Environment Report - 2024

For this edition of the Environment Report, we have chosen images of glaciers as a tribute to the crucial role that the cryosphere plays in the Earth's climate system: ice reflects sunlight, reducing the amount of energy absorbed by the Earth's surface. The melting of glaciers, driven by climate change, can cause sea levels to rise, leading to risks of coastal flooding and damage to ecosystems.

Introduction

The environmental goals of the UN 2030 Agenda, the Paris Climate Agreement, and European and national strategies for the environment call for the firm commitment of all areas of society, with institutions at the forefront.

The Bank of Italy is committed to making a contribution, by taking these goals into account in the performance of its institutional functions and by steadily reducing its ecological and carbon footprint. One of the objectives of the Bank's Strategic Plan is to increase its environmental commitment over the years 2023-25. Among the various activities under way in this area, the Bank is committed to defining a clear path beyond the three-year period towards a long-term net zero target.

The Governing Board of the Bank of Italy, consisting of the Governor, the Senior Deputy Governor and three Deputy Governors, draws up the Bank's environmental and sustainability strategy. The Climate Change and Sustainability Committee, set up in 2022 and chaired by a member of the Governing Board, steers the Bank's strategy in this area and coordinates actions on various fronts. The Climate Change and Sustainability Hub ensures the coordination of operational efforts on the institutional side, including through a permanent team of experts from the economic research, financial stability, markets and financial investment, supervision and financial education functions. The Environmental Sustainability Sector, which is part of the Organization Directorate, coordinates the projects aimed at reducing the carbon footprint of the Bank's internal operations. This sector draws on the input of an Environmental Task Force of staff members involved in the management of the Bank's property, logistics, IT, banknote production, tenders, human resources and communications, and of the Network of environmental officers at the Bank's branches in Italy.

The Environment Report, published by the Bank of Italy for the first time in 2010, illustrates the impact of the Bank's operations on the environment and the measures taken to reduce it. The report also provides general information on the greenhouse gas (GHG) emissions of its financial investments - which are outside the scope for the calculation of the Bank's carbon footprint - and on its economic research, supervision and customer protection, as well as statistical tables with quantitative indicators and methodological notes explaining how the environmental indicators are calculated. Methodological choices are based on current best practices and available databases; they are therefore subject to continuous scrutiny and may evolve in line with any new developments.

Looking ahead, the Bank wants to improve its sustainability reporting by creating an integrated environmental, social and governance (ESG) framework and by developing performance indicators based on European standards.

At a glance

The Bank of Italy's overall environmental footprint improved compared with the previous year and with 2019, the last year before the pandemic.

The Bank's carbon footprint

The Bank has been calculating its GHG emissions since 2010. Emissions fell by 61 per cent between 2010 and 2019, mainly owing to electricity being purchased exclusively from renewable sources since 2013 (Figure 1). Since the Environment Report published in 2022, the scope of calculation of the Bank's carbon footprint has been further extended: GHG emissions have been calculated with a new methodology since 2019, which was chosen as the baseline year.

Figure 1 - Carbon footprint

CO₂ equivalent emissions 2010-2023 ⁽¹⁾ (index numbers, 2019=100)

(1) The Bank's carbon dioxide equivalent emissions series is interrupted in the year 2019; the figure shows two series of values for the years 2010-19 and 2019-23, expressed in index numbers, with 2019=100 for each series. The data from 2010 to 2019 refer to the reporting of direct emissions from the use of fossil fuels (Scope 1) and indirect ones resulting from the use of electricity and district heating (Scope 2), the purchase of paper, and business travel (Scope 3). The data from 2019 onwards also include emissions from fluorinated gas leakages (Scope 1), centralized heating (Scope 2), purchase of products, goods and services, commuting by employees and external staff, working from home, and the life cycle of banknotes (Scope 3). For further details, see 'GHG emissions' in the Methodological Notes.

In 2023, total GHG emissions were down by 11 per cent compared with the previous year, remaining about 29 per cent lower than in 2019, the last year before the pandemic (Figure 2; Table a2). This was achieved despite the 2023 increase in both the number of employees (by the end of 2023, there were 6,968 staff, 128 more than in the previous year; Table a1) and in on-site work (63 per cent of total work compared with 58 per cent in 2022).

Specifically, there was a reduction in the consumption of heating fuels and their emissions compared with 2022, partly due to energy saving measures introduced by external rules and adopted by the Bank on a voluntary basis, including beyond the mandatory period. To reduce energy consumption, the Bank decided to deviate from the temperature requirements for public buildings in 2024, specifically by setting temperatures 1°C higher in summer 2023 and 1°C lower in winter (see the section 'Energy'). Unforeseen leakages of fluorinated gases from cooling plants, which contribute to the Bank's carbon footprint due to their high climate-altering impact, were also recorded in 2023 (310 kg; see Table a3).

Emissions from the purchase of products, goods and services declined (Table a2). Those relating to business travel rose by slightly less than 15 per cent compared with the previous year, but remained much lower than in the pre-pandemic period (-58 per cent compared with 2019).

Despite the increase in on-site work compared with 2022, the use of less polluting means of transport led to a reduction in emissions linked to staff commuting. In this edition of the Environment Report, the calculations for data from 2019 onwards have been extended to include an estimate of the emissions from energy consumption for heating and cooling in remote workplaces, which edged down from the previous year (see the section 'Sustainable mobility').

Figure 2 - Carbon footprint

CO₂ equivalent emissions 2019-2023 ^(1)(2)(3) (thousands of tonnes of CO₂ equivalent)

(1) Due to methodological updates, the data for 2019, 2020 and 2021 have been partially recalculated in order to make them comparable with those for 2022; For the definitions of Scope 1, Scope 2 and Scope 3, see the item 'GHG emissions' in the Methodological Notes. - (2) Emissions from electricity consumption were considered to be zero as the electricity purchased only comes from renewable sources (market-based approach; see the sub-item on 'Indirect GHG emissions from imported energy' in the item 'GHG emissions' in the Methodological Notes). - (3) Any mismatches are due to the rounding of decimals.

Emissions relating to the life-cycle of banknotes declined - despite the increase in the number of notes produced (925 million versus 807 million in 2022) - partly thanks to the use of stocks of raw materials already purchased and accounted for in previous years to calculate emissions. Since 2023, all waste consisting of shredded worn banknotes, which are downstream products in the cash-handling process, has been sent to waste-to-energy plants, in line with the decisions taken by the Eurosystem (see the section 'Banknotes').

Figure 3 shows 2023 GHG emissions aggregated by the theme sections of the Environment Report.

