(Alliance News) - Banco BPM Spa announced on Monday that it has joined the Net-Zero Banking Alliance, the initiative promoted by the United Nations to accelerate the sustainable transition of the banking system through the commitment of participants to align their credit and investment portfolios to achieve net-zero emissions by 2050, in line with the targets set by the Paris Climate Agreement.

Joining the alliance is part of the stated objectives of the 2021-2024 strategic plan and, for Banco BPM, already a supporter of the "Task Force on ClimateRelated Financial Disclosure," "represents a further important step in the fight against climate change, in addition to the other commitments made that include, in addition to zeroing its own Scope 1 and 2 net emissions, supporting companies operating in emissive sectors to make the investments necessary for the transition," the bank explained.

"Accession to the NZBA comes after a careful analysis and assessment, which led to the identification of five priority sectors -- oil & gas, power generation, cement, automotive, coal -- for target communication 18 months after accession."

Giuseppe Castagna, CEO of Banco BPM, said, "We intend to continue decisively in the process of transitioning to a low-emission and environmentally friendly economy. Improving our direct and indirect impact on the environment means for us taking a further qualitative leap forward and helping to build, together with our customers, a new model of economic development that is finally sustainable."

Banco BPM's stock is down 8.8 percent at EUR3.67 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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