Risks relating to environmental, social and governance (ESG) factors affect firms' competitiveness, economic growth and societal welfare. Such risks may also impact the ability of central banks and supervisors to achieve their institutional objectives. They also play an important role in central banks' activity as institutional investors. For this reason, since 2019, Banca d'Italia has been using ESG criteria in the management of its non-monetary policy portfolios.
The Annual report on sustainable investments and climate-related risks describes how non-monetary policy portfolios are managed, with specific reference to the integration of ESG criteria. It also illustrates the results achieved through a set of sustainability and climate metrics.
The Report fulfils the commitment set out in the Responsible Investment Charter to provide regular information on the integration of sustainability criteria into investments and to communicate the results achieved. This commitment was made jointly with the Eurosystem central banks as part of a common position on the application of sustainable and responsible investment (SRI) principles to non‑monetary policy portfolios.
The Report is based on international sustainability reporting standards, the EU's Corporate Sustainability Reporting Directive (CSRD) and the recommendations of the Network for Greening the Financial System (NGFS), of which the Bank has been a member since 2019. The methodologies for calculating climate-related and biodiversity metrics are agreed with the Eurosystem central banks.
Latest publications
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29 May 2026Annual report on sustainable investments and climate-related risks for 2025
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30 May 2025Annual report on sustainable investments and climate-related risks for 2024
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25 June 2024Annual report on sustainable investments and climate-related risks for 2023
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30 March 2023Annual report on sustainable investments and climate-related risks for 2022
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10 May 2022Annual report on sustainable investments and climate-related risks for 2021
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