UNICREDIT PRAISED FOR BEST-IN-CLASS COAL POLICY
Tuesday 08 September 2020
UniCredit's updated coal policy has been recognised by Reclaim Finance as best-in-class in the first Coal Policy Tool published by the non-profit group
Reclaim Finance’s Coal Policy Tool, which rates the coal sector policies of over 200 financial institutions, has recognised UniCredit for best practice within the banking sector.
UniCredit’s recently updated coal policy received the highest possible score for criteria focused on the exclusion of coal projects and very high scores for the exclusion of coal developers, criteria for phase-out and application of a relative threshold.
UniCredit is one of 16 best practice financial institutions highlighted by Reclaim Finance, alongside 15 others that are all French companies, and one of just three ‘star’ banks. The adoption of high quality coal policies by these 16 organisations is proof, said Reclaim Finance, that increased attention to climate-conscious corporate practices is quickly spreading among all international financial players.
Roberta Marracino, Head of Group ESG Strategy and Impact Banking at UniCredit, commented:
“Sustainability is part of UniCredit’s DNA and we are proud that Reclaim Finance’s Coal Policy Tool highlights UniCredit as an example of best practice in the banking sector. Our updated coal policy will see UniCredit fully exit coal sector financing by 2028 and requires our clients to take on the same challenge and transition their activities within the same timeframe. ”
“ESG is an important component of the bank’s long term strategy and is fully aligned with our commitment to Do the Right Thing!”
Reclaim Finance is a non-profit organisation focused on pushing for reduced financing to coal and fossil fuels by the world’s largest financial institutions. The Coal Policy Tool published in partnership with 27 other NGOs rates the coal sector policies of 214 financial institutions on a consistent and transparent scoring grid built upon five key criteria.