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 year 2024 was the hottest on record, with global average temperatures surpassing pre-industrial levels by 1.6°C. For the first time, an entire year remained above the 1.5°C threshold set by the Paris Agreement, underscoring the accelerating climate crisis. The 29th United Nations Climate Change Conference (COP29) placed a strong emphasis on climate finance.
The European Union confirms and strengthens its commitment to the fight against climate change, aiming to reduce emissions by at least 55% by 2030 and to achieve climate neutrality by 2050, with an integrated strategy that combines ecological transition, industrial innovation and equitable access to energy.
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 a demonstration of the strategic relevance of climate change, in 2021 Intesa Sanpaolo set itself the goal of reaching net zero emissions by 2050 with reference to both its own emissions and those relating to loan and investment portfolios, for asset management and insurance activities. The Group has joined the related initiatives launched by UNEP FI, in particular: in October 2021 it 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)1 and finally in December 2021 Intesa Sanpaolo Assicurazioni joined the Net-Zero Asset Owner Alliance (NZAOA) and the Net-Zero Insurance Alliance (NZIA - currently Forum for Insurance Transition to Net Zero - FIT).
1 On 13 January 2025, NZAMI launched a review of the initiative to ensure its readiness for the new global context. During this review phase, the initiative will suspend activities aimed at monitoring implementation and reporting by signatories.
From 2022 to 2024, the 2030 targets were declared for the 10 most emitting sectors of the Group's loan portfolio (Agriculture – Primary Farming, Aluminium, Automotive, Cement, Commercial Real Estate, Coal mining, Iron and Steel, Oil and Gas, Power generation, Residential Real Estate; no targets were set for the Shipping and Aviation sectors that are not material in terms of exposure and/or financed emissions at the baseline date), completing the coverage of the highest emitting sectors in November 2024.
Progress and annual monitoring of targets, as well as Sectoral Transition Plans, are available in the 2024 Climate Report approved by the Board of Directors in March 2025. At the end of 2024, there was an overall reduction of around 33% in absolute emissions in the 10 target sectors compared to 2022.
The table below shows in detail, for each sector targeted, the metrics applied, the value chain, the baseline, the 2030 target and the 2024 result.
Sector Targets |
Value Chain |
Metrics |
Baseline |
Target 2030 |
31/12/2024 |
|---|---|---|---|---|---|
| Agriculture – Primary Farming Scope 1,2 |
Focus on primary farming | tCO2 e/€m revenue | 721 (31/12/2022) |
641 | 675 |
| 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 | 4.38 |
| Automotive Scope 3 WTW |
Vehicle production | gCO2 e/vkm | 192 (31/12/2022) |
100 | 192 |
| Cement Scope 1, 2 |
Focus on cement producers, including production of clinker | tCO2 e/t cement | 0.65 (31/12/2022) |
0.50 | 0.64 |
| Coal Mining (exclusion policy) | Coal mining | € bn exposure | 0.2 (30/06/2021) |
Zero by 2025 Zero emissions | 0.01 |
| Commercial Real Estate (CRE) Scope 1, 2, 3 |
In-use operational emissions of buildings in Italy | kgCO2 e/m2 | 43.16 (31/12/2022) |
22.11 | 38.94 |
| Iron & Steel Scope 1, 2 |
Companies producing crude steel that use iron ore (or scrap) as an input | tCO2 /t steel | 1.05 (31/12/2022) |
0.81 | 0.82 |
| Oil&Gas Scope 1,2,3 |
Upstream operators and integrated players |
gCO2e/MJ |
64 |
55 (52-58) |
64 |
| Power generation Scope 1,2 |
Generation and |
kgCO2e/MWh |
202 |
110 | 123 |
| Residential Real Estate (RRE) Scope 1,2,3 |
In-use operational emissions of buildings in Italy | kgCO2 e/m2 | 30.13 (31/12/2022) | 19.26 | 28.77 |
For details, see the EXECUTIVE SUMMARY, ANALYSIS BY SECTOR and METHODOLOGY sections of the 2024 Climate Report
Total absolute financed emissions
| Sector Targets |
Scope | 31/12/2022 MtCO2e |
31/12/2023 MtCO2e |
31/12/2024 MtCO2e |
| Agriculture – Primary Farming | Scope 1, 2 | 0.9 | 0.8 | 0.7 |
| Aluminium | Scope 1, 2 | 0.5 | 0.4 | 0.4 |
| Automotive | Scope 3 WTW | 1.2 | 1.0 | 1.0 |
| Cement | Scope 1, 2 | 0.8 | 0.7 | 0.6 |
| Coal Mining (exclusion policy) | Scope 1, 2 | 0.2 | 0.1 | 0.1 |
| Commercial Real Estate (CRE) | Scope 1, 2, 3 | 1.0 |
0.8 | 0.5 |
| Iron & Steel | Scope 1, 2 | 2.0 |
1.2 |
1.0 |
| Oil & Gas | Scope 1, 2, 3 | 19.0 |
15.1 | 12.6 |
| Power generation | Scope 1, 2 | 2.7 |
2.0 | 1.5 |
| Residential Real Estate (RRE) | Scope 1, 2, 3 | 2.1 |
2.1 |
2.0 |
| Total | 30.4 |
24.2 |
20.4 |
For details, see the EXECUTIVE SUMMARY, ANALYSIS BY SECTOR and METHODOLOGY sections of the 2024 Climate Report
The portfolio coverage (as at 31/12/2024) for each target sector with respect to the total loans at consolidated level of the Intesa Sanpaolo Group (421.5 billion euro) is as follows: Agriculture-Primary Farming: 0.2% (€0.9 billion); Aluminium: 0.1% (€0.4 billion); Automotive: 0.3% (€1.3 billion); Cement: 0.1% (€0.2 billion); Coal mining: 0.003% (€0.01 billion); Commercial Real Estate: 1.8% (€7.7 billion); Iron&Steel: 0.2% (€0.9 billion); Oil & Gas: 0.8% (€3.6 billion); Power Generation: 1.7% (€7.3 billion); Residential Real Estate: 25.4% (€107.2 billion). Total 30.6% (€129.5 billion).
