Second-Party Opinion Assicurazioni Generali Green Bond Evaluation Summary

Sustainalytics concludes that the Assicurazioni Generali Green Bond Framework is credible, impactful, and aligns with the Green Bond Principles 2018. The framework targets six eligible categories: green buildings, renewable energy, energy efficiency, clean transportation, sustainable water management, and recycling, re-use & waste management. Generali has established a Green Bond Committee to oversee asset selection and commits to annual reporting on both allocation and impact. The report also notes Generali's broader sustainability targets, including increasing green sector investments by EUR 3.5 billion by 2020 and reducing internal GHG emissions by 20% by 2020.

• Sustainalytics determines that the Assicurazioni Generali Green Bond Framework aligns with the four core components of the Green Bond Principles 2018, specifically regarding the use of proceeds, project evaluation and selection, management of proceeds, and reporting.
• The framework identifies six eligible categories for the use of proceeds: green buildings, renewable energy electricity and heat production, energy efficiency, clean transportation, sustainable water management, and recycling, re-use & waste management.
• Specific exclusionary criteria are defined to ensure that financing is not provided to activities related to nuclear energy, fossil fuel energy, weapons, tobacco, alcohol, gambling, or large hydroelectric projects exceeding 20MW.
• Generali has implemented a governance structure for the green bond program consisting of a Green Bond Committee, led by the Head of Group Debt and Treasury, which is responsible for the approval, review, and monitoring of eligible assets.
• The issuer commits to annual reporting on the allocation of proceeds, including the share of financing versus refinancing and geographical distribution, as well as annual impact reporting using quantitative key performance indicators where feasible.
• Generali has set several quantitative sustainability targets, including a commitment to increase investments in green sectors by EUR 3.5 billion by 2020 and a goal to reduce its own GHG emissions by 20% by 2020 compared to a 2013 baseline.
• The framework includes specific technical thresholds for eligibility, such as requiring a minimum 30% energy savings for building retrofits and limiting geothermal facilities to direct emissions of 100g CO2e/kWh or less.

APA

Climate Bonds Initiative (2019). Second-Party Opinion Assicurazioni Generali Green Bond Evaluation Summary. https://www.climatebonds.net/files/drupal-files/files/Assicurazioni%20Generali%20Green%20Bond%20Second%20Party%20Opinion.pdf

Chicago

Climate Bonds Initiative. Second-Party Opinion Assicurazioni Generali Green Bond Evaluation Summary. 2019. https://www.climatebonds.net/files/drupal-files/files/Assicurazioni%20Generali%20Green%20Bond%20Second%20Party%20Opinion.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Second-Party Opinion Assicurazioni Generali Green Bond Evaluation Summary |date=31 May 2019 |url=https://www.climatebonds.net/files/drupal-files/files/Assicurazioni%20Generali%20Green%20Bond%20Second%20Party%20Opinion.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019secondparty, author = {{Climate Bonds Initiative}}, title = {{Second-Party Opinion Assicurazioni Generali Green Bond Evaluation Summary}}, institution = {Climate Bonds Initiative}, year = {2019}, month = may, url = {https://www.climatebonds.net/files/drupal-files/files/Assicurazioni%20Generali%20Green%20Bond%20Second%20Party%20Opinion.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }