UniCredit said on Jan. 31 it had set 2030 emissions targets for the three most carbon-intensive sectors the bank lends money to, with the aim of reaching net zero on its financed emissions by 2050.
The Italian bank also confirmed it wanted to reach net zero on its own emissions by 2030.
In particular, UniCredit said for the oil and gas sector it will target a reduction of 29% of its indirect (Scope 3) financed emissions starting from a baseline of 21.4 millions of tonnes of CO2 equivalent in 2021.
In addition, the bank's policy prevents all support to oil and gas activities in the Arctic Region, as well as all other new exploration and expansion of oil reserves. UniCredit also expects to phase out coal financing by 2028.
The bank also published detailed emission targets for power generation and automotive sectors.
To help reach these goals, UniCredit will strengthen its advisory services for companies in high emitting sectors and boost sustainable lending, it said in a statement issued with its fourth quarter results.
Recommended Reading
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.
Eni Finds 2nd Largest Discovery Offshore Côte d’Ivoire
2024-03-08 - Deepwater Calao Field’s potential resources are estimated at between 1 Bboe and 1.5 Bboe.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.