Data and performance

The metrics are calculated based on the emissions produced within a specific country (the so-called production-based approach). The perimeter includes sovereign bonds only. Sub-sovereigns, supranationals, and municipals are excluded.
Emissions associated with sovereign bonds are obtained from the MSCI data provider and are based on information from sources such as the United Nations and the World Bank.

MSA is calculated by using the MSA.km² as unit of measure and expresses the loss of species generated by the activities of the company on its operating geographical areas, compared to the state of nature in this same area ten years ago. The assessment relies on data provided through the Iceberg Data Lab platform which applies internal models to allocate biodiversity loss (i.e. species decline) to each combination of activity, geographic location and pressure type. Input data include the issuer's reported data (revenues, production volumes, financial data, geographic location, etc.) complemented by third-party data sources. The reference pristine state of each area, defined as its biodiversity condition a decade earlier, is derived from the GLOBIO database.

(1) Starting from 2024, figures are computed according to methodology and guidelines aligned with CSRD reporting standards for all legal entities.

(2) Figure computed according to methodology and guidelines aligned with CSRD reporting standards for all legal entities.

Note: GHG emissions are calculated in accordance with the GHG Protocol - Corporate Accounting and Reporting Standard, represent 100% of the Group's workforce linked to emission sources in financial control (79.9% measured and 20.1% extrapolated), and exclude the emissions of the agricultural business of the Leone Alato group and the real estate portfolio managed by GRE. The measured data represent the following organisational units: Argentina, Austria, Bulgaria, Banca Generali, Chile, Croatia, Czech Republic, Europ Assistance, France, Germany, Greece, Hungary, Ireland, Italy, Malaysia, Romania, Poland, Portugal, Slovakia, Slovenia, Serbia, Spain, Switzerland and the UK. The GHG emissions of organisational units not included in this list have been extrapolated. The change of consolidation approach from operational control to financial control made it necessary to restate the entire trend from 2019. The gases included in the calculation are CO₂, CH₄ and N₂O for combustion processes and all climate-altering gases reported in the IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs). Scope 3 category 1 - Purchased goods and services includes paper purchase and water-related services, Scope 3 category 6 - Business travel includes air, train and private or rented car travels.

Emissions are defined and calculated according to the principles of the GHG Protocol - Corporate Accounting and Reporting Standard and to those of the PCAF (Partnership for Carbon Accounting Financials).
Emissions related to insurance portfolios are not included, as they are not covered by the categories defined by the sustainability reporting standard.

Note: for own operations, the 2030 target includes the following sub targets: -70% on Scope 1 + 2; -50% on Scope 3. The scope of the target excludes the contribution of employee commuting emissions (Scope 3, category 7).