Banco Azzoaglio: Scope 1, 2, and 3 emissions calculation across 20 branches, with a focus on the impact of investments
The challenge
Banco Azzoaglio is a private, independent, family-run bank. Founded in 1869, it today operates 20 branches, 4 remote service points, and 1 archive.
The bank has shown a strong interest in sustainability for years, working with local communities to bring environmental topics into schools and universities.
Banco Azzoaglio chose Up2You to analyze and quantify the direct and indirect emissions generated by its operations, extending the analysis to the companies in its investment portfolio.
The decision was driven by the need to keep pace with evolving regulation and with the requirements of the Bank of Italy, along with a desire to get ahead of future sustainability reporting obligations.
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Needs and objectives
Regulatory compliance
Keep pace with evolving regulation to ensure transparency and compliance with the requirements of the Bank of Italy.
Calculating portfolio emissions
Measure its environmental impact in full, going beyond operational emissions to include the investment portfolio as well.
Stakeholder engagement
Build a clear, structured sustainability strategy, involving the internal team and raising awareness among top management.
Initial challenges
Data management
Scope 1 and 2 data was already available in-house, but for Scope 3 the bank had no structured methodology for collecting and verifying data.
Conversations with clients and stakeholders
Sustainability in a financial setting is a complex subject, and it can meet resistance.
Internal structure
There was no standardized process for collecting and managing ESG data; support was needed to ensure accuracy and compliance.
Why Banco Azzoaglio chose Up2You
- The solidity and reliability of a method aligned with the GHG Protocol.
- An intuitive platform that is easy to use, and consistent support from the team.
- An innovative approach and B Corp certification.
Testimonial
“Taking on the challenge of calculating our carbon footprint delivered unexpected results in terms of collaboration and enthusiasm, and it did a great deal to build internal awareness of sustainability.
Our bank has a strong desire to help decarbonize the production processes it touches, and the results of this work will feed into how we set our strategic goals.”
Erica Azzoaglio
Chair of the Board of Directors
The project
The project opened with an initial workshop designed to align on objectives and methodology and to gather feedback from the Banco Azzoaglio team.
Based on what came out of the workshop, we set up and customized the platform for data collection and emissions calculation (aligned with the international standards of the GHG Protocol), giving Banco Azzoaglio a tool tailored to the bank's specific characteristics and making data collection smoother and more efficient.
In parallel, we ran a training program for top management to build awareness and actively involve the bank's key decision-makers in the emissions reporting process.
Once the groundwork was complete, data collection began for the direct and indirect emissions of 20 branches, 4 remote service points, and 1 archive. The process organized and structured a body of data the bank already held but had never before collected through an ESG lens.
Next came Scope 3 data collection, with particular attention to the investment portfolio, which accounts for more than 94% of calculated emissions. The process closed with analysis of the data collected and delivery of a detailed report on the bank's emissions.
Banco Azzoaglio therefore met its goal of obtaining a detailed report on Scope 1, 2, and 3 emissions, with the information ready to feed into its sustainability report a full 2 years ahead of schedule.
There was more. Among the project's “side” results, Banco Azzoaglio saw greater internal interest and engagement in environmental sustainability. Just one month after the report was presented, a first discussion of vehicle fleet emissions led to an internal directive requiring the exclusive use of HVO fuel in place of diesel.