Figure 3 - Carbon footprint

GHG emissions in 2023 aggregated by section of the Environment Report (percentage)

The scope of calculation for indirect GHG emissions, extended since the Environment Report published in 2022 for data from 2019 onwards, does not yet include all the Bank's purchases of goods and services. The missing data are estimated by multiplying the cost of acquired goods and services (net of VAT and inflation) by spend-based emission factors selected from international databases. These factors are expressed in kilogrammes of carbon dioxide (CO₂) equivalent per euro spent and provide an estimate, albeit an approximate one, of the missing amounts. This calculation, which is still ongoing for the years 2019 onwards, will be explained in more detail in the Bank's forthcoming environmental reporting documents: the new scope for calculating GHG emissions will also be taken into account in defining the future decarbonization path towards net zero, as set out in the Bank's Strategic Plan for 2023-25 (see the box 'Strategic Plan for 2023-25').

Alongside its endeavours to reduce its own environmental footprint, the Bank co-financed a number of reforestation and renewable energy production projects in 2023 by purchasing, for the first time and on a trial basis, certified carbon credits amounting to 23,557 tonnes of CO₂ equivalent (approximately 90 per cent of its current emissions). By buying these carbon credits, the Bank of Italy supported projects to plant trees in Uruguay, install a small run-of-the-river hydroelectric plant in Colombia and build two wind farms in Nicaragua and Uruguay. Co-financing these projects helps to promote the social and economic development of local communities, in line with the Sustainable Development Goals of the 2030 Agenda.

In Italy, the Bank partnered with the Forestry, Environment and Agri-Food Unit of Carabinieri police to carry out a tree planting project in four areas to help remove carbon dioxide, improve air quality and the urban environment, create green spaces for citizens to enjoy, and protect local biodiversity. Specifically, 4,500 trees were planted over a total area of 4.5 hectares (see the section 'Biodiversity and reforestation').

Over the past year, the Bank has made further progress in the area of sustainable investment - especially in terms of its portfolios' carbon intensity (see the section 'Sustainable investment') - and stepped up its efforts in sustainable finance issues (see the section 'Eco-friendly culture').

Energy

Energy consumption accounts for 40 per cent of the Bank's GHG emissions.

The Bank is committed to: progressively reducing its energy consumption and use of fossil fuels; achieving greater energy efficiency by upgrading its buildings and technological installations and adopting better management measures; and steadily increasing the share of energy produced by its own photovoltaic (PV) systems. The electricity that is purchased comes exclusively from renewable sources.

The Bank's operations are carried out across more than 60 buildings countrywide. Its four main operational sites (Centro Donato Menichella in Frascati, Palazzo Koch, the Bank's head office in Rome, the banknote production plant and the building in Largo Bastia, Rome) account for more than 60 per cent of the Bank's electricity and heating requirements (Figure 4; Table a7).

Figure 4 - Energy

Energy consumption (per cent)

Use of renewable resources

Since 2013, the Bank has purchased electricity exclusively from certified renewable sources. Over 90 per cent of the renewable energy bought in 2023 came from hydroelectric plants and the rest from solar power (Table a5).

The Bank's own photovoltaic (PV) systems at the banknote production plant and at the Catania and Catanzaro branches produced around 59,000 kWh of electricity, i.e. just under 0.1 per cent of total annual electricity consumption, marking an 11 per cent decrease in production compared with 2022, with the same number of PV panels (Table a4).

Two PV systems are being completed at the Sassari branch and solar canopies are being installed over the car parks of Centro Donato Menichella, with a capacity of 150 and 316 kilowatt peak (kWp) respectively (the kilowatt-hour (kWh) measures the amount of energy that a plant actually generates, whereas the kilowatt peak (kWp) describes the maximum output that a PV system can produce in standard conditions of temperature and incident irradiance), which will produce more than 550,000 kW per year (around 0.8 per cent of the Bank's electricity consumption); by the end of 2024, the installed capacity of the Catanzaro PV system will be increased from 12 to 20 kWp. The planning of three PV systems with a total capacity of around 130 kWp has been completed for the Milan and Reggio Calabria branches - where the local authorities have already approved their construction - and for the Forlì branch. Feasibility studies have also been completed for the installation of PV systems on a number of buildings at the Centro Donato Menichella and on most of the Bank's buildings in the historic centre of Rome. These systems could provide a total maximum output of more than 600 kWp, subject to the necessary approvals from the relevant authorities. Further installations are planned for ten more branches over the two-year period 2024-25.

Energy efficiency upgrades

The Bank is gradually replacing traditional light bulbs in all its buildings with LED light fittings, which consume less energy and last longer.

The Centro Donato Menichella (CDM), a building complex certified under the international standard ISO 50001, is the site that consumes the most energy, partly because it houses one of the Bank's data processing centres (see Table a7). The four newly installed cooling towers (which disperse the heat produced by the air-conditioning systems) have become operational and will reduce annual electricity consumption by 400,000 kWh (equivalent to 0.5 per cent of total consumption) and non-drinking water consumption by about 15,000 cubic metres (8 per cent of the total). The replacement of outdoor lighting and lighting in the corridors connecting the CDM's buildings with LED systems is under way, with energy savings estimated at more than 500,000 kWh per year. Furthermore, one of the CDM's buildings is currently being retrofitted with a sensor system being tested that automatically switches off the air conditioning and lights in unoccupied work areas and adjusts artificial lighting based on the amount of natural light detected. We will consider gradually installing this equipment in the other buildings in the complex after a period of observation.

Having completed the installation of LED lighting in offices, corridors and the canteen at the banknote production plant, we are now replacing the lighting fixtures in the printing hall with state-of-the-art systems that modulate the light intensity according to the external light.

In the Palazzo Koch complex, we are currently installing new high-efficiency cooling towers: these will be flanked by a heat pump capable of producing hot water using part of the condensation heat from the cooling units, with benefits in terms of energy efficiency and water consumption. A new high-efficiency uninterruptible power supply (UPS) for the electrical systems was installed to replace the previous one, and a monitoring system was introduced to optimize consumption.

For the buildings in the historic centre of Rome, a multi-year action plan was drawn up based on the analysis of advanced energy audits. In the other buildings in Rome and at the branches, a number of energy efficiency upgrades are under way, including the renovation of heating and cooling systems; the replacement of windows and, where possible, building insulation; the installation of switchboard monitoring systems for targeted energy-saving interventions; and the installation of smart temperature regulation systems that can be integrated with occupancy sensors. Looking ahead, the new systems will be designed so that the heating and cooling are automatically turned off when the spaces they serve are not occupied by staff.

