Support to ESG transition

Intesa Sanpaolo has long been at the forefront of accelerating the transition to a low-emission economy with specific credit lines for private individuals and businesses and with an increasingly wide range of sustainable investment products. 

Letter to stakeholders, CEO Carlo Messina, Chairman Gian Maria Gros-Pietro

Intesa Sanpaolo wants to be an accelerator of the initiatives of the NRPP, in particular by accompanying companies in the sustainable transition with innovative credit instruments that allow concrete actions in improving their ESG profile

Anna Maria Roscio, Head of Business Marketing and Sales Department

Main objectives and results

€45bn for the ecological green

and circular transition disbursed in 2021-2023 as part of Mission 2 NRRP out of the target €76bn 2021-2026

€5.6bn disbursed

within the 8 billion euro dedicated to the circular economy in the 2022-2025 Business Plan

13 ESG Labs since the launch

within the 2022-2025 Business Plan target of more than 12 ESG Labs (at least one in each Regional Governance Centre)

ESG Transition: discover all the objectives and the results

2022-2025 Business Plan: 2023 results
2022-2025 Business Plan Objectives
Transition to a sustainable, green and circular economy and sustainable investments and insurance
Description Achievement as at 31.12.2023
(where not specified)
New lending in relation to the areas of application of Mission 21 of the NRRP

New lending to support the ecological transition: 76 billion euro's worth of loans in line with the National Recovery and Resilience Plan (2021- 2026)


~44.9 billion euro of new lending disbursed in 2021-2023 to support the ecological transition
Loans in the environmental sustainability field2 Customer support through the ESG/climate transition Loans disbursed for the green and circular economy: €3.7bn million euro disbursed, equal to 6.2% of all loans
of which Green Mortgages Further boost to sustainable credit for retail customers with special emphasis on the ecological transition: 12 billion euro of green loans to individuals over the 2022-2025 Plan ~1.7 billion euro of Green Mortgages disbursed in 2023 (~4.3 billion in 2022-2023)
“Other sustainability” loans2 Supporting the sustainable economy ~3.6 billion euro was disbursed
Sustainable loans2 Supporting the sustainable economy ~11 billion euro was disbursed
of which circular economy €8bn dedicated to the circular economy

Circular economy credit plafond3: 8.7 billion euro (of which 5.6 billion euro dedicated to green finance) disbursed

3-year agreement with the Ellen MacArthur Foundation Strategic Partner 2022-2024

ESG-Linked loans for SMEs: S-Loan Supporting the sustainable economy

Continuous expansion of the range of S-Loan products dedicated to SMEs to finance projects aimed at improving their sustainability profile (6 product lines: S-Loan ESG, S-Loan Diversity, S-Loan Climate Change; S-Loan Agribusiness, S-Loan Tourism and S-Loan CER). ~5.2 billion euro granted since launch, of which ~1.7 billion euro in 2023


Green and sustainable culture and initiatives Support to SMEs/Corporate customers in achieving their sustainability objectives with specialised advisory services (at least one ESG Laboratories in each Regional Governance Centre by 2025 and ~100 dedicated ESG specialists) Launch of 13 ESG Laboratories (Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin and Florence)
Green Bond
Supporting the green economy

A total of ~5.17 billion euro of Green Bonds were issued in 2023. In particular: in February 2023 a dual tranche Senior Non Preferred Green bond of a total of 2.25 billion euro was placed; in March 2023 a Senior Non Preferred Green bond for the sterling market was finalised for a total face value of 600 million euro; in May 2023 a dual tranche Senior Preferred Green Bond for a total of 2.25 billion euro was placed

In March 2024, the third annual Green and Social Bond Report based on the “Portfolio approach” was published. The Group report estimates the impacts and benefits of the entire portfolio of loans admissible for each of the green categories. A total of 6.5 million tonnes of CO2 eq emissions were avoided in 2023

Sustainable investments

Strengthening of the ESG offering in Asset management: growth of assets under management invested in ESG products to €156bn in 2025 from €110bn in 2021, increasing their level as a proportion of total assets under management from 46% to 60%

Development of dedicated ESG advisory services for Fideuram, including through the provision of specific training to financial advisors



Enhancement of engagement activities in line with the Stewardship Principles

Development of dedicated ESG advisory services for Fideuram

Eurizon offers a diverse range of 306 products in all the asset classes (UCITS - Undertaking for the Collective Investment in Transferable Securities) that include a focus on environmental and/or social issues, or have sustainable investment objectives, classified according to Articles 8 and 9 of the Sustainable Finance Disclosure Regulation - SFDR, with ~149.0 billion euro of assets representing around 73.3% (about 74% including Portfolio Management GP pursuant to Articles 8 and 9 of the SFDR) of the total assets of the Funds managed.

