No. 70 - Do firms care about climate change risks? Survey evidence from Italy

Markets, Infrastructures, Payment Systems
by Francesca Colletti, Francesco Columba, Manuel Cugliari, Alessandra Iannamorelli, Paolo Parlamento and Laura Tozzi
November 2025
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This paper presents the findings of a survey on climate change risk management by Italian non-financial corporations, which was conducted by Banca d'Italia in 2024. The firm-level findings allow for a more accurate assessment of climate-related risks and of their impact on creditworthiness. The survey reveals widespread shortfalls in emission and physical risk management, transition planning, and governance. Many firms that are not insured against physical risk tend to underestimate it. Moreover, the approaches to climate change risk management exhibit marked heterogeneity, reflecting differences in governance structure and across sectors and regions. Finally, the findings suggest that climate sustainability commitments, if not accompanied by measurable progress, do not necessarily improve a firm's creditworthiness. The information processed for this work will be used to better integrate climate change risks within Banca d'Italia's In-house Credit Assessment System (ICAS).

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  1. 07 November 2025
    No. 70 - Do firms care about climate change risks? Survey evidence from Italy
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