DRIVING SUSTAINABLE GROWTH TO CREATE SHARED VALUE
Rome 17 May 2022 - Promote inclusive and sustainable growth and the creation of long-term value for the community. This is the commitment undertaken by Cassa Depositi e Prestiti (CDP), which today presented the second 2021 Integrated Report to the Shareholders' Meeting. The results are in line with the 2022-24 Strategic Plan and the four major challenges that CDP intends to pursue: climate change, inclusive growth, support for production chains, innovation and digitisation.
The increasing relevance of ESG (Environmental, Social and Governance) issues in the Group's Governance, operational processes and business is borne out by the choice of the Integrated Report as a tool capable of representing the value created for its stakeholders through the Group's available capital (financial, human, social-relational, physical-productive, intellectual and natural capital).
The results obtained in 2021 highlight the strong impact on people, the economy and the environment with a greater focus on inclusion and social cohesion, equal opportunities and women's empowerment.
The CDP Group's activities provided a positive boost to the economy through loans being disbursed to 17 thousand companies, which generated 54 billion in additional turnover, an impact equal to 1.57% of GDP and support for Italian employment with an estimated 400 thousand jobs created or maintained (40% of which for women and 20% for young people).
The initiatives implemented by CDP cover various fields of application: from support to employment levels and training to social housing and urban regeneration projects; from sustainable finance with the issuance of social bonds and basket bonds to green loans for the energy transition; from operations in favour of international expansion and international cooperation to investments in research and development to contribute to the country's innovation and digitisation.
The main results achieved and the initiatives launched in 2021 in the various areas are summarised below:
Governance - in order to strengthen the integration of sustainability into the Group's governance, organisation and risk management, CDP'S Articles of Association were amended with the incorporation of the sustainable development principle; the responsibilities of the Board Risk Committee were extended, with the assignment of specific authorisations in ESG matters; CDP's organisational structure was reviewed, with the creation of three separate Departments dealing with sustainability in an integrated manner (Sector strategies and impact; Policy, evaluation and advisory services; Communication, external relations and sustainability);
People, cohesion and social inclusion - the CDP Group's commitment towards people covered several projects aimed at enhancing human capital, fostering equal opportunities and promoting social inclusion. To name but a few: Social housing initiatives, thanks to which in 2021 the CDP Group built over 1,800 housing units in highly efficient buildings which benefited over 4,000 people; the construction of 3 new hospitals with over 1,500 beds and 150 buildings subject to energy redevelopment, 10 schools (including 4 school hubs) and 3 university hubs, which made it possible to accommodate over 8,000 students; the promotion of a work environment within CDP capable of promoting gender equality, with a 9% increase in women in the workforce and 3% in managerial positions (compared to 2020), in addition to the extension of co-parent leave up to 30 days; the development of human capital and focus on training, both internally and externally, also thanks to the initiatives from Fondazione CDP for younger generations;
Sustainable finance - in 2021, the CDP Group increased its commitment towards sustainable business growth with the issue of the 6th Social Bond (for an amount of 500 million euro) in favour of companies, particularly in the South, a transaction which confirms the Group's position as a leader in sustainable finance and the first Italian issuer of social bonds, consolidating its position on the European market with a share of issued ESG Bonds equal to 4.75 billion euro; the subscription of three Social Bonds worth 185 million euro to support SMEs in disadvantaged areas across the country; alternative finance instruments, such as basket bonds, which made it possible to support 43 companies, 90% of which located in Central-Southern Italy;
Climate and environment - the CDP Group has taken up the energy transition challenge by financing over 3 billion's worth of projects intended to combat climate change, to facilitate the transition to a low-emission economy; recovering over 22,700 square meters of disused land to build 413 homes with social purposes for over 1,600 people.
The CDP Group has also been identified as the manager of the Italian Climate Fund, a national instrument provided for by the 2022 Budget Law. With assets under management of 4.2 billion over 5 years, the Fund is intended to finance initiatives with the aim of achieving the objectives set by international agreements on climate and environmental protection.
Innovation and start-ups - The CDP Group has undertaken a commitment towards the country's digital and technological transition with loans totalling over 900 million euro for research, development and innovation projects to over 580 companies (up by 29% compared to 2020 ); new funds for innovative start-ups and SMEs and 4 digital platforms for business; loans totalling over 400 million for the international expansion of 17 companies on international markets for projects intended for the development of new plants with a high technological content.
With regard to the events following the end of the 2021 Integrated Report, with particular attention to recent geopolitical evolutions and the ongoing conflict in Ukraine, CDP strengthens its commitment towards transition and energy security, agri-food supply and support to the affected populations. On this last point, CDP together with four other national banks and institutions promoting the European Union, the European Investment Bank (EIB) and the European Long-Term Investors Association (ELTI), launched the two billion euro initiative called “Quick Response - Care for Ukrainian Refugees in Europe”. The aim is to provide immediate aid in the current year to refugees fleeing the war in Ukraine and to promote their swift and solidarity-based integration into EU Member States.
Finally, again in response to the emergency in Ukraine, the CDP Foundation supported the SWEET - Supporting Women in Emergency with Environments of Trust project, created by ActionAid to accommodate people fleeing the war, as well as the initiative proposed by the Terre des Hommes Italia Foundation aimed at the creation of a field hospital on Ukrainian territory.
With the aim of concretely strengthening the CDP Group's commitment towards integration and inclusion, this year the Integrated Report ensures the widest accessibility for blind and visually impaired people thanks to the collaboration with Fondazione LIA (Libri Italiani Accessibili).
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1 Estimate made in collaboration with Prometeia.
2Ibidem