The Bank of Italy published a research paper in its “Markets, infrastructures, payment systems” series presenting findings from a 2024 survey of Italian non-financial corporations on climate change risk management. The paper uses firm-level evidence to support a more granular assessment of climate-related risks and their potential impact on creditworthiness. Results point to widespread shortfalls in emissions and physical risk management, transition planning, and governance. Many firms without insurance coverage for physical risk tend to underestimate it, while climate risk management practices vary markedly by governance structure as well as across sectors and regions; the analysis also suggests that climate sustainability commitments do not necessarily improve creditworthiness if they are not matched by measurable progress. The Bank of Italy expects to use the processed information from the survey to better integrate climate change risks into its In-house Credit Assessment System (ICAS).
Bank of Italy 2025-11-07
Bank of Italy publishes survey evidence finding widespread gaps in Italian firms’ climate risk management and links results to ICAS credit assessments
The Bank of Italy released a research paper detailing a 2024 survey of Italian non-financial corporations on climate change risk management. Findings reveal significant gaps in emissions and physical risk management, transition planning, and governance, with climate risk practices varying by governance structure, sector, and region. The Bank plans to incorporate these insights into its In-house Credit Assessment System (ICAS).