Climate change

Sustainability matters to us, and we consider it a key lever for our future business strategies and an essential component of our bank's success. For this reason since November 2019, we have supported the recommendations of the TCFD, created by the Financial Stability Board (FSB), which aims to develop voluntary, consistent climate-related financial risk disclosures for companies to use in providing information to stakeholders.
The recommendations are built on four pillars: Governance, Strategy, Risk Management, and Metrics and Targets. Furthermore, one of the key recommendations focuses on the resilience of an organisation's strategy, taking into consideration different climate-related scenarios, including a 2° Celsius or lower scenario.

UniCredit has worked with CDP since its inception, as one of the investors requiring companies to respond to the CDP questionnaire on climate change. UniCredit is also one of the respondent companies. Through the climate change questionnaire, CDP requests information on climate risks and low carbon opportunities from the world's largest companies on behalf of 529 institutional investor signatories with a combined US$108 trillion in assets and 147 major purchasers with over US$4 trillion in procurement spend.

This makes CDP climate change the largest and most complete data set on climate risk and low carbon opportunities. We play our role both by contributing data and engaging with companies, as we believe that quality data is a key element to build a low carbon and climate resilient future. The TCFD recommendations have been developed on top of existing disclosure frameworks like CDP and, as soon as they were published by the Financial Stability Board, the CDP harmonised its questionnaire in order to fully integrate the recommendations. As of 2020 a dedicated section for financial services has been prepared which makes the questionnaire more usable and sector-specific for a continuously improved disclosure.