• Net Zero Banking Alliance
  • Reduction of direct emissions from 2019
  • 100% renewable electricity sourced in Italy

Our commitment to reducing our impact is not only reflected in our internal processes and strategies, but in the projects and activities we deliver to customers and the community. To guide these efforts and generate value, we have identified several areas of interest, from supporting the climate transition to reducing direct and indirect environmental impacts. In 2021, we gaining membership to the Net-Zero Banking Alliance and also neutralized our direct emissions (Scope 1 and Scope 2) for the third year running in FY 2021-22.

Towards zero impact
Joining the Net-Zero Banking Alliance

Protecting the planet means protecting our future. That’s why, in 2021, we joined the Net-Zero Banking Alliance (NZBA) with the goal of zero emissions from our operations by 2050. The UN-convened alliance, led by the banking industry, brings together banks from around the world representing more than 40% of global banking assets which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050.
Our decision to formally join the initiative stems from the realisation that to address the climate urgency, our individual actions can only make a difference in a collective journey that also includes the efforts of other players in the financial system and the expectations of our customers.

As a member of the Alliance, Mediobanca has applied specific obligations that include:

  • Setting intermediate targets for 2030 for priority sectors.
  • Prioritising sectors that generate the most significant impact in terms of greenhouse gas emissions.
  • Publishing annual reports on emissions and intensity.
  • Considering scenarios based on the best available scientific knowledge.  
  • Setting the first target(s) within 18 months of signing the Agreement by providing updates on an annual basis.
  • Disclosing progress within a Board-approved transition strategy.

Joining the Net-Zero Banking Alliance therefore represents a new level of commitment from the Mediobanca Group on issues related to Climate Change. It guides us towards increasingly incisive and rigorous actions. The Alliance forms part of the long-term ESG strategy that Mediobanca is implementing and is consistent with the management of our direct emissions reduction activities: in recent years, the Mediobanca Group has, in fact, embarked on a path aimed at reducing its own emissions and minimising "non-reducible greenhouse gas emissions".

Moreover, in April 2022, Mediobanca voluntarily adhered to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the global benchmark for the identification of guiding principles for climate-related non-financial reporting. The actions and management methods that will be undertaken by the Group and presented in a first dedicated report, consolidate the Group's position alongside leading companies committed to the transition.

Energy efficiency and emission reduction
Our direct impacts

As a Group, we are aware of the impacts of our business activities and the role we can play in propagating responsible behaviour and choices. With this in mind, a number of objectives have been identified to make energy consumption more efficient and reduce CO2 emissions.

SDG Targets to 2023-2026

Carbon neutrality on own emissions

100% renewable energy at Group level

The table shows the degree of achievement of the objectives of the 2019-2023 Plan

90. Target adjusted from the original (92%).
91. For Scope 1 + Scope 2 Market-based, named users. Target adjusted from the original (15%) because of delays in the delivery of hybrid vehicles and the use of fuel
cards being extended to the entire commercial segment and car fleet.
92. Target adjusted from the original figure of 90% due to delays in the delivery of electric and hybrid vehicles as a result of first the pandemic then the war.

For the fourth consecutive year, we reached zero direct emissions (scope 1 and 2 market based) remaining after domestic climate mitigation actions, related to FY 2022-2023, through the purchase of carbon credits generated by environmental protection projects in developing countries.



Carbon Offset
In conjunction with non-profit organization Rete Clima, Mediobanca has achieved carbon neutrality with regard to its Scope 1 and Scope 2 emissions for the fourth year running, by acquiring carbon offset credits used to finance the Ghani Solar Renewable Power Project, certified to VCS-Verra standards, generating a clean form of electricity through the installation of a solar power project in the Indian state of Andhra Pradesh.

Forest protection
In 2024 we have confirmed our support for a reforestation project, which this year will involve Parco del Vesuvio, by donating and maintaining a total of 1000 trees in the area to the north of Milan, to be planted by members of the Bank’s staff.

3,750 trees have been donated by Mediobanca in the last fourth years thanks to the various projects implemented with Rete Clima.

In addition, Mediobanca has also planted a total of 2,500 trees through other projects implemented since 2021.

For more details go to the map.


Energy consumption

he Group's energy consumption is mainly related to the use of heating and air conditioning systems, the operation of data centres and server rooms, office lighting systems and employees' business travel.
Currently, the entire Mediobanca Group uses electricity from renewable sources, in accordance with a framework agreement that provides for the purchase from CVA Energie, of energy certified through a "Guarantee of Origin". The electricity used for the data centre also comes from 100% renewable sources.

