“Advanced” ESG score increases for second year in a row
Progress driven by performance in environmental and governance pillars
Rome, December 1, 2023 – The environmental, social and governance (ESG) performance of Cassa Depositi e Prestiti has improved for the second year in a row. According to the latest ESG Assessment from Moody's Analytics1, CDP received an overall “Advanced” ESG score of 70/100 in 2023, with a further three-point increase compared to 2022. As of October 2023, CDP ranks third out of 22 companies in the European Specific Purpose Banks & Agencies sector, 33rd out of over 1,500 entities that Moody’s Analytics assesses across all sectors in Europe and 33rd out of over 4,600 entities globally.
The higher overall ESG score was driven by increased performance both in the environmental (from 63/100 in 2022 to 71/100 in 2023) and governance pillars (from 62/100 to 65/100), while the social pillar remained stable within the “Advanced” category (72/100).
The main drivers contributing to the improvement of the environmental pillar score were “Minimising environmental impacts from Climate Change” (69/100) and “Environmentally responsible financing” (65/100). In addition, in the Environmental Strategy driver CDP received a score of 96/100, the highest in its sector globally (1/30 entities).
With regards to governance, the progression predominantly results from greater integration of ESG issues by the Board of Directors.
In terms of the social pillar, Moody’s Analytics recognized the commitment made by CDP over the last year to promote diversity and prevent discrimination, such as the increase in the percentage of women in senior and middle management positions, in line with the targets set by CDP’s first ESG Plan that was approved in 2022; measures adopted to reduce and monitor salary disparities; and a commitment to increase the share of women in top management positions.
The latest ESG Assessment from Moody's Analytics demonstrates the effectiveness of the actions undertaken by CDP aimed at increasingly integrating ESG factors into its operations, as envisaged in the 2022-2024 Strategic Plan and in line with the best practices adopted by financial institutions at international level.
1A subsidiary of Moody’s Corporation that provides financial intelligence and analytical tools