Environment and community
We steer our choices so as to ensure compatibility between economic initiative and environmental needs, taking an active role in creating a sustainable future.
Protecting the environment and the local areas as an essential good
We devote great attention to the environment and to the community in which we operate. Aware that economic development is only possible by preserving the environment in which we live, also for the benefit of future generations, we are committed to directing our decisions in such a way as to ensure consistency between our activities and the environmental requirements, while proactively contributing to shaping a sustainable future.
We consider the development of policies in support of the communities with which we interact to be one of the key factors of our business model. It is from this perspective that it is a priority for us to invest in the growth and development of the local communities in which we operate, safeguarding and enhancing the best they have to offer and the most talented organisations.
Environmental improvement goals and targets
In light of the growing importance of sustainability topics at the national and international level, we continue to prove our commitment by constantly considering the interests of our stakeholders and the economic, environmental and social impacts of the activities when formulating the company's strategy and designing its policies.
With the launch of the Banca Generali 2022-2024 Strategic Plan, we confirmed and strengthened our environmental commitment, defining several climate change targets, aimed at achieving net zero emissions by 2040, in line with our Responsible Investment Policy and our internal ESG regulatory framework. In addition, our Bank falls within the scope for which the Generali Group has set a primary target for the 35% reduction of the Group's GHG emissions by 2025 compared to 2019 (baseline).
In this context, we defined a strategic development and sustainability project that not only covers the area closely linked to ESG investments, but has also led to the launch of a “re-thinking” process of the whole Organisation based on the active engagement of all corporate Functions.
We regularly measure and report on the greenhouse gas emissions caused by our operations to assess the efficacy of our climate-change mitigation strategies. We adopt the WRI’s GHG Protocol and provide disclosures according both to the location-based and the market-based methods. The scope of environmental performance monitoring includes the two properties used as the Company's headquarters: in Milan, Piazza Tre Torri 1 (Generali Hadid Tower), and in Trieste, Corso Cavour 5/a. These buildings host 716 employees, who make up 75% of the Banking Group's total headcount.
The reporting scope did not include the bank branches, excluded due to the marginal extent of their consumption, and Financial Advisors’ offices, since these are local logistics facilities over which the Bank does not exercise complete financial and operational control and to which it applies various management models and cost allocation/apportionment models. In line with the principles of environmental transition and the commitment to climate change, we also began to monitor our investment portfolio and to report its carbon footprint.
|Greenhouse-gas emissions t CO2e||2019 (baseline)||2020||2021||2022||(var. % 2022-2019)|
|Scope 1 (A)||404||441||473||363||-10,14%|
|Scope 2 - market based (B)||220||273||263||188||-14,54%|
|Scope 2 - location based||872||788||740||683||-21,67%|
|Scope 3* (C)||603||446||429||452||-25,04%|
|*Employee mobility includes the use of personal cars only|
The chart displays the overview of the Scope 3 GHG Emissions according to the GHG Protocol (location-based methodology)
Data at 31.12.2022
The emission values are expressed according to two different methodologies:
- the “market-based” approach, which requires the GHG emissions resulting from the purchase of electricity and heat to be determined considering the specific emission factors communicated by our suppliers. For purchases of electricity from renewable sources, an emission factor of zero is attributed with regard to Scope 2;
- the “location-based” approach, which, on the other hand, accounts for emissions from electricity consumption applying national average emission factors.
With the aim of achieving the target of zero net emissions by 2040, as defined in the Strategic Plan, we identified the following environmental objectives:
- 25% reduction of the carbon footprint by 2025 (compared to the 2019 baseline) with regard to corporate securities;
- Coal phase-out by 2030 for all corporate investments;
- Zero net emissions by 2040. The various indicators monitored and their change compared to the baseline (2019) with regard to Banca Generali’s direct investment portfolio, which to date includes in its scope Banca Generali’s banking book, the portfolio management schemes and BGFML's UCITS, are given here below.
|2019||2022||% Change 2019-2022|
|Portfolio of direct investments in listed equity and corporate bonds (€ billion)||6.31||11.08||+75%|
|Absolute emissions (tCo2e)138||684,325||628,588||-8%|
|Carbon footprint (tCO2ew/€ million)||108||63||-42%|
To calculate the carbon footprint, the Bank uses the data provided by MainStreet Partners. CO2 emissions data refer to the most recent information provided by the issuer, with a maximum 2-year lookback period in respect of the year of analysis (for the analysis at 31 December 2022, data used have been compared to data at 31 December 2021 or 31 December 2020). The EVIC, used to calculate carbon intensity, refers to the most up-to-date information available on the market at the time of the analysis. Absolute emissions are the GHG emissions associated with a portfolio, in tonnes of CO2 equivalent.