Various initiatives to reduce consumption levels have been implemented in FY 2022-23:

  • Work on the heating and air-conditioning systems at Mediobanca Rome and Milan (Via Filodrammatici) has continued, and is expected to generate a 10 tonns reduction in CO2 emissions by 2024; ;
  • Work on heating systems using VRV technology on the first- and second floors of the offices in Via Filodrammatici 3 has been completed;
  • Replacement of light fittings with LED lightbulbs in various Compass branches and the Mediobanca Premier headquarters, which has generated a reduction of 68 MWh in electricity;
  • Launch of mandatory energy diagnosis as required by Italian Legislative Decree 102/14.

The various initiatives implemented to improve the efficiency of the data centres and optimize cooling include cold aisle containment.

Energy consumption within and outside of the organization102

  Unit 2022/2023 2021/2022 2020/2021
From heating/electricity generators Gj103 25,219.73 29,415.95 26,606.01
Diesel 114.87 60.51 3.60
Natural Gas104 25,104.86 29,355.44 26,602.41
From unnamed users105 17,262.53 19,063.75 16,928.16
From named users 7,842.33 10,291.69 9,674.25
From company cars106 25,852.88 22,863.93 23,136.22
Diesel 12,906.66 15,748.77 17,858.91
Petrol 12,946.22 7,115.16 5,277.30
From non-renewable sources Gj 495.34 662.65 757.02
From named users 0 - -
From unnamed users 495.34 - -
From non-renewable sources 83,519.21 85,773.47 84,568.38
From named users 77,675,22 - -
From unnamed users 5,843.98 - -
Heating 731.94 1,615.65 983.76
From non-renewable sources 731.94 399.92 250.02
From unnamed users 731.94 - -
From unnamed users 0 - -
From non-renewable sources 0 1,215.73 733.74
From unnamed users   0 - -
From unnamed user   0 - -
TOTAL   135,819.1 140,331.65 136,051.39

102. For energy consumption, where figures are not available estimates have been used: for natural gas in cases involving shared building expenses of which the
precise share cannot be calculated, consumption has been estimated on the basis of the floor space in the building actually occupied, or thousandths of the
property owned. For bills still to be received, consumption has been estimated based on the previous year’s figures. Data on fuel consumption by company cars
which is not available has also been estimated using a similar method.
103. Gigajoule.
104. Energy consumption of natural gas has been calculated based on the total price of gas per cubic metre published by the Italian authority ARERA (Agenzia di
Regolazione per Energia Reti e Ambiente).
105. Starting from FY 2022-23, the Group has succeeded in obtaining and reporting on the data for named and unnamed users separately. Consumption of natural
gas by unnamed users is attributable to users outside the organization.
106. Data on fuel consumption for CMB is unavailable as fuel consumption is paid directly by the employees with no refund


CO2 emissions

Our emissions derive from energy consumption (natural gas and diesel for heating and fuel for operating the company fleet) and from our employees' travels, but are mainly limited to electricity consumption.

In order to reduce CO2 emissions, the Group continues to promote initiatives aimed at:

  • Promoting the use of videoconferencing and the provision of training courses that can be delivered in e-learning mode to reduce employee travel and, consequently, CO2 emissions.
  • Reducing the use of individual private transport thanks to the company shuttle service for the Compass headquarters in Milan, the agreement with ATM for season tickets for Mediobanca Premier employees and the pre-booked shuttle service provided by Mediobanca Innovation Services (Mediobanca MISposto).
  • Managing the corporate fleet using criteria that promote respect for the environment. The Group's car fleet consists of vehicles with low CO2 emission engines. Management of the company carfleet using criteria that promote respect for the environment. The Group’s fleet is comprised of vehicles with low CO2 emissions. Hybrid plug-in vehicles have also been included in the grids, the aim being to reach the stage where 72% of the company car fleet use hybrid energy, as stated in the Strategic Plan.
Direct and indirect CO2 109  emissions110
  Unità 2022/2023 2021/2022 2020/2021
From heating/electricity generators (natural gas,diesel)   465.48 1,706.12 1,539.07
From company cars (petrol and diesel) 111   1,911.40 1,697.06 1,719.31
From losses of gas coolant 112   507.86 nd nd
Direct emissions (scope 1) TonCO2 2,884.73 3,403.18 3,258.38
From electricity 0 39.21 50.56
From heating 42.89 23.53 14.50
Indirect emissions (Scope 2) – market based 42.89 62.74 65.06
From electricity 5,491.26 6,479.65 6,804.01
From heating 42.89 25.53 14.50
Indirect emissions (Scope 2) – location based 5,534.15 6,503.18 6,818.51
Indirect emissions deriving from acquisition of goods and services  (category 1) 362.46 nd nd
From paper   362.46 - -
Not recycled   20.57 - -
Recycled   341.89 - -
Indirect emissions deriving from company mobility (category 6)113   1,578.35 774.59 112.82
Air travel   1,475.11 703.94 83.24
National flights   305.14 154.94 40.22
International flights   1,169.97 549 43.02
Train travel   89.62 63.03 27.24
High speed   78.44 55.88 25.26
Other type   11.19 7.15 1.98
Third-party car services   13.62 7.63 2.34
Indirect emissions related to consumption of fuel and energy  (category 13)   1,509.91 nd nd
From electricity (unnamed accounts) 114   504.19 - -
From methane gas (unnamed accounts)    1,005.72 - -
Third-party car services   3,450.72 774.59 112.82

