Stop fossil finance
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Could the fossil industry survive without the support of global finance?


Let’s invest in the future of the planet, not its destruction

In order to reach the goal of keeping global warming within 1.5 degrees Celsius, it is essential to put an end to the burning of fossil fuels very quickly. Opposing individual fossil fuel energy projects is one element of this struggle. But project based campaigns have their limitations. Acting on the world of finance is also important. Without funding, it is impossible to build new power plants, oil and gas pipelines and maintain obsolete plants.

Finance is the oxygen that feeds climate change. Private finance is by no means a secondary actor in the climate crisis: it is a protagonist. Banks, insurance companies and pension funds determine the flow of private sector investment into the energy sector. They are the engine of a system based on the exploitation of the territory, understood as the environment and the community of people who live there.


The business that burns the Planet

In 2019, Italian finance caused 90 million tons of CO2 equivalent, more than the annual emissions of the whole of Austria. Italy’s two largest banks, Intesa Sanpaolo and UniCredit, are responsible for more than 75 million tons of CO2, placing them at the top of this unenviable ranking.

Sede di Intesa Sanpaolo a Torino, foto Re:Common, aprile 2018

Intesa San Paolo

Intesa Sanpaolo is the biggest Italian banking group and among the top 30 banks worldwide. Within Italy, it has a reputation for being a bank committed to sustainable development and to the service of the country. It also has a constantly growing international profile. But its reputation belies a different reality. With weak commitments on the coal sector, unconditional support for the oil and gas sector, and the backing of public finance, it can be considered the Italian fossil bank par excellence.


UniCredit is Italy’s second largest bank and one of the most important in Europe. Despite its commitment to get out of the coal business by 2028, the group is strongly exposed to the oil and gas sector, financially supporting many companies that are expanding their business in fossil fuels, in contrast with any goal of fighting global warming.

Assicurazioni Generali

Assicurazioni Generali is the main Italian insurance company and a global leader. Despite commitments made in 2018, it is one of the key players in supporting the coal sector, particularly in those countries that still depend heavily on the most polluting of fossil fuels: Poland, the Czech Republic and Germany.

What we want:

  • Intesa Sanpaolo and Assicurazioni Generali to immediately stop supporting coal projects and
    companies in any form.
  • Intesa Sanpaolo, UniCredit and Assicurazioni Generali to adopt a climate policy that also excludes financing to the oil and gas sector.
  • Central banks and investors actively to lobby companies to get out of the fossil fuel business.
  • Italian banks, insurance companies, pension and investment funds to stop financing and investing in fossil fuel projects and companies, in line with the Paris Climate Agreement.
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