Gas: SNAM and UnipolSai set a virtuous example. Agreement signed for an ESG-focused insurance policy
Snam and UnipolSai have signed an agreement for the creation of a civil liability policy that takes account of Snam’s ESG (Environment, Social and Governance) objectives.
With the insurance contract agreed with Snam, UnipolSai for the first time recognises the significance of sustainability-linked policies and actions in pricing risk. Above all, however, it rewards the commitment of the policyholder to preventing risk with a view to creating shared value.
With this in mind, UnipolSai’s civil liability policy provides for a reduction on the annual premium charged to Snam Rete Gas upon achievement of specified objectives for the reduction of methane emissions, contributing to the abatement of the company’s “Scope 1” emissions, thanks to investment in the modernisation and monitoring of the gas network infrastructure.
Through this initiative, the Unipol Group seeks to reward Snam’s ability to implement actions to reduce environmental risks, making it an example of virtue in the Italian corporate world. Companies that translate ESG values into concrete actions can obtain more advantageous insurance coverage by virtue of their ability to reduce the operational risks associated with their business.
With the development of different formats for investment linked to specific environmental or social objectives, this initiative contributes significantly to the development of the first ESG-linked insurance tools that generate savings for companies able to demonstrate achievement of the objectives of the United Nations 2030 Agenda for Sustainable Development.
Snam was the first listed Italian company to establish an ESG committee within its Board of Directors. It has developed an ESG Scorecard based on 14 ESG themes relevant to the company and its stakeholders with a view to achieving the sustainable development goals that the United Nations has formulated in the Agenda 2030. Snam has declared that it will achieve the Net Zero goal for greenhouse gas emissions in its operational activities by 2040, 10 years ahead of the targets that the European Union has set for the Member States.