Adoption of policies to reduce lending to the coal and oil & gas sectors
Intesa Sanpaolo has approved a more advanced policy on limitations and exclusions for the Group's lending operations in the coal sector and a new policy dedicated to unconventional oil & gas sector.
Rules for lending operations in the coal sector: from the date of issue of these rules, the Group will not increase its exposure relating to general purpose financial products and services towards companies belonging to the coal mining sector. In addition it is committed to bring the share of financial services to counterparties belonging to the coal mining sector down to zero (phase out) by 2025.
Rules for lending operations in the unconventional oil & gas sector: from the date of issue of these rules, the Group will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to unconventional resources, as well as activities relating to transport infrastructures solely linked to exploration and extraction of unconventional resources. In addition it is committed to the elimination of exposures (phase out) by 2030.
July, 27 2021
Last updated 27 July 2021 at 10:09:00