All the electricity we consume comes from renewable sources.
The Milan office, located in the Hadid Generali Tower, is also connected to a district heating network that supplies hot water for heating and sanitary applications.
In 2022 we also launched BG Smart Energy, a campaign in ten episodes to raise our peoples’ awareness of conscious use of energy resources. A group of employees acted as testimonials of energy saving, providing colleagues with tips on how to pay attention to the topic during their everyday work activities.
|2019 Consumption (GJ)||2020 Consumption (GJ)||2021 Consumption (GJ)||2022 Consumption (GJ)||% Change 2022-2021||% Change 2022-2019|
|Heat (district heating)||2,240||3,181||3,124||2,178||-30.26%||-2.77%|
|Diesel oil for engine-generations||n.a.||20||6||7,13||+0.02%||n.a.|
We consider water to be an important resource and are committed to using it sparingly in all our offices. Water is used primarily for the purposes of hygiene and sanitation and to supply the heating and air-conditioning systems. At the Milan office, aquifer water is used, drawn from deep below ground, which has the advantage of being naturally purified by its passage through the permeable layers of the terrain. In this case, the water is pressurised and used directly for the hydrant network for cleaning, toilets and humidifiers. At the Trieste offices, almost all the water that is consumed comes from municipal or state mains.
Photocells or timer controls have been installed at both sites to reduce water consumption to a minimum and allow water flow to be controlled effectively.
|2019 Water consumption (m3)||2020 Water consumption (m3)||2021 Water consumption (m3)||2022 Water consumption (m3)||% Change 2022-2021||% Change 2022-2019|
Paper is the material most used in the banking sector. To reduce its consumption, we have introduced the following measures:
- electronic archiving and dematerialisation of documents;
- use of e-mail and messaging in communications between companies, branches, offices of Financial Advisors and customers;
- introduction of Banca Generali Digital Collaboration, whereby Financial Advisors can send their investment proposals to customers, who in turn can review and redefine their investment decisions, with the possibility to confirm the instructions digitally without using paper/ print material;
- activation, for clients who use Home Banking, of the Doc@online function, which can be used for the digital transmission of all communications from the Bank (e.g., account statements, term sheets, accounting documents, information memoranda, etc.).
Where possible, we buy material with a lower unit weight than normal in order to contain the weight of the paper consumed. In addition, we prefer to purchase low environmental-impact toner cartridges and stationery such as pens with water-based, solvent- free ink, pencils made of wood from sustainably managed forests, recycled and/or remanufactured toner cartridges.
|2019 Paper consumption (quintals)||2020 Paper consumption (quintals)||2021 Paper consumption (quintals)||2022 Paper consumption (quintals)||% Change 2022-2021||% Change 2022-2019|
We conducted a number of campaigns to raise awareness amongst our employees of the issue of proper waste management and sorting. Each corporate site has separate waste containers for paper and cardboard, plastic, glass and aluminium.
A high level of care is also taken in the correct disposal of waste that is most hazardous or harmful for the environment, such as IT products and toner cartridges. In detail, IT waste made up of obsolete electronic equipment is returned to the suppliers or sent to specialised plants handling the disposal and recycling of reusable parts. Similarly, most exhausted toner cartridges are returned to the supplier to be recycled or remanufactured, whilst the rest are disposed of in accordance with regulations.
Hazardous waste (e.g., fluorescent tubes, batteries, etc.) is just a small portion of all the waste we produce and is disposed of using specialist firms. We track the hazardous waste we generate in specific registers, as required by applicable legislation.
Banca Generali also focuses closely on the three Rs (reduce, reuse and recycle) for long-term assets, above all in logistics processes involving the closing, transfer or restyling of branches or agency offices.
In such cases, it proceeds by considering the following management methods (reported in decreasing order of priority of action):
- Potential reuse of the asset in the new location or at other properties, considering the cost-effectiveness of recovery and the aesthetic/functional result;
- Involvement, through network managerial structures, of local communities (e.g., non-profit organisations, associations, entities, etc.) for the recovery of assets no longer of interest to the Bank;
- Disposal of assets in public dumps to begin the industrial recycling process for the asset disposed of.
|Waste generated in 2019 (quintals)||Waste generated in 2020 (quintals)||Waste generated in 2021 (quintals)||Waste generated in 2022 (quintals)||% Change 2022-2021||% Change 2022-2019|
Breakdown of 2022 waste collected (%)
|Type of waste collection||2020 breakdown (%)||2021 breakdown (%)||2022 breakdown (%)|
The main areas of intervention to improve the Bank's environmental performance include management of workplaces and company mobility.
