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Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
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Banking on Thin Ice: Two years in the heat
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BankTrack Global Human Rights Benchmark 2022
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Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
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The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
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Home › Banks ›
Bank
UniCreditItaly

Active

This profile is actively maintained
Last update: 2023-02-03 00:00:00
UniCredit Tower in Milan, Italy. Photo: Daniel Case via Wikimedia (CC BY SA 3.0)

Active

This profile is actively maintained
Last update: 2023-02-03 00:00:00
About
Website http://www.unicreditgroup.eu
Headquarters
Plazza Gae Aulenti 3 - Tower A
20154 Milan
Italy
CEO/chair Andrea Orcel
CEO
Supervisors
Banca d'Italia & Bundesbank
Ownership
listed on Borsa Italiana, Frankfurt Stock Exchange & Warsaw Stock Exchange

UniCredit's shareholder structure can be accessed here.

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. 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.

Sustainability
Commitments
Policies
Voluntary standards

UniCredit's most important sustainability commitments can be found at the website sections listed below.

Links

ESG and sustainability

ESG sustainability policies

2023-01-31 00:00:00

UniCredit sets Net Zero targets for carbon intensive sectors

Bank policy
2023-01-31 00:00:00 | UniCredit
2022-12-21 00:00:00

Defence Sector Policy

Bank policy
2022-12-21 00:00:00 | UniCredit
2022-12-21 00:00:00

Mining Sector Policy

Bank policy
2022-12-21 00:00:00 | UniCredit
2022-05-03 00:00:00

Modern slavery and human trafficking statement

Bank policy
2022-05-03 00:00:00 | UniCredit
2022-01-31 00:00:00

Oil & Gas Sector Policy

Bank policy
2022-01-31 00:00:00 | UniCredit
2022-01-31 00:00:00

Coal Sector Policy

Bank policy
2022-01-31 00:00:00 | UniCredit
2022-01-26 00:00:00

Addendum to coal sector policy: Environmental, Social and Reputational Risk

Bank policy
2022-01-26 00:00:00 | UniCredit
2022-01-26 00:00:00

Addendum to Global Policy - Oil and Gas Sector

Bank policy
2022-01-26 00:00:00 | UniCredit
2020-01-31 00:00:00

Commitment on rainforests

Bank policy
2020-01-31 00:00:00 | UniCredit
2019-03-04 00:00:00

Statement on climate change

Date listed represents date as accessed on website
Bank policy
2019-03-04 00:00:00 | UniCredit
2018-09-25 00:00:00

Anti-money laundering questionnaire

Bank policy
2018-09-25 00:00:00 | UniCredit
2018-01-31 00:00:00

Anti-Bribery and Anti-Corruption Policy

Bank policy
2018-01-31 00:00:00 | UniCredit
2017-05-01 00:00:00

Code of Conduct

Bank policy
2017-05-01 00:00:00 | UniCredit
2016-04-09 00:00:00

Human Rights Commitment

Bank policy
2016-04-09 00:00:00 | UniCredit
2015-03-31 00:00:00

Environmental Commitment

Bank policy
2015-03-31 00:00:00 | UniCredit
2013-09-05 00:00:00

Position Statement concerning the Water Infrastructure Industry (Dams)

Bank policy
2013-09-05 00:00:00 | UniCredit
2013-01-28 00:00:00

Position statement on nuclear energy

Bank policy
2013-01-28 00:00:00 | UniCredit
UniCredit has committed itself to the following voluntary standards:
Klimaschutz-Selbstverpflichtung des FinanzsektorsTags: climate change | corporate social responsibility | finance
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Natural Capital DeclarationTags: sustainable development | finance | natural resources | corporate social responsibility
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Paris Agreement Capital Transition Assessment (PACTA)Tags: corporate social responsibility
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Sustainable Steel PrinciplesTags: corporate social responsibility
Thun Group on Human RightsTags: Human Rights
UN Guiding Principles on Business and Human RightsTags: United Nations | human rights
UNEP Finance InitiativeTags: United Nations | sustainable development
United Nations Global CompactTags: United Nations | human rights
Universal Declaration of Human RightsTags: human rights | United Nations
Dodgy Deals

UniCredit is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of UniCredit's link to these deals.

Campaigns

Banks and Climate

The 2022 Banking on Climate Chaos report showed that UniCredit provided US$ 36.20 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on UniCredit fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

 

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of UniCredit fossil fuel policy below.

 


Banks and Human Rights

BankTrack assessed UniCredit in its 2022 Global Human Rights Benchmark, where it achieved 6 points out of 14 and was ranked as a follower. In addition, UniCredit scored 0.3 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

Global Human Rights Benchmark 2022

BankLast update
Country
Score
Ranking
Details
UniCredit
ITA
6
Follower
0
Italy
Score
Follower
6
Explanation

UniCredit's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Follower, with a total score of 6 out of 14.

Policy: 2.5/3
Due dilligence: 2.5/5
Reporting: 0.5/3
Remedy: 0.5/3


Response Tracking:
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0.3/3. See the Response Tracking section of this profile for more details.

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.

Tracking the Net Zero Banking Alliance

UniCredit is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

 


Banks and Putin's war in Ukraine

BankTrack is keeping track of the public response of UniCredit to Russia's illegal invasion of Ukraine. UniCredit did not publicly condemn the war. UniCredit is considered by Leave-Russia.org to be "still operating" in Russia.  We categorise its exposure to Russia as large, with over $8.1bn of financial assets. UniCredit supports the Russian fossil fuel industry through loans, and underwriting. For further details, see the table linked below.