Electrification of the heating systems

Replacing traditional methane or oil-fired heating systems with electric heat pumps will reduce direct GHG emissions.

In 2023, three oil-fired heating systems were replaced by heat pumps at the Rome training centre and the Foggia and Sassari branches. The Bank's last oil-fired system, installed at the Catania branch, will be replaced by a heat pump in 2025. In addition, plans are under way to electrify the winter air-conditioning system at the Bari branch, replacing the methane gas heating system. At the Forlì and Potenza branches, hybrid winter air-conditioning systems will be installed, combining methane gas boilers with heat pumps.

A feasibility study was completed in 2023 for the installation of a heat pump system integrated with a solar thermal system at the Largo Bastia site to produce hot water for sanitary use and partly for air conditioning: this solution, which is now at the design stage, will only use methane gas during the coldest months of the year.

The CONSIP Agreement

The number of Bank of Italy branches participating in the CONSIP Integrated Energy Services Framework Agreement, Edition 4 (IESFA4) went up from 7 to 15. By signing the agreement, the parties commit to managing and maintaining their systems, using renewable electricity and heating fuels, progressively improving the efficiency of their technological and lighting systems, achieving specific energy saving targets and, where possible, installing PV systems.

Workplace management solutions

By adopting a hybrid work model - whereby staff can alternate between on-site and remote work - the Bank has been able to test new working arrangements in some buildings, including desk sharing. The reduced need for workstations allowed an entire area of a building in Rome to be decommissioned and its systems shut down, resulting in a reduction in consumption estimated at around 220,000 kWh of electricity and 12,000 cubic metres of methane gas per year (saving around 240 tonnes of CO₂ equivalent in GHG emissions). In addition, three buildings not open to the public were closed for a few days over the Christmas period on an trial basis.

To reduce energy consumption, the Bank decided - on a voluntary basis - to deviate from the temperature requirements for public buildings, specifically by setting temperatures 1°C higher in summer 2023 and 1°C lower in winter 2023-24.

The recently adopted guidelines for the design and use of smart offices will result in a much more efficient use of spaces and in improved corporate well-being, thus reducing the Bank of Italy's overall building requirements, maintenance costs, consumption and carbon footprint.

Maintenance work and new projects

After the renovation of the façades, the building at Via Milano 60 in Rome is undergoing works on its interior and technical installations which will reduce its energy requirements by approximately two thirds (the building's energy performance rating will go from its current E rating to A2).

The building in Via Mazzarino in Rome is undergoing a complete retrofitting: the renewed building envelope and technological installations will meet the highest energy efficiency standards (the building's energy performance rating will go from E to A3).

The feasibility study for the construction of the Bank's new data processing centre has been updated (see the box 'The project for the Bank's new data processing centre').

Figure 5 - Energy

Energy consumption (megawatt-hours) ⁽¹⁾

(1) Any mismatches are due to the rounding of decimals.

Green IT

By 2024, all desktop printers will be phased out and replaced by a much smaller number of multi-purpose devices for shared use. This will cut around 210 tonnes of CO₂ equivalent emissions per year, which is 50 per cent of the emissions produced by the current printers.

Energy consumption

In 2023, overall heat and electricity consumption was affected by a number of structural and cyclical factors: a) changes in the use of property, with the full activation of some buildings, including the one in Via delle Quattro Fontane in Rome; b) energy efficiency upgrades; c) weather conditions (a mild winter with lower gas consumption and a sweltering summer with higher electricity consumption); d) emergency measures for the management of air-conditioning systems, in accordance with national regulations (Ministerial Decree 383/22) or local instructions from mayors, which the Bank has adopted on a voluntary basis; e) an increase in electricity consumption due both to the electrification of heating systems and to the higher energy requirements of the Bank's two data processing centres (at the Centro Donato Menichella in Frascati and the Largo Bastia building in Rome).

As a result of these factors, total heat consumption (natural gas, district heating and, to a much lesser extent, heating oil) dropped by 13 per cent compared with 2022 (and was 22 per cent lower than in 2019). Total electricity consumption held broadly stable (11 per cent lower than in 2019; Figure 5; Table a4).

Figure 6 - Energy

Electricity consumption ⁽¹⁾ (megawatt-hours)

(1) Any mismatches are due to the rounding of decimals.

Water

Water consumption accounts for less than 1 per cent of the Bank's GHG emissions.

We are committed to gradually reducing our consumption of drinking water. Where possible, non-drinking water is used to irrigate the green areas or for industrial purposes (for banknote production and in the cooling towers for producing cooled water).

Centro Donato Menichella, Palazzo Koch and the banknote production plant are the sites with the highest number of people; they consume about half of the total drinking water used (Figure 7; Table a9).

Figure 7 - Water

Drinking water consumption (per cent)

In 2023, total drinking water consumption (225,000 cubic metres) was slightly lower than in the previous year and 19 per cent lower than in 2019, the last year before the pandemic (Figure 8; Table a8).

Total non-drinking water consumption was 195,000 cubic metres, 5 per cent more than a year earlier due to increased consumption at the banknote production plant.

Several measures are under way to optimize water use, either by improving toilet facilities (e.g. by phasing out flush tanks or by installing timed dispensers) or by introducing early warning systems to detect any abnormal use or leaks.

Figure 8 - Water

Drinking water consumption (thousands of cubic metres)

Paper

Total paper consumption accounts for less than 1 per cent of the Bank's GHG emissions.

We are committed to reducing paper consumption by streamlining and digitalizing processes, documents and publications.

Office paper

The general public has been making increasing use of the 'Online Services for the Public', platform, available since 2019, to submit reports and access the Bank's information services. In 2023, more than 86 per cent of the Bank's external communications were digital (98 per cent in terms of pages sent).

Internal work processes have been fully digitalized and only require the printing of documents in rare cases: exceptions include some State Treasury procedures, which will be fully digitalized by the end of 2024, and those for the operational and accounting management of the branches, for which a new application is being launched. By the end of 2024, this application will have almost completely eliminated paper-based processes. In addition, a new internal service portal will help to further dematerialize documents by minimizing paper communications sent to retirees.

Figure 9 - Paper

Purchase of packs of A3 and A4 office use paper (thousands of kilogrammes)

The Bank was also authorized by the General Archives Directorate of the Ministry of Culture to destroy all the more recent original paper documents for which certified digital copies are available. Some 33 tonnes of paper were recycled in 2023 (around 1,500 linear metres of archives).

