The Bank of Italy's Environment Report gives the main indicators relating to the impact of the Bank's activities on the environment to illustrate its commitment to reducing its own ecological footprint. The Environment Report, published for the first time in 2010, is updated annually and presents the main measures the Bank has adopted in line with its own Environmental Policy objectives: the sustainable use of energy and natural resources, optimal waste management, sustainable mobility, green procurement, and the promotion of an environment-friendly culture.
This year's edition contains two new sections - one with statistical tables giving detailed quantitative indicators, and the other with some methodological notes on how environmental indicators are calculated. This methodology has been revised and updated since the last edition of the report, especially as regards greenhouse gas emissions.
Greenhouse gas emissions remained at the same level in 2021 as in the previous year, confirming a reduction of about 20% compared with 2019, the last pre-pandemic year. The consumption of paper for the Bank's publications and purchases of office paper have fallen by 25% and 59% respectively since 2019. About 63% of the paper purchased for office use is recycled. There has been a big increase in the use of distance communication tools (+33%), with over 3.5 million calls and 450,000 online meetings made via these tools. The consumption of drinking water and electricity (exclusively from certified renewable sources) has fallen respectively by 19% and just under 2%.
The Bank values the environment and sustainability and this influences how it manages its investment portfolio. Together with the ECB and the other central banks of the Eurosystem, the Bank of Italy is committed to reducing the environmental impact of the production, distribution, recirculation and disposal of euro banknotes (88% of worn banknotes were sent to waste-to-energy plants in 2021). In 2021, the Bank published its Responsible Investment Charter, which identifies a set of principles and guidelines for the integration of financial and sustainability assessments in relation to its own investments. In May 2022, the Bank published its first Report on sustainable investments and climate-related risks, which describes the results obtained. In January 2022, the Bank became a member of the Steering Committee of the Network for Greening the Financial System (NGFS), which is composed of more than 116 bodies including central banks and supervisory authorities. The NGFS coordinates research and the sharing of experience on sustainable finance and on the strategies to reach the long-term goal of net zero emissions.
