Climate Change

We are committed to limiting our impact on the enrivonment, with the aim of accompanying the transition towards a low-emission economy and contributing to the fight against climate change.

  • 100% of electricity from renewable sources *
  • DIRECT EMISSIONS OFFSET SINCE 2019
  • PORTFOLIO EMISSIONS TO BE REDUCED TO NET-ZERO BY 2050

* registered utilities attributable to Mediobanca and its subsidiaries

Our commitment is not only reflected in our internal processes and strategies, but also in the projects and activities we deliver to customers, partners and the community. To guide these efforts and generate recognizable value, we have identified specific areas of action, including support for the climate transition and reducing our direct and indirect environmental impacts.

Energy efficiency and emission reduction
Our direct impacts

We are aware of the impacts of our business activities and the role we can play in propagating responsible behaviour and choices. 

For this reason we have launched a structured programme to reduce our direct emissions, using exclusively electricity from renewable sources for utilities registered to Mediobanca and its subsidiaries, and offsetting residual greenhouse gas emisions (Scope 1 and Scope 2, market-based).

OUR CLIMATE PROJECTS

Carbon Offset
In partnership with Rete Clima, we have offset our Scope 1 and Scope 2 (market-based) emissions for the six months ended 31 December 2025, by acquiring carbon credits certified based on the VCS-Verra standard, for the Larimar Wind Farm energy project.
By acquiring these carbon credits, we have contributed to financing two wind farms located in the Enriquillo region of the Dominican Republic. The facilities support the reduction of greenhouse gas emissions in a situation where energy is strongly dependent on fossil fuels.
 

Forest protection
In recent years we have planted a total of 3,750 trees as part of several projects developed in conjunction with Rete Clima.

For more details go to the map.

 

Energy consumption

Our energy consumption is mainly related to:
•    Heating and air-condition systems in our buildings
•    Functioning of the data centre and server rooms
•    Office lighting systems
•    Charging electric vehicles included in the fleet of company cars owned by Mediobanca and its subsidiaries.

Mediobanca Innovation Services has also signed a Power Purchase Agreement (PPA) to mitigate the volatility of the costs involved in acquiring electricity, contributing to Italy’s energy transition, through a long-term contract for the supply of electricity generated from newly-installed solar panels.

Currently 100% of the energy used by Mediobanca and its subsidiaries for registered utilities comes from renewable sources, under a framework agreement that provides for the acquisition of energy certified by a “Guarantee of Origin”. The electricity used for the data centre also comes exclusively from renewable sources.

Energy consumption AND ENERGY MIX COMPOSITION

UOM

30 jUNE 2025

(12 MONTHS)

 31 december 2025 

(6 MONTHS)
1. Fuel consumption from coal and coal products Megawatt-hour - -
2. Fuel consumption from crude oil and petroleum products Megawatt-hour 7,010 4,106
3. Fuel consumption from natural gas Megawatt-hour 9,008 618
4. Consumption of fuels from other non-renewable sources - - -
4. Fuel consumption from other fossil sources - - -
5. Consumption of electricity, heat, steam and cooling from fossil sources, purchased or acquired Megawatt-hour 3,852 119.5
6. Total fossil energy consumption  Megawatt-hour 19,870 4,843
Share of fossil sources in total energy consumption Percent 48.-% 32.5%
7. Consumption from nuclear sources Megawatt-hour 14 -
Share of consumption from nuclear sources in total energy consumption Percent - -
8. Consumption of fuel from renewable sources, including biomass (also including industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.)   Megawatt-hour - -
9. Consumption of electricity, heat, steam and cooling purchased from renewable sources Megawatt-hour


21,756

 10,068
10. Self-generated non-combustible renewable energy consumption Megawatt-hour - -
11. Total renewable energy consumption   Megawatt-hour 21,756 10,068
Share of renewable sources in total energy consumption Percent 52.-% 67.5%
Total energy consumption Megawatt-hour 41,640 14,912

CO2 emissions

Our direct emissions derive from sources managed directly by Mediobanca and its subsidiaries, which include:

  • Direct energy consumption
  • Use of company vehicles
  • Losses of refrigerant used for the office air-conditioning systems
  • Gas used for heating
  • Consumption of diesel used to power generator sets.

Our indirect emissions include:

  • Emissions associated with electricity purchased, steam and heating/cooling systems consumed by equipment or systems managed directly (Scope 2)
  • Emissions along the value chain (Scope 3) linked to the purchase of goods and services, capital goods, fuel- and energy-related activities not included in Scope 1 or Scope 2, work-related travel by staff, downstream leasing assets, and investments.