The Bank uses both virgin and recycled paper. Where possible, it purchases EU Ecolabel certified paper, which complies with the highest environmental standards at all stages of the manufacturing process.

Total office paper purchases increased by 18 per cent in 2023 compared with the previous year, but were still about one third of those before the pandemic (Figure 9; Table a10). The increase was due to stockpiling. The share of recycled paper purchased remained stable at 42 per cent (Figure 10; Table a10).

Figure 10 - Paper

Recycled office paper (per cent)

Publications

The Bank of Italy's publications are all available in digital format on its website. Some are digital only, and these include the Environment Report (since 2021), the Annual report on sustainable investments and climate-related risks, the publications in the Statistics Series, the Occasional Papers (Questioni di Economia e Finanza) and the Working Papers (Temi di Discussione) series, Notes on Financial Stability and Supervision and The Italian economy in brief.

Hard copies of other publications are only printed on demand or for specific needs, such as those distributed on the occasion of the Governor's 'Concluding Remarks' at the end of May. Print runs of these publications have been steadily reduced over the years: for example, the number of printed copies of the Annual Report went down to 1,500 in 2024 (from 1,895 in 2023 and 2,700 in 2019).

The Bank also prints financial education publications, which are mainly distributed in schools.

In order to reduce the environmental impact of the Bank's printing activity, the largest share of the paper used in 2023 was FSC-certified, whereas EU Ecolabel paper was used for the copies of the Governor's 'Concluding Remarks' and other publications (25 per cent of paper weight).

Paperless formats, such as the HTML language used for the Environment Report since 2021, are being analysed and tested as an alternative to printing in order to improve information accessibility and usability.

Last year, the overall consumption of paper used for publications and other published material (e.g. conference handouts) declined by 32 per cent compared with the previous year and by 47 per cent compared with 2019. In 2023, part of the printing process for the publications was outsourced (Figure 11; Table a11).

Figure 11 - Paper

Use of paper for publications (thousands of kilogrammes)

Waste and charitable donations

Less than 1 per cent of the Bank's GHG emissions are due to waste production.

Our waste management priorities are to reduce the production of waste at source and to promote a circular economy of reuse and recycling instead of landfill disposal.

Waste

All waste produced by offices, staff canteens, archives, as well as waste from printing the Bank's publications and IT waste, is collected separately and sent for recycling (Table a13). Waste from the banknote production process is recycled or sent to energy recovery facilities (see the section 'Banknotes').

Plastic is used sparingly in the Bank. At its staff canteens and at the Ancona, Arezzo, Florence, Forlì, Perugia and Venezia branches, the water dispensers are connected to the local water network, drastically reducing the use of bottled water. Bank staff have been issued with insulated steel bottles, and single-use cups and tableware (made of recyclable paper or compostable material) are only used when absolutely necessary. When the use of bottled water cannot be avoided, returnable glass water bottles are widely used.

Charitable donations

Charitable donations of food and other goods, such as furniture and computers, promote a socially responsible and circular economy while cutting down waste.

The Bank's staff canteens have minimized the number of meals that are prepared and then not consumed. In 2023, the Rome and Frascati canteens resumed the donation of unconsumed meals, which had been discontinued in previous years because of difficulties in finding charities that were equipped to transport food in accordance with health regulations.

Furthermore, some 1,000 items of furniture and 415 personal computers that were no longer fit for purpose in the Bank were donated to schools, organizations and non-profit associations upon request.

In the Rome and Frascati offices, more than 240 old pairs of glasses and 140 second-hand mobile phones were collected and donated to charities.

Banknotes

The production, distribution, recirculation and disposal of euro banknotes account for 8 per cent of the Bank's GHG emissions.

Together with the ECB and the other central banks of the Eurosystem, the Bank of Italy contributes to reducing the environmental impact of the cash life cycle.

Eurosystem initiatives

Together with other NCBs, the Bank participated in an ECB-sponsored study to assess the environmental footprint of euro banknotes as a means of payment. The study was conducted using the standardized Product Environment Footprint (PEF) methodology and required the analysis of the entire banknote life cycle, including raw material suppliers and cash handlers. The findings of this study were presented by the ECB in December 2023: the environmental footprint of the average annual banknote payments per euro-area citizen was 101 micropoints, equivalent to the environmental impact of driving 8 kilometres by car, or 0.01 per cent of the total environmental impact of an EU citizen's annual consumption.

The main activities contributing to the environmental footprint of euro banknotes are the power supply to ATMs (37 per cent), transport (35 per cent), processing activities during the distribution phase (10 per cent), paper production (9 per cent), checking the authenticity of banknotes used at points of sale (5 per cent) and banknote production (3 per cent).

Banknote production

Our banknote production plant has been ISO 14001 certified since 2004.

Numerous steps have been taken over the years to limit the environmental impact of the production process, including: (a) energy optimization of the plant's technological facilities; (b) retrofitting of the industrial wastewater treatment system; (c) increasingly effective management of industrial waste, favouring re-use and recovery (e.g. recycling, regeneration, waste-to-energy conversion) over disposal (incineration, landfill; see Figure 12 and Table a14). With the cooperation of our paper suppliers, the wooden packaging used to transport watermarked paper is now returned to the paper mills for reuse. We are also holding meetings with one of our ink suppliers to streamline deliveries and explore eco-friendlier ink packaging solutions.

On the production side, we are continuing to test a direct laser engraving system for chalcography plates, which is expected to have a lower environmental impact than the traditional galvanic electroforming process: the preliminary test phase was completed with the production of small plates, and a feasibility study was launched to test the use of standard size plates in current production. This system will not only produce less hazardous waste, but also reduce health and safety risks for workers.

Figure 12 - Waste (banknote production plant)

Special waste from the banknote printing process (thousands of kilogrammes)

Personal protective equipment with a low carbon footprint, made from recycled materials and using processes that ensure net zero GHG emissions, was purchased for employees working at this facility.

Banknote transportation

To reduce the environmental impact of transporting banknotes from the production site to the Bank's branches, our armoured fleet is gradually being replaced with vehicles that comply with the latest EU emission directives. The first seven new vehicles will be delivered in 2024.

In April 2024, the Bank published guidance on outsourcing air transport of banknotes to other Eurosystem central banks: in order to reduce the environmental impact of these transports, the Bank may require suppliers to use a higher share of sustainable aviation fuel (SAF) than the 2 per cent threshold set by Regulation (EU) 2023/2405 (ReFuelEU Aviation), which will enter into force in 2025.

