Intesa Sanpaolo updates company policy: less funding for coal and oil&gas
Intesa Sanpaolo announces the updated of the rules for the group’s credit operations in the coal sector. The bank has also introduced dedicated rules for the oil and unconventional gas sectors.
According to an official note, the rules will be applied to all companies in the group and in all countries where they operate. In particular, by updating the rules, the group undertakes to reduce by 2025 the share of financial services to counterparties in the coal mining sector. The rules for credit operations in the unconventional oil&gas sector introduce limits and exclusions in relation to the resources “shale oil&gas”, “tar sands” and “tight oil&gas” which obtained by unconventional techniques and whose extraction generates greater greenhouse gas emissions than resources extracted by conventional techniques, resulting in greater environmental impacts. The policy also excludes exploration and extraction in geographic areas characterized by fragile ecosystems, such as the Arctic or the Amazon Sacred Headwaters.