The main workplaces are managed to achieve constant improvement in workplace comfort and an efficient use of natural resources.
The following are pursued with the aim of minimising adverse impacts on the environment:
- reduced consumption of electrical power, water and paper;
- more efficient management of waste, with an increase in waste sorting;
- a reduction in ambient temperature that still ensures thermal comfort for our People, but which can at the same time limit consumption and emissions;
- ban on the use of hot water for sanitary application in HQ buildings, with non-negligible benefits in terms of energy saving.
In addition, the consolidation of the “Next Normal” hybrid working model is a dual-value tool, as, on the one hand, it impacts work-life balance and, on the other, by enabling the lower-than-average employee presence at the Milan and Trieste offices (44% and 52%, respectively), it ensures a tangible reduction in consumption inside the buildings and limits people’s use of their own vehicles to reach the workplace.
The Bank's main locations are characterised by excellent energy and environmental performance. In particular, the Generali Tower in Milan, also known as the “Hadid Tower”, is the result of a major urban redevelopment project launched in 2003, focusing on the former trade fair area. The headquarters have been designed to meet the highest international environmental sustainability and energy efficiency standards, resulting in the award of LEED Platinum certification, owing in part to the production of renewable energy via a photovoltaic system and the supply of 100% green energy. The Hadid Tower is also equipped with a BEMS-Building Energy Management System, which optimises and constantly monitors energy performance. Using a dual network to procure water enables an overall water savings of 45%.
The Bank is forging ahead with its sustainable approach in developing its local logistics network — a process that involves renovating and fitting out the bank branches and the Financial Advisors’ offices. We have set ourselves the goal of approaching renovations with drivers typical of sustainable architecture, in other words, ensuring a lower environmental impact in favour of energy efficiency and improvement of health and comfort, through:
- a constantly evolving new mindset focused on ‘people’, ‘buildings’ and the ‘environment’, based on ongoing research, analysis and an innovative design approach;
- building materials that meet environmental and economic sustainability and recyclability criteria.
All these principles are contained in a technical specification document that condenses the information relating to the materials used to carry out the renovation and/or fitting out.
A specialised third-party body certifies that renovation work has been done according to sustainability criteria and with a recyclability index (IRA) as close to 100% as possible.
In recent years, sustainable renovations have involved eight buildings in Italy, which achieved a recyclability index of over 95%.
Governed by the Group’s Travel Policy, administrative employees’ business travel is managed so as to ensure:
- containment of travel through increasing use of audio and video conferencing, e-learning training courses, etc.;
- preference for the use of public or collective transport (company shuttle buses, car pooling, etc.);
- introduction of the “new ways of working” concept, i.e., the option of working remotely (generally from home).
We also involve our stakeholders in adopting behaviour with a lower impact on the environment and climate, and in particular our suppliers (procurement ecology), clients (product ecology) and the companies we finance (investment ecology):
- procurement ecology: we share our environmental expectations within our supply chain and we have set up mechanisms for encouraging their observance, including through specific clauses that, in the event of violation by our suppliers of the Group's applicable standards and principles, may trigger the cancellation of contracts;
- product ecology: we inform our clients of the risks and opportunities associated with climate change and give them the chance to invest in companies with advanced environmental transition strategies, such as investment products linked to UN Sustainable Development Goals 6, 7, 12, 13 and 15;
- investment ecology: we have developed strategies for reducing the carbon emissions associated with our portfolios and through our responsible investment policies we exclude financing for companies with a strong environmental footprint or that have committed serious violations of environmental laws.
We support the local communities in which we operate by promoting social, cultural and sport initiatives. Sponsorships, donations, events and collaboration with entities and associations reflect the sensitivity and values of the Bank and the Generali Group. Our corporate commitment accompanies and reinforces the efforts of our Financial Advisor network, so as to promote a consistent, broad-based activity throughout the territory.
Finally, with the aim of spreading a positive and sustainability-oriented culture, also in 2022 we further developed “BG4SDGs - Time to Change”, a social denunciation photography project to raise awareness of the 17 SDGs of the UN 2030 Agenda, carried out in partnership with photographer Stefano Guindani.