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.

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% of energy from renewable sources Target already achieved
CO2 emissions reduced by 27% Reduced by 15%
Hybrid cars covering 90% of the Mediobanca Group's fleet in Italy 28% hybrid cars

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

For the second 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.

 

OUR CLIMATE PROJECTS

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

  • Hydroelectric project in India;
  • REDD+ project (Reducing emissions from deforestation and forest degradation) in Brazil.

Offset CO2 emissions from 2019: 9056 tonnes.

Forest protection
We have confirmed our support for a forestry project that this year will involve the Madonie Park in the province of Palermo, which was devastated by fires last summer. Thanks also to the active participation of Group employees, over 1,000 trees will be planted and maintained. 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 and RAM's Milan office. 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:

  • Installation of presence detection systems for lighting in some meeting rooms in Via Filodrammatici (Milan) undergoing renovation and in the toilets of the Foro Bonaparte building;
  • Replacement of windows and doors in the Foro Bonaparte building;
  • 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);
  • Installation of energy monitoring systems for the offices of Mediobanca (via Filodrammatici), Compass, CheBanca! and Mediobanca Innovation Services.
DIRECT AND INDIRECT ENERGY CONSUMPTION
  Unit 2020/2021 2019/2020
Direct energy consumption Gj 49,743.23 58,061.53
From non-renewable sources 26,602.41 23,602.82
From company cars 23,136.22 34,458.71
Indirect energy consumption 86,309.16 88,435.55
From non-renewable sources 1,007.04 2,137.28
From renewable sources 85,302.12 86,298.27

     

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.
CO2 EMISSIONS DIRECT AND INDIRECT CO2 EMISSIONS
  Unit 2020/2021 2019/2020
Direct emissions (scope 1) TonCO2 3,258.38 3,928.80
From company cars 1,719.31 2,560.76
Indirect emissions (Scope 2) 6,818.51 7,527.66
Indirect emissions (Scope 3) 112.82 1,527.12

     

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;
  • We have installed 8 units for charging electric and plug-in hybrid cars (5 units at Mediobanca headquarters, 2 at Compass headquarters and 1 at Mediobanca Innovation Services headquarters);
  • 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 On 01/09/2020 Mediobanca launched its first Green Bond for €500m
Issue of a carbon neutral fund (RAM) RAM Stable Climate Global Equities carbon neutral fund issued
+50% 'green' mortgages by CheBanca! >5X vs FY20 green mortgages from CheBanca!

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

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.

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