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UniCredit green and social bonds bolster renewable energy, green buildings and social impact initiatives across Italy

UniCredit green and social bonds bolster renewable energy, green buildings and social impact initiatives across Italy


UniCredit S.p.A. has published its 2023 Sustainability Bond Report related to allocation and impact of its EUR 1 billion Senior Preferred Green Bond issued in June 2021, its EUR 1 billion Senior Non-Preferred Green Bond issued in November 2022 and its EUR 155 million Retail Social Bond issued in October 2021.


The proceeds of the two green bonds have been allocated entirely towards the funding of renewable energy, specifically photovoltaic (EUR 446m), wind (EUR 313m) and biomass (EUR 19m) energy sources, as well as green buildings, those belonging to EPC A and EPC B classes within the residential category identified as the top 15% of mortgages (rated for energy performance) across all regions in Italy.


The overall annual CO2 saving so far amounts to 605,814 tons, reducing carbon impact intensity by 303 tonnes of CO2 saving per year per each million allocated (ton of CO2e/€my).


At the same time, the proceeds of the social bond have been directed towards projects which seek to have a positive social impact, via the financing of 88 social impact initiatives in Italy with 99% of the beneficiary organisations having either almost achieved, fully achieved, or exceeded their social objectives. The indirect impacts generated through the bond proceeds include a total of 1.67 million beneficiaries (145% of target); the delivery of 2.45m training hours, 177 training courses, 129 professional internships, 153 social integration activities; and the provision of 2,658 beds in elderly homes, 1.43m medical services and 1,555 social houses.


Francesca Perrone, UniCredit's Head of ESG and Start Lab Italy, commented: "In order to ensure a just and fair transition for all, we consistently work towards having a positive social impact in line with our role and responsibilities as a social actor. We will continue to build on the success of our Green and Social Bonds to create a more sustainable and equitable future for businesses and individuals."


All issuances took place under the Group's Sustainability Bond Framework, based on the principles and guidelines of the Green and Social Bond Principles and the Sustainability Bond Guidelines of the International Capital Market Association (ICMA) - thereby ensuring the transparent allocation and tracking of proceeds. The framework allows the Group's main entities to issue green, social and sustainability bonds as a recurring part of UniCredit's funding activity.


Alongside UniCredit S.p.A., UniCredit Bank AG has also issued two Green Covered Bonds worth EUR 1 billion, UniCredit Bank Austria has successfully placed two Green Covered Bonds with a total volume of EUR 1.25 billion, Unicredit Bank Czech Republic and Slovakia has issued a Green Covered Bond worth EUR 500 million and UniCredit Jelzalogbank has issued two Green Covered Bonds worth EUR 76 million.


Sustainability is a critical part of UniCredit's 2022-2024 Strategic Plan. The bank's ESG strategy includes targets for all areas of the business with an overall goal of reaching EUR 150 billion in new cumulative ESG volumes over the three-year period. Moreover, UniCredit has reduced its own CO2 emissions (scope 1 and 2, market-based) by 14% (2022 vs. 2021) and continues to support youth and education with around 315,000 beneficiaries of financial education activities since 2022.


For more information, please refer to our 2023 Sustainability Bond Report.