Fideuram offers 97 funds classified pursuant to Articles 8 and 9 of the SFDR for a total of 33.3 billion euro of assets (71% of total assets under management)

The figure of “ESG Ambassador” was established: for the first phase, 34 Private Bankers were selected from among the approximately 6,000 members of the Fideuram and Intesa Sanpaolo Private Banking Networks based on their attention to ESG issues – with the aim of promoting the culture of sustainability in the areas they belong to.


Eurizon conducted 592 engagement activities (with 343 companies), of which 228 on ESG issues (approximately 40% of the total engagements carried out in the period). Eurizon defined Engagement as the sharing of views/holding dialogues with the companies it invests in with a view to involvement and medium/long-term relationships, with the aim of monitoring and determining their commitments on specific issues, as well as taking part in the related shareholders’ meetings

.Eurizon conducted 538 engagement activities, of which 271 qualified as ESG and represented 50% of the total engagements carried out in the period (34% of the total meetings)

In Fideuram Asset Management SGR (FAM) and Fideuram Asset Management (Ireland) (FAMI), engagement activities were carried out respectively on 106 and 94 companies; among these, 78 (around 74%) for FAM and 82 (about 87%) for FAMI were engaged on ESG issues

During the year, the Private Banking Division held 16 events aimed at customers with around 14,000 participants, of which 4,000 were customers

Sustainable insurance

Strengthening of the unitlinked/multi-line offering with ESG investment options


Strengthening of the positioning in the non-motor damage insurance segment, including the protection of real estate assets

80.4% (number of funds) of unit-linked investment options linked to products open to new subscriptions (excluding pension plans) are classified according to Articles 8 and 9 SFDR (in 2022 it was 72%)

Earthquake and/or Flooding insurance cover provided to customers who insure their house: 38.5 billion euro of insurance value

1 Focused on supporting green economy, circular economy and ecological transition. 
2 As of 2023, reporting follows the Rules for the classification of sustainable credit products and lending transactions approved by the Group at the end of 2022. This classification includes loans falling into the environmental sustainability, social sustainability and “other sustainability” categories. More specifically, the “other sustainability” category includes nontargeted transactions associated with sustainable covenants/KPIs. These covenants/KPIs must be documentable at the proposal stage and/or during the duration of the transaction and consistent with the classification categories defined in the Rules. Sustainable loans are broken down into the three afore-mentioned categories. 
3 Credit plafond dedicated to the circular and green economy, which may include specific incentives.

Latest news

Intesa Sanpaolo supports companies' energy transition with €76 bln

Intesa Sanpaolo presents its new “Motore Italia Transizione Energetica” programme, which confirms €76 billion in support of business investment in renewable energy and encourages the creation of renewable energy communities (RECs).

Read more
ESG transition: agreement with GSE for sustainable business development

Intesa Sanpaolo and GSE have signed a memorandum of cooperation to foster the integration of ESG and sustainable development issues in the financial sector and the Italian business community.

Read more
Skills4ESG: Intesa Sanpaolo training dedicated to sustainability

Flexible and customizable paths to improve your ESG skills.


Read more
New agreement with Enel for the supply chain sustainable growth

Easier access to credit and additional support to investments in sustainability for Enel value chain companies.

Read more

Insights on ESG transition

Green Bonds

The commitment to the Green Economy through the issuance of bonds dedicated to the financing of environmental sustainability projects.

Documents and indicators

Documents relating to environmental reporting and information relevant to the investors are available below.

2023 Documents
2023 Climate Report
Consolidated Non-financial Statement 2023:  
Transition to a sustainable, green and circular economy
Climate change
Environment indicators - pdf
Environment indicators - excel  
Green and Social Bond Report 2023
 Documents of previous years
2022 TCFD Report 
Consolidated Non-financial Statement 2022:  
Transition to a sustainable, green and circular economy
Climate Change
Environment indicators - pdf
Environment indicators - excel
2022 Green Bond Report
Green Bonds Documents
Bond issued in March 2023:  
Green, Social and Sustainability Bond Framework - June 2022
Second Party Opinion ISS - June 2022
Press note
Bond issued in February 2023:  
Green, Social and Sustainability Bond Framework - June 2022
Second Party Opinion ISS - June 2022
Press note
Social Bond issued in October 2022:  
Green, Social and Sustainability Bond Framework - June 2022
Second Party Opinion ISS - June 2022
Investor presentation 
Press note
Bond issued in August 2022:  
Green, Social and Sustainability Bond Framework - June 2022
Second Party Opinion ISS - June 2022
Investor presentation 
Press note
Bond issued in November 2019:  
Green Bond focused on Circular Economy Report - 2020
Press Release
Intesa Sanpaolo Sustainability Bond Framework
Second Party Opinion by ISS ESG 
Investor presentation
Bond issued in June 2017:
Green Bond Report 2020
Green Bond Report 2019
Green Bond Report 2018
Green Bond Framework
Green Bond Presentation
Green Bond Press Release
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