Banca d'Italia presents climate transition plan for net-zero by 2050
Banca d'Italia has presented its Transition Plan for Climate Change Mitigation and Adaptation, aiming to achieve net-zero greenhouse gas emissions by 2050. The plan outlines a 90 percent emission reduction target by 2035, focusing on electrification and adaptation measures.
Electrification and efficiency drive decarbonization
The Banca d'Italia's Transition Plan outlines a comprehensive strategy to achieve net-zero greenhouse gas emissions by 2050, with an intermediate target of a 90 percent reduction compared to 2019 levels by 2035. A central pillar of this strategy is the gradual shift from gas to electricity as the primary energy source for heating systems in institutional buildings, complemented by the rationalization of overall energy consumption.
This approach aims to reduce both direct emissions and the Bank's reliance on imported energy sources.
The plan's scope covers emissions from buildings, data centers, and the broader value chain.
Key initiatives include accelerating the replacement of fossil fuel-based heating, increasing renewable electricity use through self-generation and Power Purchase Agreements, and promoting supply chain decarbonization.
Integrated strategy for adaptation and governance
The Transition Plan aligns with European and international frameworks, including the Paris Agreement and the EU Climate Law, which mandate net-zero emissions by 2050. It supports the European System of Central Banks' objective of sustainable development and Italy's constitutional commitment to environmental protection.
Beyond mitigation, the plan sets out specific adaptation initiatives to strengthen business continuity for critical processes, such as the payment system and financial stability.
Mitigation and adaptation measures are viewed as complementary components of an integrated climate transition strategy.
The plan will be integrated into the Bank's strategic planning and updated every three years, with a structured governance framework to ensure effective implementation.
Crucial step amid global climate shifts
This plan marks a crucial, timely commitment from Banca d'Italia to climate action.
Its integrated approach, balancing mitigation with adaptation, sets a strong example for institutional sustainability.
However, achieving these ambitious targets remains highly dependent on external factors.