Greenhouse gas emissions (in tCO2)

    
  June 30, 2025
12 months
(base year)		 December 31, 2025
6 months		  Change
percentage
Scope 1 greenhouse gas emissions      
Gross Scope 1 GHG emissions 3,978 1,702 -57%
Scope 2 greenhouse gas emissions      
Gross location-based Scope 2 GHG emissions  7,652 2,547 -67%
Gross market-based Scope 2 GHG emissions 1,630 27 -98%
Significant Scope 3 greenhouse gas emissions      
Total gross indirect (Scope 3) GHG emissions 17,728,505 15,532,850 -12.4%
1. Goods and services purchased 87,818 45,013 -48.7%
2. Capital goods n.d. 3,592 n.a.
3. Fuel and energy-related activities (not included in Scope1 or Scope 2) n.d. 761 n.a.
4. Upstream transport and distribution n.d. n.d. n.a.
5. Waste generated in operations n.d. n.d. n.a.
6. Business traveling 2,676 972 -63.7%
7. Employee commuting n.d. n.d. n.a.
8. Upstream leased assets n.d. n.d. n.a.
9. Downstream transportation n.d. n.d. n.a.
10. Processing of the products sold n.d. n.d. n.a.
11. Use of the products sold n.d. n.d. n.a.
12. End-of-life treatment of sold products n.d. n.d. n.a.
13. Downstream leased assets n.d. 678 n.a.
14. Franchises n.d. n.d. n.a.
15. Investments 17,638,011 15,481,834 -12.2%
Total greenhouse gas emissions      
Total greenhouse gas emissions (location-based) 17,740,135 15,537,099 -12.4%
Total greenhouse gas emissions (market-based) 17,734,113 15,534,579 -12.4%

From the reporting for the period ended 31 December 2025, Mediobanca has adopted the operational control principle for classifying greenhouse gas emissions. According to this principle, the Scope 1 and Scope 2 emissions do not include certain emission types which are reclassified as Scope 3 as follows:

  • Emissions associated with properties recovered from leases during the reporting period, which are classified as Scope 3 Category 2; if they are already booked as fixed assets with outstanding leases, they are classified as Scope 3, Category 13;
  • Emissions deriving from electricity or gas consumption for tower blocks or from unregistered utilities, which are classified as Category 3, Scope 3;
  • Emissions from properties leased to third parties used as corporate guest accommodation and properties leased to third parties, which reclassified as Scope 3, Category 13.

Sustainable Mobility

We are aware that the fight against climate change is a global challenge that starts with individuals.

Mediobanca has appointed a Mobility Manager: an officer who is responsible for compiling and annually revising the Home-Office Commute Plan with the aim of promoting new sustainable mobility solutions for the city of Milan. Based on analysis of staff mobility habits and needs, initiatives have been activated in the following areas:

  • Alternative means of transport to private vehicles: providing solutions that encourage the use of sustainable means of transport, which include a company shuttle service to link the Via Caldera and Viale Bodio offices with areas served by the local public transport network;
  • Green policies: adoption of company policies to improve the relationship between mobility and the environment, reducing the impacts due to pollution; for example, stalls and racks for bikes and scooters have been installed to promote and facilitate the use of micromobility modes of transport;
  • Corporate benefits: the introduction of concessions and discounts for staff, including support in acquiring annual local public transport season tickets, and incentives to hire electric vehicles and micromobility modes of transport.

To provide further support for sustainable mobility, the company car fleet offers numerous options in terms of electric, plug-in and hybrid vehicles.

Supporting climate transition
Our indirect impacts

Protecting the planet means protecting our future. This is why we became members of the Net-Zero Banking Alliance (NZBA) in 2021, with the objective of cutting the emissions produced by our activities to net-zero by the year 2050. The initiative, promoted by the United Nations Environment Programme Finance Initiative (UNEP FI), transitioned from an alliance to a framework-based initiative in November 2025.

Mediobanca continues to align with these guidelines, because it is aware that the climate emergency requires a response based on a collective commitment that involves the entire financial system and takes account of clients’ expectations.

In accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) – the leading global standard for non-financial climate-related – to which it has subscribed on a voluntary basis since April 2022, Mediobanca:

  • Publishes annual disclosure on its portfolio emissions and their intensity;
  • Has set the following intermediate targets for 2030, based on climate scenarios consistent with the best scientific knowledge available:
    • A 35% reduction in the carbon intensity of CIB loans (excluding Specialty Finance) versus 31 December 2022;
    • Specific decarbonization stages for priority sectors, i.e. those with the most substantial impact in terms of greenhouse gas emissions;
  • Discloses the progress made in implementing the transition strategy approved by the Board of Directors, including by updating its Climate Transition Plan on a regular basis.
Our decarbonization sectoral objectives

We have set specific emissions reduction targets for the main high carbon intensity sectors, using the Sectoral Decarbonization Approach (SDA) methodology from the Science Based Targets Initiative and the Greenhouse Gas Emissions per unit of Value Added (GEVA) approach.