Management of worn banknote waste

At the Currency Circulation Management Directorate in Rome and at 34 branches, the banknotes in circulation are periodically sorted to ensure that cash quality standards are maintained. All banknotes deemed unfit for circulation because they are worn or damaged are then shredded.

In 2023, the production of waste from shredded banknotes increased by 10 per cent from the previous year (Figure 13; Table a14). In line with the decisions taken by the Eurosystem, all waste from the production of banknotes and from shredded worn banknotes is disposed of in the most environmentally responsible way, i.e. in secondary solid fuel (SSF) production facilities or in waste-to-energy incineration plants. This saved 4 tonnes of CO₂ equivalent emissions (Table a2).

Figure 13 - Wastes

Worn banknotes withdrawn from circulation and shredded (thousands of kilogrammes)

The Bank has commissioned the Department of Engineering of the University of Naples Federico II to assess the industrial feasibility of reusing worn banknote fragments in construction.

Sustainable mobility

Business trips, commuting and remote work energy consumption account for 35 per cent of the Bank's GHG emissions.

We are committed to reducing work-related travel and encouraging the use of environmentally sustainable means of transport and electric mobility.

Remote working, commuting and travel between Bank premises

From an environmental perspective, remote working results in: (a) lower energy and water consumption in the workplace owing to a smaller number of people on site; (b) a reduction in commuting and its atmospheric emissions; (c) an increase in household consumption. On average, 37 per cent of work was performed remotely in 2023, which is a lower figure than in 2022, when it was 42 per cent, but conspicuously higher than in 2019, the year before the pandemic, when it was 4 per cent.

In 2023, employees were asked to fill in a questionnaire prepared in partnership with the Italian National Agency for New Technologies, Energy and Sustainable Economic Development (ENEA) in order to: (a) collect information on commuting habits and calculate their emissions; (b) estimate additional household energy and heat consumption when teleworking (see the box 'Latest data on commuting and remote working').

Overall, total GHG emissions from employee commuting amounted to around 3,500 tonnes of CO₂ equivalent, down by 5 per cent on the previous year: the higher number of commuter journeys in 2023 was more than offset by the use of less polluting means of transport (Table a2). Total emissions from additional household energy consumption amounted to 532 tonnes of CO₂ equivalent in 2023 (602 tonnes in 2022). This reduction is proportional to the lower total number of remote working days.

The data collected through the questionnaire compiled with ENEA were also used to update the Bank's Commuting Plan (Piano degli spostamenti casa-lavoro, PSCL) for staff working in Rome and Frascati and to draw up similar plans for the Bari, Bologna, Milan, Naples, Palermo and Turin branches. PSCLs aim to identify and implement targeted sustainable mobility measures that reduce the use of private means of transport for commuting.

To reduce the amount of fossil fuels consumed for commuting, charging stations for electric cars, motor bikes, and bicycles have been installed at the Bank's main offices in Rome and Frascati. In 2023, 23 fast-charging stations were installed in the Bank's car parks for employees to charge their electric vehicles (EVs) at subsidized rates (each station can charge two cars); 20 stations are awaiting connection to the local electricity grid operator.

A number of EV charging stations are being installed at the Bolzano and Cagliari branches. The bicycle and scooter charging stations in Cagliari are partly powered by the PV canopy.

To encourage soft mobility and the use of bicycles for commuting, changing rooms with showers for employees were installed in two buildings in Rome on a trial basis, as well as new bicycle racks.

The fleet of corporate shuttle buses, which runs 67 trips daily along seven routes in Rome and Frascati, was designed to cater to staff travelling to work and back, as well as between the Bank's premises. The service is operated by a fleet partly made up of methane-powered buses, which are less polluting than conventional diesel buses. The number of methane-powered vehicles will be increased from 9 to 12 by the end of the year.

We have added 17 hybrid or electric cars to our chauffeured car service fleet.

To help reduce the environmental impact of travel between premises within the Rome area, the Bank has signed long-term rental contracts for 15 electric cars and is updating its bike-sharing service. The Cagliari branch will rent an electrical bicycle on a trial basis.

Business travel

For 2023, 2024 and 2025, the Bank has set a reduction target for business travel emissions, i.e. a decrease of 25 per cent, 30 per cent and 35 per cent respectively compared with 2019.

In order to meet this target, a GHG emissions budget was introduced in 2023 on a trial basis, alongside the customary financial budget that is allocated to each Bank unit. Over the course of each year, shares of this budget are deducted in proportion to the estimated emissions for each business trip made. This tool, which is currently non-binding, will also raise awareness of the environmental impact of business travel among managers and employees.

Furthermore, since last year, staff travelling on business have not only received a list of suggested hotels from the agency, but also their environmental rating, which is based on the hotels' responses to a questionnaire drawn up by the Bank and updated annually.

To further reduce the impact of business travel, the Bank buys sustainable aviation fuel (SAF) credits for air travel: under a number of agreements signed with the main airlines, the Bank accrues credits by travelling with SAF and redeems them for future flights.

On the international front, a working group was set up at the Bank of Italy's initiative with the aim of drawing up guidelines to reduce business travel between the headquarters of the Eurosystem central banks.

The remote communications infrastructure (136 sets of videoconferencing equipment, 4 multi-purpose monitors and 10 devices to improve interaction and collaboration in hybrid meetings) did not change in 2023: over 2.6 million phone calls were made and 410,000 online meetings were held, down slightly from the previous year's figures.

In 2023, the total number of kilometres travelled for business by all means of transport rose by 22 per cent from the previous year (-54 per cent compared with 2019): the increase in kilometres travelled by air was 48 per cent, while there was no change in kilometres travelled by train (Figure 14; Table a15). Overnight stays on business trips declined by 8 per cent from 2022 (down by 46 per cent compared with 2019) and 87 per cent of them were at hotels located in Italy.

Overall, GHG emissions increased by 15 per cent in 2023 compared with the previous year. Compared with 2019, the last year before the pandemic, both the number of missions and the number of kilometres travelled fell, with a 58 per cent reduction in GHG emissions, well above the 25 per cent reduction target set for 2023.

Figure 14 - Business travel

Distances travelled by means of transport (millions of kilometres)

Green procurement

The purchase of some goods and services (those currently included in the calculations of our carbon footprint, i.e. canteen services, furniture and IT equipment) accounts for 15 per cent of the Bank's GHG emissions.

Our green procurement policy is intended to help guide the market towards developing eco-friendlier jobs, goods and services.

