With the policy Intesa Sanpaolo wants to support its customers that are shifting away from the use of coal for energy production (phase-out) and to encourage the transition to low carbon alternatives
Intesa Sanpaolo approves a coal sector policy. (Credit: Uccio “Uccio2” D'Ago…/Wikipedia.org)
Intesa Sanpaolo announces that it has issued a policy that defines limitations and exclusion criteria with reference to credit operations in the coal sector for the Group. The policy applies to lending operations provided by the Group, in all the countries where it operates, in the sectors of thermal coal mining and Coal Fired Power Plants (CFPPs).
With the policy Intesa Sanpaolo wants to support its customers that are shifting away from the use of coal for energy production (phase-out) and to encourage the transition to low carbon alternatives (e.g. renewables and gas).
Intesa Sanpaolo will continue to finance companies that demonstrate a documented medium/long-term strategy for the progressive reduction of the use of coal or request financing directly related to coal transition objectives, for example in the form of “green loan”, “sustainable loan” or “transition loan”.
The commitment of Intesa Sanpaolo for the sustainable development is recognised by its positioning in the main social and environmental sustainability indices and rankings: Intesa Sanpaolo is the only Italian bank included in the Dow Jones Sustainability Indices, in the CDP Climate A List and in the Corporate Knights ranking of the world’s 100 most sustainable companies.
Source: Company Press Release