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III. Results


Intesa San Paolo Risks can affect the bank’s core financial activity. Specifically, they can have an impact on our lending portfolio, as well as affecting our business in investment banking and asset management.


Assessment of client- related climate risk forms part of our risk assessment procedures. In particular, we include environmental risks as qualitative issues in rating models for both small and larger businesses and for project finance. They are also embedded in the guidelines relationship managers use. In the area of project finance, we apply the Equator Principles which make it possible for us to identify and assess environmental and social risks associated with projects we finance. Our engagement in environment and climate- related working groups and initiatives (such as UNEP FI) allows us to participate in a dialogue with peers and partners.


Risks and Opportunities


The numbers clearly indicate the importance of these issues for the companies which responded: more than 250 risks and almost 180 opportunities were identified.


76% (25) of responding companies foresee some climate change risk as having the potential to generate a substantive change in business operations, company revenues or expenditure. The number of companies that consider climate change a risk continues to grow: from 67% in 2009 to 76% in 2011.


Most of the risks identified relate to regulation (especially linked to fuel/energy taxes and international agreements), followed by risks from changes in physical climate parameters and other climate related developments. Overall only 4% of companies do not consider regulation a risk.


Regulation is the first source of both risks and opportunities. A comparison between the responses of Italian companies and those of companies in the CDP Europe 300, highlights a significant difference in perception of both risks and opportunities, with a greater difference relating to opportunities (9%).


Table 5: Risks & opportunities comparison Europe 300 - Italy 100


% of responders seeing regulatory risks


% of responders seeing regulatory opportunities


Figure 21: Opportunities and risks identified


120 100 80 60 40 20 0


Risks Opportunities


80 88


76 79


110 76 94 51 Regulation Physical Changes 51 51


Other climate-related developments


29


Europe 300 Italy 100


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