Andrea Orcel, Chief Executive Officer of Unicredit. Photo from Unicreditgroup.eu
Consistent with its commitment to a positive future for the environment, UniCredit adheres to Net-Zero Banking Alliance (NZBA), a financial initiative of the United Nations which mobilizes the world's leading banks, committed to aligning their loan and investment portfolios with the objective of zero emissions (net-zero) by 2050 or earlier, in line with the more ambitious targets defined by theParis climate agreement.
The alliance marks a decisive step in mobilizing the financial sector for the climate protection, more than a third of the global banking industry is part of it, with over 76 members from 35 countries and $ 54 trillion in assets. It recognizes the crucial role of banks in supporting the global transition of the real economy towards the goal of zero emissions, including both business-related and attributable emissions, including Scope 3 emissions.
Like all members of the Alliance, UniCredit has taken on specific obligations which include: setting interim targets no later than 2030 or earlier for key sectors; focus on sectors that have the most significant impact on the climate, such as those with the highest greenhouse gas emissions; publish annually the level of emissions and their intensity; take into account scenarios based on the best available scientific knowledge; set the first objective within 18 months of signing the commitment and provide updates on an annual basis; disclose progress on a transition strategy reviewed by the Board of Directors.
There NZBA is part of the United Nations Environment Program Finance Initiative and of Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, United Nations special delegate on Climate Action and Finance in anticipation of COP 26.
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