Intesa Sanpaolo Unveils 2030 Decarbonization Targets for Key High-Emission Sectors

Intesa Sanpaolo Unveils 2030 Decarbonization Targets for Key High-Emission Sectors

(IN BRIEF) Intesa Sanpaolo has announced its 2030 decarbonization targets for four high-emission sectors: Residential Real Estate, Agribusiness-Primary Farming, Cement, and Aluminium, completing its commitment to the Net Zero Banking Alliance (NZBA). The new targets, which build on previous objectives for six other sectors, aim for significant reductions in emissions intensity across these industries. Notably, the Group aims for a 36% reduction in Residential Real Estate emissions, an 11% reduction in Agribusiness-Primary Farming, and a 22% reduction in Cement. No targets were set for the Shipping and Aviation sectors. Intesa Sanpaolo remains committed to supporting its clients’ transition to a low-emission economy with tailored financial solutions.

(PRESS RELEASE) TURIN/MILAN, 2-Dec-2024 — /EuropaWire/ — Intesa Sanpaolo has announced its 2030 decarbonization targets for four additional high-emission sectors: Residential Real Estate, Agribusiness-Primary Farming, Cement, and Aluminium. This marks the completion of the Group’s decarbonization objectives for its most material and highest-emitting sectors, following the targets already outlined for six other sectors in its 2023 Climate Report. These sectors saw a reduction in absolute emissions of over 22% by the end of 2023 compared to 2022.

The new targets align with Intesa Sanpaolo’s commitment to the Net Zero Banking Alliance (NZBA), which the Group joined in October 2021.

New Targets in Detail

For Residential Real Estate, with €105.5 billion in exposure as of 2022, the target is to reduce emissions by 36% from the 30.13 kgCO2e/m2 baseline, focusing on financing energy-efficient properties and supporting energy-efficient renovations. However, success will depend significantly on government policies for energy grid decarbonization.

In Agribusiness-Primary Farming, the target aims for an 11% reduction in emissions intensity (scope 1 and 2) compared to the 721 tCO2e/€m revenue baseline, with €0.9 billion in exposure.

For the Cement sector, with €0.3 billion in exposure, Intesa Sanpaolo aims for a 22% reduction in emissions intensity (scope 1 and 2) from the baseline of 0.65 tCO2e/t of cement.

For the Aluminium sector, with €0.5 billion in exposure, the Group’s goal is to reduce emissions intensity (scope 1 and 2) by 10% from the 4.79 tCO2e/t aluminium baseline.

No targets have been set for Shipping and Aviation sectors, as these areas are not material in terms of exposure or financed emissions.

Paola Angeletti’s Statement

Paola Angeletti, Chief Sustainability Officer of Intesa Sanpaolo, emphasized the importance of these new goals:
“Today marks a significant step forward in our commitment to the NZBA and our broader business plan. These new sectoral targets represent more than 71% of financed emissions and over 81% of exposure in the highest-emitting sectors. Our Group remains committed to supporting our clients’ transition to a low-emission economy through tailored financial products and services.”

Strengthening Sustainability Commitment

The completion of these targets reflects Intesa Sanpaolo’s continued leadership in sustainability and its efforts to accelerate the transition to a low-carbon economy. Through targeted actions and financial solutions, the Group is reinforcing its role in driving the energy transition while contributing to a sustainable future.

Intesa Sanpaolo

Intesa Sanpaolo, with €422 billion in loans and €1.4 trillion in customer financial assets at the end of September 2024, is the largest banking group in Italy, with a significant international presence. It is a European leader in wealth management, with a strong focus on digital and fintech. The Group will provide €115 billion of Impact lending by 2025 to support communities and the green transition, together with a €1.5 billion program (2023-2027) to help people in need. The Bank’s network of museums, the Gallerie d’Italia, hosts its owned artistic heritage and cultural projects of recognized value.

News: group.intesasanpaolo.com/en/newsroom X: @intesasanpaolo LinkedIn: linkedin.com/company/intesa-sanpaolo

[1] In 2024, the level of ambition for the Commercial Real Estate sector was increased: the target for reducing operational emissions was raised to -49% from a 2022 baseline of 43.16 kgCO2e/m2.

[2] Agriculture, Aluminium, Cement, Coal, Commercial and Residential Real Estate, Iron and Steel, Oil and Gas, Power Generation, Transport.

[3] For further details, please refer to the website (https://group.intesasanpaolo.com/en/sustainability/environment/climate-change ). In terms of the value chain subject to target setting, the following is specified: Cement: cement and clinker producers; Aluminium: aluminium producers (refining alumina from bauxite and both primary and secondary smelting); Agriculture: primary farming (production and preservation of primary agricultural products of plant or animal origin); Residential Real Estate: residential mortgages with collateral.

[4] Calculated as the ratio between the sum of financed emissions in the portion of the value chain subject to target setting in each sector and the sum of financed emissions in the entire value chain of the same sectors and the sectors considered non-material.

Media Contact:

Media Relations
Corporate & Investment Banking and Governance Areas
stampa@intesasanpaolo.com
international.media@intesasanpaolo.com

SOURCE: Intesa Sanpaolo