The new product is particularly flexible both in terms of the personalisation of the loan and its adaptability to various segments: the Renewable Energy sector (photovoltaic, wind energy, hydroelectric energy, residual gas from purification processes); Biogas, for the production of electricity; Biomethane, for the production of biomethane for transport; Energy Efficiency measures, for energy efficiency investments in buildings, plants and processes. One distinctive feature of the solution is the support of MLT/Leasing Specialists who evaluate the technical/ financial aspects of the investment and its relative sustainability, also availing themselves of a specific simulation tool and, if necessary, the assistance of the Energy & Utilities Desk in the origination phase of the project, in the structuring of the loan, in the technical due diligence phase, which is preceded by an appraisal - usually performed by an external consultant specifically appointed according to the regulations in force - to support the Bank’s credit assessment, and in the formulation of the final opinion on the technical, economic and financial sustainability of the project. The Energy Desk, composed of a team of professionals from the sector, provides assistance for entrepreneurs who have planned investments in renewable energies or who intend to diversify their energy sources, assessing their projects from a technical and business perspective and evaluating the financial sustainability of the investment: a comprehensive service that ranges from the credit consultancy on risk assessment and the structuring of the most suitable financial solutions, to advice on new market opportunities and technology trends in the area of new energies.

To support businesses that aim to improve their sustainability profile and with the goal of assisting them on a path of structural change, associating their economic and financial decisions with their environmental and social impacts, in July 2020 Intesa  Sanpaolo launched an innovative new solution to finance and encourage the sustainable growth projects of SMEs. The new ESG-Linked S-Loan stands out for the sharing of sustainability performance improvement goals by businesses, through precise commitments undertaken with the Bank via specific indicators subject to annual monitoring, certified by the business in the notes to their financial statements, and rewards in the shape of special conditions, with rate reductions awarded to businesses that meet their fixed goals. The product is activated through the signing of a covenant based on the choice of two KPIs, relating to two different ESG areas, from a selection of six. If, on the basis of the declarations in the notes to the financial statements regarding KPI-related performances, the covenant is respected, the corporate customer shall be granted the special rate for the following year. In 2020, 71.7% of businesses chose an Environment KPI (Energy procurement with Guarantees of Origin or Introduction of a procurement policy including environmental considerations). Intesa Sanpaolo allocated a 2 billion euro credit line for the S-Loan as part of the 50 billion euro dedicated to the Green Economy. At the end of the year 119 projects had been funded for a value of over 130 million euro.

The IMI Corporate & Investment Banking Division (IMI CIB) continues to pursue its commitment to sustainability, promoting innovative financial solutions that respond to the growing need for products more in line with ESG principles. During the year it assisted and supported businesses with sustainable strategic plans and investments for the transition towards a green and circular economy. The range of financial products includes the following main solutions: Sustainability-linked and Green Loans, Circular Economy Loans and placements that permit the use of the Bank’s dedicated credit line, Green, Social and Sustainability-linked Bonds (e.g. SDG-Linked or Climate Change), as well as Project Finance dedicated to the world of renewable energies (wind, photovoltaic, biomass, hydroelectric).

In 2020 the Division participated in numerous green, circular and sustainable financing operations (bilateral and syndicated). In addition, in September it participated, as Joint Bookrunner, in the issuing of the first equitylinked green bond in Italy by Falck Renewables SpA. In April 2020 IMI CIB took part, as Joint Lead Manager and Joint Bookrunner, in the issuing of the Cassa Depositi e Prestiti Social Bond, an operation designed to support the businesses and public entities severely affected by the COVID-19 emergency. All in all, the IMI Corporate & Investment Banking Division participated as bookrunner in 12 Green, Social and SDG-linked bonds in the Euro market in 2020. 

In December 2020, there were also two commodity finance contracts that link the variation of the interest rate with the achievement of environmental-linked KPIs. In terms of innovative solutions, in November 2020 IMI CIB concluded an ESG operation on the Forex market with Moncler that makes it possible to link the hedging of currency risk with the company’s green sustainability goals. The operation leverages on the ESG experience acquired by Intesa Sanpaolo also as part of the operation concluded in December 2019 with high-speed railway industry business Italo (first ESG-linked derivative in Italy related to interest rate hedging). Furthermore, in order to accelerate the spread of the ESG culture and guarantee its customers the best solutions, the IMI CIB Division, leveraging on its internal and international expertise, put together a specialist interfunctional coverage and product team, known as ESG Team IMI CIB, consisting of professionals with complementary knowledge, expertise and experience in order to offer its domestic and international Corporate customers a wide and integrated range of products/services.

Loans disbursed for the Green Economy


Intesa Sanpaolo Group (excluding UBI Banca Group) 
  2018 2019 2020
Loans disbursed for the
Green and Circular Economy 
  Italy Abroad Group Italy Abroad Group Italy Abroad Group
Retail m euro 55 11 66 46 7 53 877 35 912
Businesses and Third Sector m euro
374 17 391 156 32 188 253 40 293
Corporate & Project finance
m euro
1,168 297 1,465 1,143 35 1,178 736 44 781
of which Project finance
m euro
679 297 976 684 34 718 190 40 230
Total loans for the
Green Economy
m euro
1,596 326 1,922 1,345 74 1,419 1,866 119 1,985
Total loans with
Circular Economy criteria
m euro
- - - 760 0 760 565 0 565
Total m euro
1,596
326 1,922 2,105
74
2,179
2,431
119 2,550

Data not comparable for changes that occurred over the years in the aggregation criteria.

Loans disbursed for the Green Economy


ISP+UBI*
  2020
Loans disbursed for the
Green and Circular Economy 
  Group
Retail m euro 932
Businesses and Third Sector m euro
297
Corporate & Project finance
m euro
960
of which Project finance
m euro
401
Total loans for the
Green Economy
m euro
2,189
Total loans with
Circular Economy criteria
m euro
589
Total m euro
2,779

* UBI Banca Group figures are only included as from the date of its consolidation into the Intesa Sanpaolo Group (last 5 months of 2020). 
Data not comparable for changes that occurred over the years in the aggregation criteria.

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