With a press release released last Friday evening, MPS announced that it had defined the net zero targets.
The Sienese bank, according to the note, has defined “ambitious objectives for the reduction of financed emissions by 2030 for three of the most emission-intensive sectors of its credit portfolio, in line with the commitments signed by joining the Net Zero Banking Alliance (NZBA ), the initiative promoted by the United Nations to accelerate the sustainable transition of the global economy towards the goal of net zero emissions by 2050”.
Monte dei Paschi di Siena highlighted that “the definition of the ‘Net Zero’ targets confirms the strong commitment of Banca MPS, envisaged in the 2022-2026 Business Plan, to support the decarbonisation process of the real economy”.
Banca Mps thus announced its intention to “pursue, with respect to 2022, the following objectives, defined on the basis of the Net Zero 2050 scenario of the Network for Greening the Financial System (NGFS)”:
For the Energy Production and Distribution (Power Generation) sector, a 77% reduction in financed emissions (scope 1 and 2) starting from a base of 196,000 tonnes of CO2 equivalent. For the Oil & Gas sector, a 40% reduction in financed emissions (scopes 1, 2 and 3) starting from a base of 656,000 tonnes of CO2 equivalent. For the Iron & Steel sector, a 29% reduction in financed emissions (scopes 1 and 2) starting from a base of 1,067 thousand tonnes of CO2 equivalent.
“The achievement of the objectives for the reduction of financed emissions – concluded Mps – will be pursued with the further
integration into credit strategies and processes and an increase in green credits for customers operating in the sectors in question, supporting their transition strategies in favor of
decarbonisation”.