Tender processes comply with the minimum environmental standards set by the Italian Ministry of Environment and Energy Security (criteri ambientali minimi, CAM). Moreover, where applicable, the Bank of Italy: (a) requires environmental certifications (ISO 14001 or EMAS) or energy management certifications (ISO 50001); (b) includes green clauses for the provision of services; (c) requires eco-labels for the goods covered by procurement contracts; and (d) awards points to companies using products, tools and procedures with the lowest environmental impact (in the tenders in which the award criterion is 'best value for money').

The Bank also encourages its suppliers to adopt best practices in terms of social responsibility and good governance by requiring them to hold specific certifications for occupational health and safety (ISO 45001), protection of workers' rights (SA 8000), gender equality (UNI/PdR 125) and corruption prevention (ISO 37001).

Internal procedures require contracting units to include environmental and social criteria as early as the procurement planning stage, or to explain why these criteria should not be included.

In 2023, a total of 64 procurement procedures were started (excluding contracts negotiated with a single provider, direct awards and Eurosystem-wide contracts). Environmental or social responsibility criteria were included in 28 of them. The remaining procedures involved services for which it is not possible to set green criteria, given their nature (e.g. the purchase of intangibles such as software and databases).

In almost all procedures (92 per cent) with additional environmental, social or governance (ESG) criteria, the winning companies submitted bids - and subsequently assumed contractual obligations - that met these criteria.

In the tenders for canteen services at the Bank's Head Office and branches, in addition to the possession of the ISO 14001/EMAS, SA 8000, ISO 22000 (food safety) and ISO 22005 (food chain traceability) certifications, extra points were awarded to bidders that: a) use staff uniforms and detergents with the EU Ecolabel or equivalent environmental labels; b) collect and donate unconsumed meals; and c) use organic and locally sourced products (short supply chain). Additional points were awarded in the Rome and Frascati canteen tenders to bidders that: a) hold an ISO 45001 certification; b) purchase certified Gold Standard carbon credits to offset the emissions from their services; and c) use vehicles with a low environmental impact to transport food.

For the service of statistical analysis of international freight transport, tenderers were required to hold ISO 14001/EMAS and SA8000 certification and were awarded additional points for offsetting the GHG emissions resulting from the provision of this service by purchasing carbon credits on the voluntary market.

When awarding the contract for the extraordinary maintenance and renovation of its building in Via Mazzarino in Rome, the Bank of Italy required compliance with the CAM and possession of the relevant certifications (ISO 14001/EMAS, SA 8000, ISO 45001, ISO 37001), and considered the following as bonus criteria: a) the design and installation of a heat pump system integrated with methane gas condensing boilers; b) the design and construction of a rainwater harvesting system; c) the use of a higher percentage of recycled material than that required by the CAM; d) staff training on reducing the environmental impact of construction sites; and e) the supply and installation of information panels on environmental microclimate quality.

In the tenders for the operation and maintenance of building systems at the Head Office premises and at branches, compliance with the CAM was required and higher scores were given to bidders that: a) have ISO 50001 or UNI 11352 certification (for Energy Service Companies, ESCOs); b) have ISO 14001 or EMAS certification; c) have SA 8000 and ISO 45001 certifications and re-employ staff working for former contractors who are not covered by a re-hire clause; and d) use low-emission vehicles (hybrid or electric, complying with an emission standard of no less than Euro 6).

Tenderers for the supply of watermark paper for the production of banknotes were required to use cotton fibres that are 100 per cent sourced from organic and fair trade farming or from integrated production. They were also required to use pallets and packaging materials that have already been used and are suitable for reuse. The ISO 14001 certification was required in the tenders for the supply of machinery for shredding worn banknotes and of paper bands for banknote packaging.

In the procurement of professional services for the digitalization of the historical archives, bonus points were awarded for SA 8000 and ISO 45001 certification, and a qualitative appraisal of suppliers was introduced based on their employment conditions (salary, benefits and stability of contracts). This appraisal was also included in the tender procedure for workstation handling and installation services.

In renewing the IT services provided, including in part, through external infrastructure (e.g. public cloud), the Bank awarded bonus points for: greater data centre efficiency (power usage effectiveness, PUE); data centres powered exclusively by electricity from renewable sources; and ISO 50001 and 14001 certifications.

The Bank of Italy's commitment to green procurement has been recognized by the Eurosystem Procurement Coordination Office (EPCO), which promotes cooperation among European central banks in the area of procurement: in February, EPCO awarded the Bank of Italy the 2023 Most Sustainable Procurement Award for its achievements in this field and for its procurement procedures benefiting other central banks.

Biodiversity and reforestation

We are committed to urban reforestation and the protection of our green heritage and biodiversity.

Urban reforestation

Trees and forests in urban and suburban areas provide many environmental, social and climate benefits: they help combat climate change by absorbing carbon dioxide; they improve air quality and microclimates, counteracting the formation of heat islands in summer; and they improve and decorate urban landscapes, creating green spaces available to the community.

For these reasons, the Bank participated in the Foresta Italia project in autumn 2023-24, sponsored by the Ministry of the Environment and Energy Security and the Ministry of Agriculture, Food Sovereignty and Forestry, by financing four urban reforestation projects in Italy.

In partnership with the Forestry, Environment and Agri-Food Unit of the Carabinieri police and with the operational support of a non-profit organization, 4,500 native trees were planted over a total area of around 4.5 hectares in Rome, Benevento, Spilamberto (Modena) and Statte (Taranto). The planting of the trees and their care were entrusted to local nurseries.

Protecting our green heritage

The Bank pays particular attention to reducing land use and taking care of its highly biodiverse green heritage, which is predominantly located in the areas surrounding the banknote production plant in Rome ('Polo Tuscolano'), the Centro Donato Menichella in Frascati, the Sadiba training centre in Perugia and the branches of Agrigento, Arezzo, Bergamo, Piacenza and Sassari (Table a16).

The Polo Tuscolano area covers approximately 25 hectares and has over 500 trees, while the 37 hectares of the Centro Donato Menichella are home to around 1,000 olive trees, among other plants. In Sadiba's 7-hectare park in Perugia, there are more than 2,660 trees, and numerous shrubs and aromatic plants. All these areas are also home to a variety of animals, such as squirrels and various bird species.

Our management and maintenance activities aim to protect existing trees with regularly updated monitoring plans and to constantly improve our green heritage by introducing new plant species that do not upset the balance of the surrounding environment and ecosystems, including in urban and suburban areas.