109. The following climate change gases are included in the calculation: CO2 , CH4 and N2 O. 
110. For direct emissions (Scope 1), indirect emissions (Scope 2) and company cars (Scope 3), we have used the emission factors recommended in the “Guidelines on application of GRI (Global Reporting Initiative) environmental indicators in banks” released by the Italian banking association (ABI) and compiled in the Italian Greenhouse Gas Inventory 1990-2019 – National Inventory Report 2021 – by ISPRA (Istituto Superiore per la Protezione e la Ricerca Ambientale). For direct emissions deriving from air and train travel, we have used the emissions for each individual route published by the travel agencies. Where these are unavailable, we have used the emissions factors recommended in the ABI guidelines compiled respectively by the ICAO (International Civil Aviation Organization) and the UIC (Union Internationale des Chemins de Fer) via Ecopassenger. 
111. From FY 2020-21, a change to the methodology used to calculate the company car fleet’s emissions was introduced. The new “manufacturers methodology”, which has replaced the ABI methodology previously used, enables the increasing efficiency of the car fleet’s emissions to be monitored more accurately. 
112. The following types of gas are included: R-410; R-407C; R-32 and R-134. 
113. For indirect emissions (Scope 3), estimates have been used in cases where no data was available for recent months, based on the consumption figures recorded in the months prior to that, or using the consumption figures for the same period in the previous year.
114. Calculated using the same conversion factors used in the Location-based methodology for Scope 2.


Sustainable Mobility

We are aware that the fight against climate change is a universal challenge.
In addition to including plug-in hybrid cars in its corporate fleet to limit its CO2 impact on the environment, Mediobanca supports sustainable mobility through various initiatives:

  • We have established a position for Mobility Manager and defined a Home-Work Commute Plan. Plan with the aim of contributing to the definition of new forms of sustainable mobility for the city of Milan. To this end, on the basis of an analysis of the mobility habits of employees, we have defined the benefits that can be achieved by implementing specific transport solutions in terms of advantages both for employees and for the company, the public administration and the entire community;
  • To promote electric mobility, some 30 charging stations for electric and plug-in hybrid cars have been installed at Compass’s office in Via Caldera, in addition to those already available within the Group (there are five at Mediobanca headquarters, and four at the offices of MIS)
  • We use a 100% electric van for the MIsposto service and the daily mail service between the Mediobanca Innovation Services offices and the other Group companies.
Supporting climate transition
Our indirect impacts

In line with existing best practices in the banking sector, our main objectives to support the climate transition are to increase green mortgages and to issue new products with an environmental purpose.

SDG Targets to 2023-2026
Emissioni di ESG bonds di €500mld
Issue of a carbon neutral fund (RAM)
+50% 'green' mortgages by CheBanca!

The table shows the degree of achievement of the objectives of the 2019-2023 Plan



Mediobanca has set emissions reduction targets for its loan books and proprietary investment portfolios in the Power, Automotive, Cement and Aviation sectors, for the entire scope of the Group’s operations.

Sector Target metric Baseline
target 2030
Net zero
Net zero
target year
Sector Target metric Baseline
target 2030
Net zero
Net zero
target year
Power tCO2 /MWH 0,24 0,08 0 2040
Automotive gCO2/KM 208 115 4 2050

In order to reduce indirect environmental impacts, the Group also plans to integrate environmental, as well as social and governance criteria in the evaluation of new investments, financing and evaluation of purchasing processes and supplier selection with ESG criteria. More information can be found on the ESG in our Group page.