UNICREDIT CLIMATE ACTION

Promoter – Financial Intermediary

UNICREDIT SPA

Location

• Italy

Description

The operation will allow Unicredit to finance energy efficiency (and potentially other climate action projects) across Italy.

Additionality and Impact

The project primarily seeks to improve access to finance constraints face by private individuals and by home owner associations undertaking energy efficiency investments in new or existing buildings. It will bring positive externalities, through reduced carbon emissions, greater energy efficiency and improved energy security. The project is fully aligned with the EU Renovation Wave Strategy, RePowerEU strategy and Italy National Energy Action Plan to 2030. The project supports the climate action objective of the Bank.

Unicredit is among the largest player in the Italian private loans market, it has been active in sustainable finance since 2007 and is currently among the top 10 banks in Environmental, Social and Governance ("ESG") linked loans in EMEA. It has demonstrated good capacities in the monitoring and reporting of EIB loans. The project will be aligned to the EU taxonomy and the Energy Efficiency Mortgage Initiative framework.

Objectives

The aim is to enhance access to finance for climate investments to be carried out by a wide range of final beneficiaries, such as individuals and homeowner associations, private and public entities, small and medium sized enterprises and mid-caps.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 100 million

Total cost (Approximate amount)

EUR 147 million

Environmental aspects

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Status

Signed - 27/07/2023