Three projects will be completed by the end of 2024: a) we will build an outdoor workspace at the CDM with beds of Mediterranean shrubs and medicinal plants; b) we will create an educational trail called Hortus Romanus at Polo Tuscolano, which will lead visitors through vegetable gardens grown using agricultural techniques developed in ancient Rome and through historical landmarks of incalculable value, including a section of a Roman aqueduct; c) we will set up two beehives in the orchard area at the Sadiba training centre.

Furthermore, to help raise awareness of environmental and biodiversity issues, we organize courses, seminars and guided tours in the green areas of the Rome and Frascati sites and in the Sadiba Training Centre.

Sustainable investment

We promote sustainable investment to help protect the environment and to drive economic and social growth.

Since 2019, the Bank of Italy has integrated environmental, social and governance (ESG) criteria into the management of its non-monetary policy financial assets. Its guiding principles are set out in the Responsible Investment Charter, published in 2021. The integration of sustainability criteria into investment strategies serves two purposes: improving the risk-return profile of investments and contributing to environmental stewardship and sustainability. In the area of fighting climate change, the Bank is committed to ensuring, according to its mandate, that its investment operations pursue both the Paris Agreement's goals and the European Union's 2050 climate neutrality target.

In practice, equity and corporate bond investments aim to improve our portfolios' ESG scores and climate metrics over time and against benchmark indices. The climate metrics used by the Bank include information on corporate carbon emissions and, as of 2022, on decarbonization commitments.

A sustainable investment performance review is available in the Bank's Annual report on sustainable investments and climate-related risks, which also explains how sustainability profiles are integrated into investment decisions, strategies and risk management, as well as illustrating the methods for measuring these profiles.

For our internally managed equity portfolio in euros (worth €17.3 billion and accounting for just under 80 per cent of our private sector investments), the weighted average carbon intensity (WACI) has been reduced by 58 per cent since 2019, to 99 tonnes of CO₂ equivalent emissions per million euros of sales (Figure 15; Table a17). This is 38 per cent lower than the benchmark index. The portfolio has also outperformed the benchmark in terms of use of electricity (-18 per cent), water consumption (-26 per cent) and waste production (-19 per cent).

Figure 15 - Sustainable investment

Weighted average carbon intensity of the equity portfolio in euros, 2019-23 ⁽¹⁾ (tonnes of CO₂e per million euros of sales)

(1) The weighted average carbon intensity values reported are not entirely comparable with those indicated in the 2023 Environment Report, as it was agreed in the Eurosystem to use a different data update criterion (for more information on this, see the Methodological Note of the Annual Report on Sustainable Investment and Climate Risk for 2023).

For the corporate bond portfolio in euros (around 4 per cent of our private sector investments), the WACI has dropped by 54 per cent since 2019, to 68 tonnes of CO₂ equivalent emissions per million euros of sales (Table a17), i.e. 32 per cent lower than for the benchmark.

Our sustainable investment also includes foreign currency equities and corporate bonds (around 15 and 2 per cent of our private sector investments, respectively), as well as sovereign, supranational and agency debt securities.

In terms of public sector securities, the Bank continued to pursue the strategy of thematic investing in green bonds, which currently amount to a total of €5.4 billion.

Eco-friendly culture

The Bank works with other institutions on sustainable finance and contributes to national and international efforts in this area. In its role as supervisory authority, it helps to ensure that financial intermediaries perform sound and prudent ESG risk management. It shares the findings of its research and analysis on the links between the economy, finance, energy and the environment, and participates in educational initiatives to raise awareness of environmental issues among firms and the general public.

International and EU projects

The Bank is an active member of the Network for Greening the Financial System (NGFS), the global network of 138 central banks and supervisory authorities that produces studies and promotes the exchange of experience on environmental and climate risk management in the financial sector. Since 2022, the Bank of Italy and the Central Bank of New Zealand have been coordinating the Net Zero for Central Banks working group, which supports central banks' efforts to reduce their GHG emissions, promote sustainable investments and disseminate information on climate risks. Since 2024, a new focus of the working group has been devoted to climate transition plans.

Within the G20, the Bank of Italy is a member of the permanent Sustainable Finance Working Group (SFWG), which laid out a multi-year G20 Sustainable Finance Roadmap to identify the obstacles to and solutions for the development of a sustainable financial system. The Bank of Italy and the Italian Ministry of Economy and Finance are co-chairs of the Climate Change Mitigation Working Group (CCM WG) in 2024, under the Italian presidency of the G7. In this capacity, the Bank has promoted a programme of activities to study the macroeconomic impacts of climate transition and mitigation policies, the role of technology in developing transition plans and the macrofinancial risks associated with nature.

The Bank also contributes to the work of the Financial Stability Board (FSB), whose programme for 2024, published in January, includes climate-related financial risks as one of its priorities. Furthermore, the Bank is part of the joint working group of the European Central Bank and the European Systemic Risk Board (ESRB), which has promoted a common methodological approach to analysing climate-related risks to financial stability and published a report on nature-related financial risks at the end of 2023.

Within the Eurosystem, the Bank is also a member of the Eurosystem Climate Change Forum (ECCF), which facilitates the discussion of issues of common interest and the development of joint initiatives, and of the Environmental Network of Central Banks (ENCB), which promotes the sharing of best practices in managing internal environmental matters.

In September 2023, the Bank hosted an NGFS Steering Committee meeting, an ECCF meeting, and a workshop on the frontiers of sustainable investment, organized by the NGFS Sustainable Investment Group.

Supervisory action

At the international level, the Bank is involved in the work of the Basel Committee on Banking Supervision (BCBS), which is exploring the inclusion of climate-related risks in prudential standards: in November 2023, it launched a public consultation on the inclusion of climate-related risks in banks' disclosures to customers. On the European front, the European Banking Authority (EBA) launched a public consultation on a discussion paper on banks' management of ESG risks, in view of the adoption of the new regulatory package introducing safeguards against these risks. In line with the EU's Single Supervisory Mechanism, the Bank has included climate-related and environmental risks among its supervisory priorities and progressively strengthened its dialogue with financial intermediaries and trade associations through dedicated surveys, meetings and workshops in 2023.

In September, the Bank hosted two roundtables with banks and other supervised financial intermediaries to keep the dialogue going and encourage the exchange of experiences and the definition of best practices. Furthermore, it continued to monitor the action plans submitted by supervised financial intermediaries for the integration of climate-related and environmental risks into business processes, in line with the supervisory expectations published in 2022. The key findings of our ongoing monitoring and an update of the best practices identified were published in December 2023.

Sustainable finance literacy

The Bank is a member of the EBA's international working groups and the OECD's International Network on Financial Education (INFE), which aim to promote sustainable finance literacy among the general public.

