Banca d'Italia and environmental and social sustainability
Cerca nel sito Site SearchClimate change and environmental degradation, along with the policies adopted to address them, can have an effect on economic activity and the stability of the financial system (through so-called physical and transition risks). Similarly, social conditions and corporate management factors create opportunities, but may also generate potential risks, for the economic system.
Central banks can make an important contribution to the transition, helping the financial system become more resilient to the risks stemming from environmental, social and governance (ESG) factors, and smoothing, within the scope of their mandate, the transition to a more sustainable economy.
Banca d'Italia has long been engaged at national and international level in assessing the implications of these risks for the economic and the financial system and in taking the sustainable development goals into account in discharging its institutional functions. It does so in its various roles as supervisor of financial intermediaries, research centre, monetary authority, and promoter of a culture of financial education and sustainability among the general public and firms. Over the last several years, Banca d'Italia has also unrolled a programme to integrate ESG profiles in corporate governance and to reduce its environmental footprint, with the long-term goal of net-zero carbon emissions.
Banca d'Italia regularly reports on its efforts through its publications and in interviews by its top management, always in open dialogue with its stakeholders.
News
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6 June 2025Two new publications highlight Banca d'Italia's commitment to sustainabilityOn 30 May, Banca d’Italia published two key reports alongside the Governor's Concluding Remarks: the Activity and Sustainability Report and the Annual report on sustainable investments and climate-related risks for 2024. The Activity and…
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27 May 2025Action plans for the integration of climate and environmental risks into LSI business processes: progress report and good practices updateThe main findings have been published for the monitoring exercise to assess progress in the implementation of climate action plans developed by Less Significant Institutions (LSIs). The exercise is intended to promote the gradual integration of climate…
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16 May 2025Modelling transition risk-adjusted probability of defaultBanca d'Italia today publishes 'Modelling transition risk-adjusted probability of default'. This paper introduces a novel methodology to estimate the effect of climate-related transition risk on the one-year probability of default of Italian…
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2 April 2025Paolo Angelini speaks at the conference on 'Sustainability in the financial industry: old models for new scenarios?'Paolo Angelini, Deputy Governor of Banca d'Italia, opens the conference on 'Sustainability in the Financial Industry: old models for new scenarios?' organized at Banca d'Italia's Milan branch conference venue in collaboration with Università…
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The Bank of Italy has long been committed to evaluating the implications of these risks for the economic and financial system and to considering sustainable development objectives in the exercise of institutional functions.
Sections
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PublicationActivity and Sustainability Report
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PublicationThe Responsible Investment Charter
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Video
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New urban reforestation initiatives by Banca d'Italia: Bergamo and RomeBanca d'Italia is continuing its reforestation project, carried out in collaboration with the Carabinieri Corps’ Forestry, Environmental and Agricultural Units Command.
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Embedding Sustainability in Credit Risk Assessment - Banca d'Italia and the International Monetary FundConferenza - Venezia, 13 giugno 2024 - 14 giugno 2024 - Day 1 - Introductory remarks, Paolo Angelini (Vice Direttore Generale ...
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