• 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. Indeed, in 2021, we reached two important milestones. Firstly, gaining membership to the Net-Zero Banking Alliance. Secondly, reaching zero emissions for direct Scope 1 and 2 emissions for the financial year 2020/21.

We 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 2021
94%90 of energy from renewable sources 94% of energy from renewable sources
CO2 emissions reduced by 11% Reduced by 17%
Hybrid cars covering 72% of the Mediobanca Group's fleet in Italy 41% hybrid cars

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 third consecutive year, we reached zero direct emissions through the purchase of carbon credits generated by environmental protection projects in developing countries in addition to our domestic mitigation actions.



Carbon Offset
In cooperation with the non-profit Climate Network, we achieved climate neutrality for the third year in a row by purchasing carbon credits generated by two international projects:

  • Tamil Nadu Wind Power Project, a wind power station located in India;
  • Cordillera Azul National Park REDD Project, a forest conservation project in Peru.

Forest protection
In 2023 we have confirmed our support for a reforestation project within Italy by donating and maintaining a total of 750 trees in the area to the north of Milan, to be planted by members of the Bank’s staff.

More than 4,000 trees have been donated by Mediobanca in the last two years thanks to the various projects implemented.

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 in Italy 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.
Abroad, the London, Paris and Madrid offices use electricity from renewable sources, as do Cairn Capital, Mediobanca International, Mediobanca Management Company. In addition, CMB Monaco has obtained the EGEO certificate certifying the supply of electricity from renewable sources and the e+ label for sites.

Furthermore, we have reduced our energy consumption through several initiatives:

  • Launch of work on heating and air-conditioning systems at Mediobanca offices in Piazza di Spagna in Rome;
  • Launch of work on heating systems using VRV technology on the first- and second floors of the offices in Via Filodrammatici 3;
  • Replacement of light fittings for lift landings at the MIS building;
  • Launch of process to replace the Group’s printers in Italy with the latest models, generating savings on electricity and lower emissions;
  • Maintaining the setting of automatic switch-off parameters for printers to save electricity;
  • Use of equipment with energy-saving settings (VoIP telephones, monitors and laptops).

Energy monitoring systems have also been installed at the premises of Mediobanca (Via Filodrammatici), Compass, CheBanca! and MIS.

  Unit 2021/2022 2020/2021 2019/2020
Direct energy consumption61 Gj62 52,279.88 49,743.23 58,061.53
From non-renewable sources 29,415.95  26,602.41 23,602.82
Diesel 60.51 3.60 -
Natural gas63 29,355.44 26,602.41 23,602.82
From unnamed users 19,063.75 16,928.16 13,679.90
From named users 10,291.69 9,674.25  9,922.92
From company cars64 22,863.93  23,136.22 34,458.71
Diesel 15,748.77  17,858.91 28,354.15
Petrol 7,115.16  5,277.30 6,104.56


  Unit 2021/2022 2020/2021 2019/2020
Indirect energy consumption65 Gj 88,051.77  86,309.16 88,435.55
Electricity 86,436.12 85,325.40 87,236.38
From non-renewable source 662.65 757.02 1,917.39
From renewable sources 85,773.47 84,568.38 85,318.98
Heating 1,615.65 983.76 1,199.17
From non-renewable sources 399.92 250.02  219.88
From renewable sources 1,215.73  733.74 979.28


60. Under Italian Decree Law 34/20, as converted into Italian Law 77/20, in particular Article 229, the figure of Mobility Manager was mandatorily extended to all companies with 100 or more staff located in municipalities, provincial and regional capitals and metropolitan cities with populations of 50,000 or more inhabitants.
61. For direct 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.
62. Gigajoule.
63. Consumption by Cairn Capital Group Limited at its former premises was not monitored (no details were available for consumption by the building at which its offices were located). Since October 2020, when the company transferred to its new offices in London, there has been no gas consumed.
64. Data on fuel consumption for CMB is unavailable as fuel consumption is paid directly by the employees with no refund.
65. Where indirect energy consumption figures are not available estimates have been used: for 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 occupied. For bills still to be received, consumption has been estimated 
 based on the previous year’s figures.


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 Chebanca! 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.
  Unit 2021/2022 2020/2021 2019/2020
Direct emissions (scope 1)68 TonCO2 3,403.18  3,258.38 3,928.80
From non-renewable sources (natural gas, diesel) 1,706.12  1,539.07 1,368.051
From company cars (petrol and diesel)  1,697.06  1,719.31 2,560.76
Indirect emissions (Scope 2) – market based 62.74  65.06 162.89
From electricity and heating 62.74  65.06 162.89
Indirect emissions (Scope 2) – location based 6,503.18  6,818.51 7,527.66
From electricity and heating 6,503.18  6,818.51 7,527.66
Indirect emissions deriving from company mobility (Scope 3)69 774.59  112.82 1,527.12
Air travel   703.94  83.24 1,370.37
National flights   154.94  40.22 298.52
International flights   549  43.02 1,071.85
Train travel   63.03  27.24 137,37
High speed   55.88  25.26 124.95 
Other types of train travel   7.15  1.98  12.42 
Third-party car services   7.63  2.34 19.38

66. The following climate change gases are included in the calculation: CO2, CH4 and N2O.
67. 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.
68. Refrigerant gas losses are excluded from the calculation of direct emissions (Scope 1), whereas gases harmful for the ozone layer are included in the calculation.
69. 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. 


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 2021
Emissioni di ESG bonds di €500mld €500m green bond issued
Issue of a carbon neutral fund (RAM) RAM Stable Climate Global Equities carbon neutral fund issued
+50% 'green' mortgages by CheBanca! Green mortgages up 109% versus 30/6/21

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



The Group has set climate objectives for its proprietary credit exposure in the Power and Automotive sectors, for both Mediobanca S.p.A. and Mediobanca International (Luxembourg) SA.

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.