The Bank of Italy published a Transition Plan for Climate Change Mitigation and Adaptation setting out how it will progressively reduce the carbon footprint of its operations and value chain to achieve net-zero greenhouse gas emissions by 2050, alongside measures to strengthen resilience to climate risks. The plan targets a 90 per cent reduction in emissions across Scopes 1, 2 and 3 versus a 2019 baseline, with residual emissions to be permanently removed using advanced technologies. Interim 2035 targets are a 67 per cent reduction in the sum of Scope 1 and Scope 2 emissions and a 40 per cent reduction in Scope 3; 2019 emissions were 10,559 tonnes of carbon dioxide equivalent for Scope 1 and 2 combined and 81,955 tonnes for Scope 3. Mitigation actions include accelerating electrification and replacement of heating systems, improving energy efficiency and space use, increasing renewable electricity through self-generation and long-term power purchase agreements, decarbonising procurement and the supply chain, reducing the lifecycle footprint of banknotes, and cutting emissions from commuting and work-related travel. Adaptation initiatives focus on strengthening business continuity for critical processes supporting the payment system and financial stability, with governance led by the Governing Board and delivery across directorates under defined coordination and monitoring roles. The transition plan will be integrated into the Bank’s strategic, financial and human resource planning and updated every three years, with progress tracked through metrics aligned with international standards and reported in the annual Activity and Sustainability Report.
Bank of Italy 2026-01-29
Bank of Italy publishes net-zero 2050 transition plan with interim 2035 emissions reduction targets
The Bank of Italy released a Transition Plan for Climate Change Mitigation and Adaptation, aiming for net-zero emissions by 2050 with interim targets for 2035, including a 67% reduction in Scope 1 and 2 emissions and a 40% reduction in Scope 3 emissions from a 2019 baseline. The plan includes electrification, energy efficiency improvements, and renewable energy use, with progress integrated into strategic planning and reported annually.