Bankitalia, in the energy transition plan zero-emissions by 2050
Two intermediate targets to reduce one's own carbon footprint: by 2035, two-thirds reduction of direct and indirect emissions from purchased energy, 40% reduction of other indirect emissions
Key points
Zero emissions by 2050, as set by the Paris Agreement. The Bank of Italy sets the target in its 'Transition Plan for Climate Change Mitigation and Adaptation' in which it defines strategies and actions to progressively reduce the carbon footprint of its business operations and to strengthen the resilience to climate risks of its business processes, in line with the targets set at European and international level.
Target: zero net greenhouse gas emissions by 2050
The Plan includes a series of actions across the Institute's activities and presence. The goal is therefore to achieve net zero greenhouse gas emissions by 2050, with a 90% reduction from 2019 and the removal of residual emissions. These are emissions related to business operations only (i.e. excluding those attributable to financial investments). There are also two intermediate targets to be achieved by 2035: a two-thirds reduction in direct and indirect emissions from purchased energy; and a 40 per cent reduction in other indirect emissions.
Panetta: A commitment we owe to generations to come
The Governor, Fabio Panetta, writes: "The coming years are of crucial importance in the fight against climate change. Recent developments in the international arena signal a weakening of the commitment of the major countries on this front. In Europe, too, some key transition legislation is being revised to ensure that the transition is gradual and orderly and that it takes better account of the possible implications on the social and economic fabric, particularly for the most vulnerable. The guideline remains that over the next decade, net greenhouse gas emissions should decrease significantly, to zero by 2050. This is a commitment we owe to the generations to come, and to this end, the effort of all actors involved - businesses, citizens, institutions - is important;
Decarbonisation of buildings, renewables and energy efficiency
Here are the main measures of the plan.
- 1) Decarbonisation of institutional buildings: replacement of gas heating systems with heat pump systems powered by renewable electricity, for a significant reduction in the use of and dependence on fossil fuels
- 2) Renewable energy: exclusive purchase of electricity from renewable sources (started already in 2013); increased self-production of energy from photovoltaic plants (6 plants already installed, the largest of which is at the Donato Menichella Centre in Frascati); use of innovative instruments for electricity procurement, such as Power Purchase Agreements (PPAs). These instruments mitigate the effects of potential price increases on the Bank's energy expenditure and, by providing certainty to suppliers as investors, stimulate the construction of plants for the production of energy from renewable sources on Italian territory
- 3) Energy efficiency: increasing the energy performance of buildings and machinery with targeted efficiency enhancement interventions on plants and building envelopes
Optimising logistics and reducing the environmental footprint of the cash production phase
