(Finance) – On the occasion of the second edition of the ESG CEO Forumand anticipating the COP28 appointment, Bain & Company Italy presented aanalysis of the state of the climate transition in Italy, which identifies concrete actions, solutions and initiatives that institutions and the private sector can adopt in order to achieve the objectives set by the Paris Climate Agreement. The event was attended by, among others: Federico Boschi (Head of the MASE Energy Department); Julian Critchlow (Advisory Partner Bain & Company and former Director General BEIS responsible for domestic and international Net Zero action in UK); Pierroberto Folgiero (CEO Fincantieri); Davide Grasso (CEO Maserati); Emanuela Trentin (CEO Siram Veolia); Stefano Venier (CEO Snam).
“From the report – he explains Roberto Prioreschi, SEMEA Regional Managing Partner of Bain & Company – it emerges that, at the current pace of the path towards the transition, Italy will hardly be able to achieve the European climate objectives set for 2030 and achieve a zero-emissions future by 2050. Only the In fact, 15% of the emissions declared by Italian companies are covered by science-based decarbonisation objectives in line with the Paris Agreement”.
“In the Mediterranean area, Italy is a particularly vulnerable hub and exposed to risks linked to climate change. The vulnerability of the territory could generate annual damage of over approximately 10 billion euros to strategic assets by 2050. If we do not adopt measures proactively and urgently, Italy could suffer widespread loss and damage: it is estimated that, by 2050, almost a third of the country’s population will live in areas subject to significant threats, with an expected loss of 4.5 billion euros of agricultural productivity”, he continues Pierluigi Serlenga, Managing Partner Italy of Bain & Company.
Achieve net zero goals it is therefore a complex challenge for the country, which can only be achieved by balancing financial and regulatory support. If the public and private sectors can cooperate, the country will have a better chance of achieving its ambitions to combat climate change.
“We interviewed – he continues Prioreschi – the top management of 15 of the main Italian companies active in various sectors crucial for the country’s development (A2A, Autostrade per l’Italia, Edison, Enel, ERG, Hera, Iren, IVECO, Intesa Sanpaolo, Leonardo, Mundys, SAIPEM, Snam , Tenaris, Terna, WeBuild) and identified together with them a series of priority actions to face this challenge. The public and private sectors, in fact, must recognize the gravity of the situation and collectively begin to embark on a path of change.”
In particular, for the public sector, this means accelerating the implementation of national climate programs and initiatives, investing in sustainable infrastructure and integrating sustainability criteria into procurement processes. For the private sector, however, it is a question of increasing the monitoring and disclosure of emissions, defining science-based reduction targets, and incorporating net zero ambitions into business planning, exploiting sustainability as a competitive advantage.
“By accelerating decarbonisation, companies not only reduce their emissions: they attract investments, access new markets and retain their talent. Timely and strategic interventions are necessary to maintain the commitments made at European level and safeguard Italy’s future”, he concludes Serlenga.