News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?

Two banks made clear they will avoid financing Rovuma LNG, but plenty remain in the frame.
2023-03-20 | BankTrack, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Exxon issues Rovuma LNG tender but financing in focus

BankTrack quoted
2023-03-20 | Energy Voice
BankTrack news BankTrack blog Partner news Partner blog

Analysis: Loans to Russian soldiers fuel calls for European banks to quit

2023-02-13 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

UniCredit’s initial sectoral targets: a step forward toward decarbonization

First set of targets for priority sectors as part of its NZBA commitments focus on oil and gas and power, but leave out coal and do not cover underwriting activities.
2023-02-01 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report reveals the 40 financial institutions funding the world's climate-changing methane problem

A new report by Planet Tracker and Changing Markets reveals the top financial institutions funding the world’s biggest methane producers, and the role they can play in turning the tide on global heating.
2023-01-17 | London | Changing Markets, Planet Tracker
Blog
BankTrack news BankTrack blog Partner news Partner blog

Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

2023-01-17 | Paris, France /Nijmegen, Netherlands | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Europe’s largest banks falling short on climate and biodiversity action

New ShareAction research uncovers urgent need for UK and European banking sector to close loopholes in climate and biodiversity strategies
2022-12-12 | ShareAction
Blog
BankTrack news BankTrack blog Partner news Partner blog

Exposed: Western banks funding Qatar’s carbon bombs

US$ 20 trillion estimated damage linked to massive gas expansion by hosts of 2022 World Cup
2022-12-08 | Henrieke Butijn – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who will finance yet another gas megaproject in Mozambique?

2022-11-25 | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

BankTrack’s 2022 Global Human Rights Benchmark finds reporting at a standstill, remedy still lacking and no clear leaders
2022-11-17 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Europe’s locomotive runs on coal

ReCommon reports on the devastating impacts of RWE's coal mining operations in Germany
2022-10-27 | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

Rio Grande Valley: at risk from fracked gas terminals

Big banks step away
2022-10-18 | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks in Russia now have to help with conscription: Those who stay could be complicit in war crimes

2022-10-11 | Lorena Bisignano – BankTrack, Ryan Brightwell – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Largest European banks bankroll high-risk arms traders

2022-07-12 | PAX
Blog
BankTrack news BankTrack blog Partner news Partner blog

Eyes closed, costs down, profits up

Dirty Profits 9 published today by Facing Finance
2022-05-18 | Berlin | Facing Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Carney and Bloomberg must show leadership to stop GFANZ dithering

Only five major GFANZ members have any restrictions on financing new oil and gas supply
2022-04-21 | Paris | BankTrack, urgewald, Climate Action Network International, Reclaim Finance, ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

UniCredit shareholders’ meeting: on climate ambition there is still a long way to go

Once again, the Italian bank holds its shareholders' meeting behind closed doors, without debate and with little media visibility.
2022-04-08 | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

NGOs reveal top international companies, banks, and investors that fuel Russia's war machine

2022-04-04 | Berlin | urgewald, Ecodefense
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
BankTrack news BankTrack blog Partner news Partner blog

Il colossale greenwashing di petrolio e gas delle grandi banche che finanziano il caos climatico

BankTrack quoted
2022-03-30 | Greenreport.it
Blog
BankTrack news BankTrack blog Partner news Partner blog

What the war in Ukraine teaches us

Lessons for European governments, companies and financiers - a Profundo Expert View
2022-03-04 | Jan Willem van Gelder - Profundo
Blog
BankTrack news BankTrack blog Partner news Partner blog

Russia has become an overnight pariah. Banks should take rapid action to divest.

European and US banks like JPMorgan, Citi, UniCredit and Deutsche Bank have been recent supporters of Russian oil, gas and coal
2022-03-02 | Ryan Brightwell – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

UniCredit's new climate strategy: significant progress on Arctic, but weakened coal commitments raise concerns

Following the recommendations of ReCommon and Greenpeace Italy, UniCredit commits to stop all financing for oil & gas projects in the Arctic Region and proceeds with tiny steps forward on the oil & gas sector.
2022-02-02 | Rome | BankTrack, Greenpeace Italy, ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

Lack of coal exit plans poses challenge to finance’s engagement strategy

New analysis from Reclaim Finance shows that the vast majority of coal companies are failing to plan for an exit from the sector, despite looming deadlines set by several of their financial backers.
2021-12-21 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks failing to address severe human rights impacts transparently, finds BankTrack research

Findings reinforce the need for regulators to ensure access to effective remedy for people affected by bank finance
2021-12-14 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Italy's UniCredit, Intesa Sanpaolo join U.N. net-zero banking alliance

2021-10-20 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks and biodiversity: are banks moving towards Kunming?

As China hosts the first part of the UN Biodiversity Conference, banks are called upon to support its goals
2021-10-14 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report exposes billions in European financial support to companies in illegal Israeli settlements

2021-09-29 | Don't Buy Into Occupation
Blog
BankTrack news BankTrack blog Partner news Partner blog

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

210+ groups support urgent call to action
2021-09-23 | BankTrack