Greenhouse gas emissions

Climate change is one of the defining challenges of the world we live in today. Guided by the goals of the Paris Agreement and the ambitions of our Lifetime Partner 27: Driving Excellence strategic plan, we are taking action to reduce the climate impact of our activities across the entire value chain, while also strengthening its resilience to the effects of climate change.

Such commitment is formalized through the implementation of the Generali Climate Transition Plan.

Total greenhouse gas emissions disaggregated by Scopes 1 and 2 and significant Scope 31

(tCO2e) 31/12/2025 31/12/2024 Change
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 58,719 60,502 -2.9%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions 145,501 175,906 -17.3%
Gross market-based Scope 2 GHG emissions 60,134 84,325 -28.7%
Significant Scope 3 GHG emissions²
Total gross indirect (Scope 3) GHG emissions 20,871,212 22,828,202 -8.6%
1. Purchased goods and services 16,740 25,828 -35.2%
3. Fuel and energy-related activities 24,329 23,798 2.2%
4. Upstream transportation and distribution 741 1,128 -34.3%
5. Waste generated in operations 911 1,036 -12.0%
6. Business travel 11,971 9,616 24.5%
7. Employee commuting 39,580 - n.m.
9. Downstream transportation and distribution 1,783 1,127 58.2%
10. Processing of sold products 904 1,429 -36.7%
12. End-of-life treatment of sold products 580 806 -28.1%
13. Downstream leased assets 57,559 85,605 -32.8%
15. Investments 20,716,115 22,677,829 -8.7%
Total GHG emissions
Total GHG emissions (location-based) 21,075,433 23,064,610 -8.6%
Total GHG emissions (market-based) 20,990,066 22,973,029 -8.6%

Emissions represent our own operations - including those related to the agricultural business of the Leone Alato group - as well as the investments in financial instruments - including those of the Banca Generali group - and those in real estate.

Generali's strategic emissions reduction target

  • Our own operations (offices, data centers, mobility), whose total Scope 1, 2 and 3 emissions amounted to 77,036 tCO₂e. Targets for own operations include an emission reduction target on all Scopes from own operations by 35% compared to 2019 (baseline 149,684 tCO₂e) by the end of 2025 - target overachieved - and by 60% compared to 2019 baseline by the end of 2030, as well as to achieve net-zero emissions by 2035;
  • the direct investment portfolio of Generali’s insurance companies in listed equities and corporate bonds (corporate investment portfolio), whose emissions amounted to 6,606,696 tCO₂e  reported in Scope 3, category 15. Decarbonization targets of the corporate investment portfolio include a target of reducing carbon intensity by 60% by 2030 compared to 2019 (baseline 182 tCO2e/€ mln), as well as achieving net-zero emissions by 2050;
  • GRE real estate portfolio, whose total Scope 1, 2 and 3 emissions amounted to 148,573 tCO₂e of which 32,991 tCO₂e are reported within the scope of Group's operations. Decarbonization targets of GRE real estate portfolio include a target of reducing carbon intensity by 60% by 2030 compared to 2019 (baseline 405,280 tCO₂e), as well as achieving net-zero emissions by 2050.

See Commitments to the environment and climate for further information on our climate targets

The Banca Generali group and the Leone Alato group are committed to specific decarbonization pathways with emission reduction targets.

See Banca Generali group and Leone Alato group dedicated webpage for further information.

The scope of the targets currently excludes:

  • the contribution of employee commuting emissions (Scope 3, category 7), for which we are currently monitoring calculation methodologies in order to improve reporting;
  • the contribution of emissions from government bonds (included in total Scope 3, category 15), currently monitored through carbon intensity metrics, with the aim of promoting their gradual integration into investment analyses and decisions.

Note:
1) 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).
2) Emissions related to insurance portfolios are not included, as they are not covered by the categories defined by the sustainability reporting standard.