Climate and environment
We are sensitive to the need to protect the environment and the issue of climate change, which is why we have set ourselves decarbonization objectives, and adopted a series of initiatives to reduce our consumption levels.
- Net Zero Banking Alliance
- 100% renewable electricity sources in Italy
- Reduction of direct emissions from 2019
In 2023 we published our second climate reporting based on the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), based on four pillars – Governance, Strategy, Risk Management, and Metrics and Targets – to provide a full overview of the Group’s approach to the risks and opportunities deriving from climate-related issues. The report also contains the Group’s decarbonization objectives per sector (to 2030), in line with the requirements of the Net-Zero Banking Alliance, to which Mediobanca became a signatory in 2021.
By joining the Net Zero Banking Alliance (NZBA), we acknowledge our responsibility and bolster our willingness to contribute to the climate transition of the international banking sector.
The NZBA brings together banks that are committed to aligning their lending and investment portfolios with goals of achieving net zero emissions by 2050, in line with those set by the Paris Climate Agreement.
As a financial group, our commitment to environmental protection is focused on direct and indirect impacts. For both impact areas, specific objectives have been identified into the 2019-2023 strategic plan first and than into 2023-2026 strategic plan.
ESG OBJECTIVES - ENVIRONMENT | |
1) No exposure to coal mining and agriculture. Four sector targets published by September 2023 (Automotive and Power already published; Cement and Aviation will be added). The remaining NZBA sectors will be disclosed by September 2024 |
Reducing indirect impacts |
Targets to 2023
Initiatives |
NZBA targets for 2030 and 2050
Sector | Target metric | Baseline 2022 |
Intermediate target 2030 |
Net zero target |
Net zero target year |
---|---|---|---|---|---|
Power | tCO2 /MWH | 0.34 | 0.16 | 0 | 2040 |
Automotive | gCO2/KM | 139 | 85 | 0 | 2050 |
Cement | tCO2 /tonn cenment | 0.66 | 0.50 | 0 | 2050 |
Aviation | tCO2 /pkm | 94 | 84 | 0 | 2050 |
As a member of the Net-Zero Banking Alliance, Mediobanca has set Sectoral Decarbonization Approach (SDA) targets for the Cement, Aviation, Automotive and Power industries with reference to its loan books and proprietary investment portfolios for the entire Group.
Although we do not have the same reach as some large commercial banks, we do have a significant national presence that requires us to seriously address the reduction of our consumption (water and paper) and the proper management and treatment of waste.