Generali Group

                                 

          Greenhouse gas emissions

          Greenhouse gas emissions

          We periodically measure and report the greenhouse gas (GHG) emissions generated by our operations to verify the effectiveness of the reduction strategies implemented and to demonstrate our consistency with the efforts we require from our customers, the companies in which we invest and our suppliers.

          The monitoring of our emissions, part of our environmental management system, involves periodic checks subject to internal audits and to assurance by an independent third party (for more information you can read the Independent Auditors' Report on the Consolidated Non-Financial Statement in the Annual Integrated Report).

          We calculate our greenhouse gas emissions using the WRI GHG Protocol, applying both location-based and market-based methods.

          The first method, location-based, involves accounting for emissions from the purchase of electricity, applying national average emission factors for the different countries in which we purchase electricity.

          Instead, the market-based method determines GHG emissions from the purchase of electricity by considering the specific emission factors reported by our suppliers. For the purchase of electricity from renewable energy sources, a zero emission factor is attributed for the scope 2.

          As detailed below, the implementation of the current strategy focused on the decarbonization of the Group main offices, data centers and business travel made it possible to over-achieve the objective 2020 of a 20% cut in greenhouse gas emissions against the 2013 baseline. The net 2020 reduction is also due to the limitation of work travel and the low presence of staff in the offices due to the covid-19 pandemic.

          In June 2021 the Group has approved a new science-based target of reducing the scope 1 and scope 2 emissions generated by the Group offices, data centers and car fleet of at least 25% by 2025 compared to the levels measured in 2019 using the GHG Protocol market-based method.

          This reduction will be supported through the workplace innovation and the space optimization, by further improving the energy efficiency and leveraging on the purchase of renewable energy. The share of hybrid and electric vehicles in the company car fleet will also be increased.

          The Group will take action to neutralize any remaining emissions and has set the ambitious goal to be climate negative by 2040, by reducing to zero its net carbon emissions through the financing of quantifiable, real, permanent and socially beneficial carbon removal projects. Generali will reach the intermediate goal of the climate neutrality by 2023 thanks to voluntary offsetting.

          2020 TARGET

          Stable and structural reduction in GHG emissions of at least 20% by 2020 compared with base year 2013.

          PERFORMANCE IN 2020

          77,456 t CO2e total GHG emissions Location-Based method
          (-36% compared to 2013)

          43,541 t CO2e total GHG emissions Market-Based method 
          (-41% compared to 2013)

          Breakdown of GHG emissions by Scope

            location-based market-based
          greenhouse gas emissions
          t CO2e

          2013
          (base year)

          2020

          2013
          (base year)

          2020

          Scope 1*- Direct emissions, produced by heating systems and using the fleet of company vehicles 14,937 17,719 14,937

          17,719

          Scope 2- Indirect emissions from energy consumption, associated with the use of electricity and district heating 59,805 40,674 12,750 6,759
          Scope 3- Other indirect emissions from energy consumption (T&D losses), related to employees' business travel, paper and water consumption, and waste disposal 46,419

          19,064

          46,419

          19,064

          Total 121,161 77,456 74,106 43,541

          * Scope 1 emissions in the base year 2013 were recalculated (previously 18,432 t CO2e) in line with the new methodology used in 2019 to calculate emissions from the corporate car fleet. The new methodology harmonised at Group level the criteria for splitting the car use for business reasons (70% of all journeys), included in the calculation of the emissions, from their use for personal reasons, excluded from the calculation of Group emissions (30% of total journeys).