In Italy, it has launched a series of financial education courses on the climate transition and on sustainable finance, including in partnership with other authorities and public school and university stakeholders.

A special section of the Bank's financial education website, 'Economics for everyone', is dedicated to sustainable finance, explaining in simple terms what sustainable investments are and how to reduce and manage their risks.

Participation in national working groups

Together with the Italian Ministry of Environment and Energy Security (MASE), the Italian Companies and Stock Exchange Commission (CONSOB), the Italian Pension Fund Supervisory Authority (Covip) and the Italian Institute for the Supervision of Insurance (IVASS), the Bank of Italy is a member of the Platform on Sustainable Finance, created by the Italian Ministry of Economy and Finance to promote the dissemination of sustainability information and risk assessment methodologies aimed at mobilizing private capital market resources to support the ecological transition in Italy. In April 2024, the Platform published its Annual Report for 2023 on the achievements in 2023 and on the working groups in its three priority areas: the identification and availability of data on climate and natural hazards; sustainability reporting by unlisted small and medium-sized enterprises; and insurance against climate-related and environmental risks. The Bank's experts help prepare the MASE report on the national energy situation ('La situazione energetica nazionale') and participate in the work of the Committee for Natural Capital coordinated by the same Ministry, which publishes regular reports on the state of natural capital in Italy; Furthermore, it contributes to the work of the Italian Observatory on Energy Poverty (Osservatorio Italiano sulla Povertà Energetica, OIPE) and is part of two monitoring centres run by ABI Lab, the Italian Banking Association Hub for research and innovation: the Electricity and Gas Market Monitoring Centre, which studies changes in energy prices and regulations, and the Green Banking Monitoring Centre, which investigates how environmental impacts are managed in internal operations and draws up guidelines on environmental reporting.

Conferences, analysis and research

Between July 2023 and July 2024, the Governor and the other members of the Governing Board gave speeches at several events and conferences on sustainable finance. The main ones are listed in Figure 15. In March 2024, the Deputy Governor of the Bank of Italy Paolo Angelini published the paper 'Portfolio decarbonisation strategies: questions and suggestions' (Banca d'Italia, Questioni di economia e finanza (Occasional Papers), 840, 2024).

Sustainable finance and the impact of climate change on the stability of the economic and financial system are firmly embedded in the Bank's research agenda. Research and analysis were carried out last year to study the impact of the green transition on the labour market and on business trends. Our researchers published 17 studies on these subjects in 2023, all available on a dedicated page on our website.

The Bank also hosted and organized several conferences, events and meetings on environmental and climate issues, including two legal seminars in November 2023 and February 2024 on the constitutional protection of the environment, biodiversity and ecosystems and on climate litigation. In March 2023, the Bank of Italy and the Florence School of Banking & Finance organized a Conference on ESG and the climate imperative: Regulatory and policy challenges for the banking sector. A workshop on sustainable finance and the green transition was held in April in partnership with the Italian Association of Energy Economists. The fourth joint Workshop on International Capital Flows and Financial Policies, organized by the Bank of Italy, the Bank of England, Banque de France, the International Monetary Fund and the OECD, was held in Rome in October.

A seminar on sustainable finance was organized as part of the Bank's international technical cooperation activities with the central banks of the European Neighbourhood Policy countries and other emerging economies.

Governor Ignazio Visco
	July 2023	Speech at the annual meeting of the Italian Banking Association
	October 2023	Speech on 'Central banks and sustainable development finance' at the presentation of the 2023 ASviS Report
Governor Fabio Panetta
	April 2024	Lectio magistralis at Roma Tre University on 'The future of Europe's economy amid geopolitical risks and global fragmentation'
Senior Deputy Governor Luigi Federico Signorini
	October 2023	Speech at the 2023 ANIA Insurance Summit on 'Climate change and innovation: the contribution of the insurance sector'
Deputy Governor Paolo Angelini
	September 2023	Speech at the Confindustria event on 'Finance and ESG Disclosure. System Solutions for businesses', organized by Confindustria at the 1st Forum on Credit in Agriculture
	April 2024	Opening speech at the Conference on 'UN Principles for Green Financing for Sustainable Real Estate, Infrastructure and Urban Transformation Projects'
Deputy Governor Alessandra Perrazzelli
	June 2023	Welcome address at the annual Assifact meeting
Deputy Governor Chiara Scotti
	April 2024	Opening speech at the 4th Conference on 'Financial Stability and Regulation'

Other projects

The Bank worked with the Scuola Nazionale dell'Amministrazione (SNA) to design and deliver a training course for senior and middle management in the public sector on 'General government sustainability: strategies, management and reporting'.

On 29 September 2023, on the occasion of the European Researchers' Night - promoted by the European Commission to create opportunities for researchers to meet the general public and spread scientific culture - the Bank took part in a number of initiatives organized by the Frascati Science Association. For this event, the Centro Donato Menichella in Frascati was open to the public and offered thematic guided tours, many of which were about environmental sustainability.

In the school year 2023-24, the Bank hosted 233 'Work Experience Projects' (Percorsi per le Competenze Trasversali e l'Orientamento, PCTO) for high school students: 19 of these (held in Rome and in the Agrigento, Ancona, Bari, Campobasso, Catania, Catanzaro, Firenze, Livorno, Milan, Palermo, Perugia, Pescara, Piacenza and Salerno branches) covered environmental issues and involved 214 students.

In July 2023, a 700-square-metre mural was painted on the outside wall of our Catania branch: the work, entitled Banco di vita (Bank of Life), was created using photocatalytic mineral paints that reduce smog and pollution.

In-house training and staff awareness

In-house workshops on natural capital, energy and water resources have been organized. Three courses on sustainable finance will be held in 2024 and a self-study module on the 2030 Agenda and the Sustainable Development Goals, developed in collaboration with the Italian Alliance for Sustainable Development (ASVIS), will be made available to all employees.

This year, we have joined several awareness raising initiatives. On 16 February 2024, the Bank participated in the annual Italian Energy Saving and Sustainable Lifestyles Day by switching off the exterior lighting of its buildings, as it does every year. In addition, on 23 March, together with the ECB and other European central banks, the Bank joined the global Earth Hour initiative, promoted by the World Wildlife Fund (WWF). In June, we circulated information to our staff on World Environment Day, organized by the United Nations General Assembly.

Our onboarding process for new employees includes a specific training module on environmental sustainability. Furthermore, all new recruits receive a welcome pack with eco-friendly stationery and an insulated steel water bottle.