For completeness, the issues in relation to loans granted in the sectors subject to target setting are shown below.
| Portfolio-wide emissions intensity (MtCO2 e/ €bn lent) |
31/12/2022 | 31/12/2023 | 31/12/2024 |
| Agriculture – Primary Farming (Scope 1, 2) | 0.9 | 0.8 | 0.8 |
| Aluminium (Scope 1, 2) | 0.9 | 0.9 | 0.9 |
| Automotive (Scope 3 WTW) | 0.8 | 0.8 | 0.8 |
| Cement (Scope 1, 2) | 2.8 | 3.0 | 2.8 |
| Coal Mining (exclusion policy) (Scope 1, 2) | 2.7 | 3.8 | 5.3 |
| Commercial Real Estate (CRE) (Scope 1, 2, 3) | 0.1 | 0.1 | 0.1 |
| Iron & Steel (Scope 1, 2) | 1.6 | 1.2 | 1.0 |
| Oil & Gas (Scope 1,2,3) | 3.4 |
3.7 |
3.5 |
| Power Generation (Scope 1,2) |
0.4 |
0.3 |
0.2 |
| Residential Real Estate (RRE) (Scope 1, 2, 3) | 0.02 |
0.02 |
0.02 |
| Total Portfolio-wide emissions intensity | 0.2 |
0.2 |
0.2 |
Note: each value is calculated as the ratio between the financed emissions (non-material invested amount) in scope (numerator) and the total exposures (denominator) in scope (for details see the EXECUTIVE SUMMARY, ANALYSIS BY SECTOR and METHODOLOGY sections of the 2024 Climate Report)
Disclaimer: metrics and data may be updated over time following the evolution of emissions calculation methodologies, updates to the NZBA and SBTi guidelines, updating of data sources and market practices. Metrics and data are based on sector estimates and strategic plans of the entities in scope. Such assumptions may largely depend on external factors that are not under the direct control of Intesa Sanpaolo, such as, but not limited to, technological improvements and/or government policies. Furthermore, the calculation of metrics is based on data, the quality and availability of which is subject to change and may be improved over time. Please note that progress towards achieving the targets may not be linear in the short term due to the need for financing for the transition to a low-carbon economy or due to external factors.
In October 2022, the Intesa Sanpaolo companies active in wealth management, Eurizon Capital SGR, Fideuram Asset Management SGR, Fideuram Asset Management Ireland dac and the Intesa Sanpaolo Vita Insurance Group, defined their respective targets for the Net Zero Asset Managers Initiative (NZAMI) and the Net-Zero Asset Owner Alliance (NZAOA). The commitments undertaken by joining the NZAMI are divided into four areas of action:
- Asset Level Alignment: identify an increasing portion of AUM to be managed in line with the goal of net zero greenhouse gas emissions by 2050;
- Portfolio Level Reference: decarbonising part of the assets under management by 2030;
- Stewardship: implement engagement and voting activities with investee companies to encourage the adoption of decarbonisation paths aligned with the Net Zero scenario;
- Climate Solution: increasing the share of investments in climate solutions, i.e. investments that have a concrete and positive impact in climate change mitigation.
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 2024 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 euro.
- 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 2024 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 2024 edition was produced in continuity with the previous year and was published at the same time as the Consolidated Sustainability Statement (prepared in accordance with the CSRD), the 2024 SDGs Report and the 2024 Responsible Banking Progress Statement, approved by the Board of Directors.
The "Target Setting on Lending Activities: Annual Reporting of Estimated Emissions" section of the Climate Report 2024 is subject to limited assurance by a third party.
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" 2024.
Last updated 20 June 2025 at 17:07:34
