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Italian central bank to reward companies fighting climate change

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Italian central bank to reward companies fighting climate change

Italy's central bank is planning to adopt investment criteria that will reward companies acting against climate change, Reuters reported.

The criteria will apply by the end of June to the Bank of Italy's shareholdings of around €8 billion, after which they will be extended to the central bank's corporate bond holdings of €1 billion, according to the May 18 report.

Firms that do not adopt United Nations principles on human rights, labor, the environment and corruption will be excluded from the criteria, the news agency noted.

The new criteria will lead to declines of 23%, 30% and 17% in greenhouse gas emissions, energy consumption and water consumption, respectively, from the firms included in the regulator's portfolio, Reuters added.