Climate advocacy policy and participation in public debate

Generali recognises that climate change is one of the most serious global challenges and believes that companies have the responsibility to contribute to addressing its impacts. Our corporate climate advocacy policy is designed to ensure that Generali plays a constructive role in the global effort to combat climate change.

At Generali, we are committed to supporting climate policies in line with the Paris Agreement, with the objective of limiting the increase in global average temperature to 1.5°C compared to pre-industrial levels.

Through the Group International Public Affairs and Regulatory Advocacy function, the company advocates directly to policymakers and indirectly through trade associations for strategies that promote an orderly transition to a low-carbon economy, including balanced policies and projects that:

  • promote transparency from companies on their climate impact and emission-reduction strategies;
  • support the development and deployment of clean and accessible energy technologies;
  • encourage the gradual reduction of carbon-intensive energy technologies while respecting the principles of Just Transition;
  • strengthen climate adaptation and resilience, especially in developing countries.

As part of this commitment, Generali entered into a multi-year partnership with the United Nations Development Programme (UNDP), with the aim of enhancing the resilience of Small and Medium Enterprises (SMEs) and global value chains to climate change and other natural hazards in Asia and globally, while also addressing the global protection gap by incentivizing the development of innovative and affordable insurance solutions. Additionally, Generali and UNDP are committed to collaborating with public institutions to promote research and advocacy, raising awareness about risk management, prevention, and adaptation measures. In support of these efforts, since 2024, Generali and UNDP have published several joint reports on Micro, Small, and Medium Enterprises (MSMEs) resilience, parametric insurance, and the impacts of climate change on life and health insurance, contributing to global awareness and the promotion of a risk understanding culture.

In the context of policy workshops and multi-stakeholder discussions, Generali analyzes the range of potential policy positions and supports those most in line with the Paris Agreement.

All advocacy activities are carried out in line with the International Public Affairs and Regulatory Advocacy Group Guideline, which defines governance, processes and reporting standards across the Group.

The most relevant activities in this area are monitored and publicly reported through:

  • the Group Integrated Annual Report;
  • the Climate Transition Plan;
  • the Group Climate Hub;
  • the Group website;
  • participation in selected rating agencies;
  • the EU Transparency Register.

Public reporting supports regular reviews of Generali’s advocacy activities, with a view to continuous improvement.

Over recent years, Generali has actively contributed to a broad range of initiatives and working groups focused on climate and environment, including:

  • Participation in the Italian National Dialogue on Sustainable Development, promoted by the United Nations Environment Programme (UNEP) and the Italian Ministry of Environment, contributing to the paper Financing the future on climate change mitigation and adaptation initiatives through insurance and investment activities. In this context, we have organised high-level institutional events, including the presentation of the Interim Report of the European Commission High-Level Expert Group on Sustainable Finance.
  • Contribution to the CRO Forum Position Paper “The heat is on” , analysing climate change impacts on the insurance sector and the role of insurers in mitigation and adaptation.
  • Participation in the “Asset Owner Disclosure” project project promoted by ShareAction (a network of non-governmental organizations to promote responsible investments practices and shareholders activism), showcasing good practices in managing climate change impacts, including the case of Generali.
  • Support for the Disclosure, Measurement, Management and Mitigation of Climate Change Risk for Companies project promoted by the Fondazione Eni Enrico Mattei, for scientific research and awareness raising on the risks associated with climate change within the financial sector and the Italian business world.

Generali also supported key international activities, including:

  • the Task Force on Climate-related Financial Disclosure (TCFD), to promote voluntary financial disclosures on the risks, opportunities and strategies related to climate change management.  We have publicly endorsed and participated in the UNEP FI PSI –TCFD Pilot Group to define the guidelines for insurance companies that plan to adopt the TCFD recommendations;
  • the Paris Pledge for Action (2015), to bring together private sector actors willing to contribute to the implementation of the Paris Agreement (COP21).

To follow up on this pledge, Generali participates as a member in the work of the Net-Zero Asset Owner Alliance (NZAOA) and the Forum for Insurance Transition to Net-Zero (FIT).

In recent years, Generali has further strengthened its climate advocacy by aligning its positions with evolving regulatory frameworks, notably the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). In this context, the Group approved its Climate Transition Plan in November 2025, reaffirming its commitment to climate neutrality by 2050 and to a just transition.

In line with current international and European policy priorities, Generali has sharpened its advocacy focus on climate transition planning, resilience and just transition, actively contributing to policy discussions on sustainable finance, public‑private risk‑sharing approaches, and innovative insurance solutions aimed at closing the climate‑related protection gap