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The UniCredit Group, founded in 1998, is the result of the merger of nine of Italy's largest banks and the subsequent combination with the German HVB Group and the Italian Capitalia Group. It is now a banking group based in Milan that also includes (amongst others) Bank Austria and Hypovereinsbank. UniCredit is a major international financial institution. The group operates in 14 European countries: Austria, Germany, Russia, Bosnia and Herzegovina, Hungary, Serbia, Bulgaria, Italy, Slovakia, Croatia, Romania, Slovenia, Czech Republic and Turkey.
Plazza Gae Aulenti 3 - Tower A
Andrea Orcel |
|Annual report||Annual report 2021|
listed on Borsa Italia, Frankfurt Stock Exchange & Warsaw Stock Exchange
Unicredit's shareholder structure can be accessed here.
|Complaints and grievances|
Related Dodgy Deals
Dodgy Deals map
Tracking the Equator Principles
EPFIs reporting status
EP reporting page: https://equator-principles.com/reporting-unicredit-spa-2020/
Project name reporting status of Equator Principles signatories for each financial institutions' most recent reporting period. Where there is no percentage presented the EPFI has not reported having financed any project transactions in that reporting period.
Banks and Climate
Bank net zero commitments
Goal 2025/2030: Pledged to set a 2030 target (NZBA).
Goal 2050: NZBA
This table tracks the net zero pledges and commitments of banks. It shows whether banks have committed to net zero by 2050 and have set an interim emissions reduction goal for 2025 and/or 2030. It also notes banks that have not yet set targets but have pledged to do so in the future, including by joining the Collective Commitment to Climate Action or Net Zero Banking Alliance. Finally, it notes whether banks have (pledged to) set Science-Based Targets. More information and references can be found by expanding the 'details' section of each bank.
- A blue check mark means the bank has set a target or joined the alliance. A check mark does not mean that the target set by the bank meets any particular standard, just that is has set a target. In case we have identified short comings in the target, for example when it only applies to lending and not underwriting), this is noted in the 'details' section.
- An orange dash means a bank has pledged to set a target (for example, banks commit to set 2030 and 2050 targets when they join the NZBA), but have not yet actually done so.
CCCA = Collective Commitment to Climate Action
NZBA = Net Zero Banking Alliance
SBT = Science-Based Targets
Banks and Human Rights
Human Rights Benchmark November 2019
UniCredit's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark in November 2019. The bank is assessed as a Follower, with a total score of 6 out of 14.
Due dilligence: 2.5/5
This page evaluates UniCredit's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
The bank publicly responded but did not acknowledge its link to the impact or comment on the specific issues raised.
Following the bank's response: The bank acknowledges its link to the impact, but still does not comment on or respond to the substance of the issues raised. Therefore, the score has been amended to 0.5.
No information available on whether the bank engaged with its client or took appropriate action.
Following the bank's response: The bank confirmed that it ""engaged with the customer and gathered statements and positions on the allegation"". The bank did not provide details of this engagement nor did the bank state whether it had required the company to take specific actions or that the bank had taken appropriate action itself. Therefore, the score remains unchanged.
Carney and Bloomberg must show leadership to stop GFANZ dithering
UniCredit shareholders’ meeting: on climate ambition there is still a long way to go
NGOs reveal top international companies, banks, and investors that fuel Russia's war machine
New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
Il colossale greenwashing di petrolio e gas delle grandi banche che finanziano il caos climatico
What the war in Ukraine teaches us
Russia has become an overnight pariah. Banks should take rapid action to divest.
UniCredit's new climate strategy: significant progress on Arctic, but weakened coal commitments raise concerns
Lack of coal exit plans poses challenge to finance’s engagement strategy
Banks failing to address severe human rights impacts transparently, finds BankTrack research
Equator Banks involved in financing at least 200 fossil fuel projects since Paris
Banks and biodiversity: are banks moving towards Kunming?
New report exposes billions in European financial support to companies in illegal Israeli settlements
Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit
New research puts big banks’ sustainability claims in doubt
Fossil assets: the new subprimes?
UniCredit: a falling star
Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming
Revealed: Businesses and banks behind global plastic waste crisis
Re:Common: “UniCredit breached its own coal policy and supports oil & gas expansion"
More than half of Europe’s bank directors too compromised to end fossil fuel finance
Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement
EUR 146 billion for trash? How banks and the plastics industry are forcing a global environmental catastrophe
Over 260 organisations call on banks not to finance Total’s East African Crude Oil Pipeline
Groundbreaking research reveals the financiers of the coal industry
Exclusive: Italy could take on $17 billion of UniCredit bad loans to ease MPS sale - sources
Five years since the Paris Agreement, are banks' 2050 pledges enough to reign in fossil fuel finance?
