Greenhouse gas emissions

Greenhouse gas emissions

We measure and report the greenhouse gas (GHG) emissions generated by our Group operations to verify the effectiveness of the implemented reduction strategies  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 GHG emissions, part of our Environmental Management System (EMS), 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 assess our GHG emissions using the WRI GHG Protocol, applying both market-based and location-based methods.

The first method, the market-based, determines GHG emissions from the purchase of electricity and heat 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.

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

In March 2023, the Group's Board of Directors approved a new, science-based target, re-launching the ambition for 2025. Specifically, the new target is to reduce GHG emissions by -35% by 2025 compared to the 2019 baseline. The new strategy includes Scope 1, 2 and Scope 3 emissions related to operational activities (offices, data centre, mobility).

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 also work on the abatement of residual emissions, setting the ambitious goal of achieving net-zero status by 2040 and subsequently becoming climate negative through the financing of removal projects that will consider the evolution of the sector-specific EU regulations.

2025 Target

By year end 2025 a science-based reduction of Scope 1, 2 and Scope 3 GHG emissions of –35% against the 2019 baseline.

Performance in 2022

98,710 t COe total GHG emissions with Market-based method (-29.3% compared to 2019).

Breakdown of GHG emissions by Scope

greenhouse gas emissions
t CO2e
(base year)
Scope 1 (A)





Scope 2 (market-based) (B)





Scope 2 (location based)





Scope 3 (C)





Total (A+B+C)





Breakdown of Scope 3 GHG emissions

Scope 3 category 2022 share of GHG emissions out of total Scope 3
Purchased goods and services


Fuel-and-energy-related activities (not included in scope 1 or 2)


Waste generated in operations


Business travel



See Investiment Portfolio Decarbonization

Note: GHG emissions are calculated in accordance with the GHG Protocol - Corporate Accounting and Reporting Standard and represent 100% of the Group’s workforce linked to emission sources in operational control (79.2% measured and 20.8% extrapolated). The measured data represent the following organisational units: Argentina, Austria, Bulgaria, Banca Generali, Chile, Europ Assistance, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Czech Republic, Slovakia, Slovenia, Serbia, Spain and Switzerland. The GHG emissions of organisational units not included in this list have been extrapolated. The growth of the reporting perimeter (+47% in terms of the Group’s workforce compared to 2021) and the update of the calculation methodology 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).