Equator Banks fail communities on consultation and grievance mechanisms, new study finds
Barclays, HSBC and Credit Suisse among worst offenders on oil sands finance
A call to action on the Principles for Responsible Banking: End climate-destructive financing now
Principles for Responsible Banking no obstacle to finance climate destruction
UniCredit becomes the first non-French financial institution to adopt a high-quality coal policy
Equator Principles requirements missing for most projects, finds new BankTrack study
Banking on Climate Change – Fossil Fuel Finance Report Card 2020
Big European banks face call to end funding for firms building coal-fired plants
Twenty percent of Dominican Republic territory at risk from fossil fuel auction, banks warned to steer clear
4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows
Leak exposes millions of dollars in new payments in Odebrecht cash-for-contracts scandal
Dirty Profits 7 - Out of Control: Irresponsible weapons transfers and future weapon systems
RWE plans destruction of ancient German forest
Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact
Banking on Climate Change – Fossil Fuel Finance Report Card 2019
Trans Adriatic Pipeline: France provides massive financial support to controversial gas project
Banks massively financing fossil fuels unclear about future of ... fossil fuels
Gunvor joins other commodity players with sustainability-linked loan led by ING
Uncertainty over the future of the Trans Adriatic Pipeline, as EBRD envisages loan decision
Report finds major banks ramped up fossil fuel financing to $115 billion in 2017
With a little help from the European Commission: TAP and the Southern Gas Corridor
Big banks complicit in massive tar sands destruction and pollution through hundreds of billions in financing
Investor alert: Deep sea mining project in last-ditch search for capital
Operation Car Wash and a coal plant in the Dominican Republic – anti-corruption protestors are not giving up
Scandalo Lava Jato, Santo Domingo si ribella contro la corruzione. E c'entra anche l'Italia
Punta Catalina perdería el financiamiento europeo que le resta para su terminación
Punta Catalina – the coal plant project that keeps on giving … a headache to European banks
Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
Leading banks under fire for misrepresenting human rights responsibilities
La Société Générale priée de renoncer à financer la centrale charbon de Punta Catalina
Dominicans on the march against Punta Catalina kickbacks, and want financiers out of the coal plant project
Odebrecht corruption in Dominican Republic – Five European banks urged to pull out of dirty coal plant financing
Odebrecht $92 million bribe: Just hours to deadline, utility produces papers
New report finds banks betting on climate change
European banks warned over raid on pension funds to finance disputed coal plant in Dominican Republic
Bank financing of staggering Polish coal development plans continues to run deep
Investor Alert on DTEK (Ukraine) debt restructuring
Banks not yet living up to UN human rights principles, finds BankTrack
'Record year' for bank coal financing as latest UN climate warning looms
Banks and human rights: Assessing strengths and weaknesses of the Thun Group’s approach
BankTrack welcomes Thun Group paper on banks and human rights
Kaliningrad Nuclear Plant: HypoVereinsbank follows BNP Paribas and pulls out. When will Coface and Société Générale follow suit?
BankTrack welcomes withdrawal Bank Austria from Mochovce Nuclear power plant
Bankrolling Climate Change
While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning
BankTrack to Equator Principles banks; ‘get the Outside Job done’
New rules for Equator Principles, but no new commitments from banks
Equator Principles: Action, not words needed
Civil society groups call for bold steps forward with Equator Principles
Top financial institutions still invest US$20 billion in cluster bombs
European banks withdraw from Ilisu dam project in Turkey
Ilisu Dam Project: European Governments Officially Announce Withdrawal
Austria's ECA officially declares pull-out of Ilisu dam project
BankTrack members unveil bank secrets
Protest rallies against Turkish dam all over Europe
European banks withdraw from Belene nuclear power project
Banking on Climate Chaos 2022
Drill, baby, drill
Fossil assets: the new subprimes?
A Call to Action on the Principles for Responsible Banking: End Climate-Destructive Financing Now
Letter from BankTrack to UniCredit on the bank's progress on its fossil fuel finance since COP24
Un Paese di Cenere – le responsabilità italiane nella devastante corsa al carbone in Turchia
Letter from BankTrack to Thun Group on concerns regarding Thun Group discussion paper on human rights
Comments on Thun Group of Banks Discussion Paper
Letter from BankTrack and others to Thun Group of Banks on Significant Concerns Regarding Thun Group Discussion Paper
Banking with Principles? Second Edition June 2016
Banking with Principles?
Dirty Profits III
Thun Group of Banks Response to a question at the UN Forum on Business and Human Rights, December 2012
Statement by the Thun Group of banks on the "Guiding principles for the implementation of the United Nations 'protect, respect and remedy' framework" on human rights
Voluntary standardsUniCredit has committed itself to the following voluntary standards:
- Klimaschutz-Selbstverpflichtung des Finanzsektors
- Carbon Disclosure Project
- Equator Principles
- Global Reporting Initiative
- Natural Capital Declaration
- Net-Zero Banking Alliance (NZBA)
- Paris Agreement Capital Transition Assessment (PACTA)
- Principles for Responsible Banking (PRB)
- Principles for Responsible Investment (PRI)
- Thun Group on Human Rights
- UN Guiding Principles on Business and Human Rights
- UNEP Finance Initiative
- United Nations Global Compact
- Universal Declaration of Human Rights
UniCredit's web page on corporate social responsibility can be accessed here.
Implementation and reporting
UniCredit is reporting on the implementation here.