Sella offsets off the impact of CO2 emissions

 

Gruppo Sella is among the first in Italy to achieve “carbon neutrality” thanks to the sustainable initiatives already implemented in recent years, the current carbon mitigation plan and the financing of some international projects to offset residual emissions in collaboration with LifeGate.

 

The Group has been offsetting the impact of its own residual CO2 emissions since 2021, ahead of the initially set plan that envisioned this to be achieved by 2024. The goal was achieved through the measurement of its own environmental impact, sustainable initiatives dedicated to reducing its carbon footprint, and a plan for further emissions mitigation developed in collaboration with LifeGate. Remaining emissions were offset through the purchase of carbon credits linked to projects selected by LifeGate, certified by third parties according to international standards such as the Verified Carbon Standard (VCS) and the Gold Standard.

Sella is thus among the first groups in the Italian banking and finance sector to achieve so-called “carbon neutrality.” The path to reach this result started from an in-depth analysis of its CO2 emissions calculated  based on those produced by the Group in 2019, thus before the Covid-19-related health emergency imposed a rethinking of working methods with the use of smart working and remote reporting, which reduced emissions. This measurement quantified the Sella Group's annual production in Italy and abroad at about 13 thousand tons of CO2 equivalent.

The intervention, which concerns CO2 emissions calculated with the location-based methodology produced in the three-year period 2024-2026, involves specific scopes:

  • direct emissions (Scope 1) related to the use of fossil fuels and attributable to internal company activities (such as gas consumption for heating/cooling, production of domestic hot water or fuel for the company fleet);
  • indirect emissions and attributable to internal building energy consumption related to purchased electricity (Scope 2);
  • other indirect emissions (Scope 3), related to the company's internal operations, related to the following categories: from 2019 (1) purchased goods and services, (3) fuel and energy-related activities (not included in Scope 1 or 2), (5) waste generated during operations, and (6) business travel. Beginning with the 2021 final report, category (7) related to commuting by employees and contractors was added.

Details on the measurement of the Group's own emissions can be found in the Environment chapter of the Non-Financial Statement.

 

The main environmental sustainability initiatives of the Sella group

Starting in 2020, the Sella Group has launched the "Sustainability Project" with the dual objective of continuing on the path of constant improvement of its social and environmental performance and being a promoter of a sustainable economy, supporting its customers in the process of transitioning to an economy with a positive ESG impact.

For several years now, in fact, the Group has decided to move toward more energy-efficient solutions with a lower environmental impact. All the electricity used in Italy comes from certified renewable sources, and the Group also contributes to its energy needs thanks to the 21 photovoltaic systems installed on the roofs of offices and branches scattered throughout Italy. The Group has also decided to invest significantly in initiatives aimed at considerably expanding the self-production of electricity from photovoltaic plants.

The goal for the three-year period 2024-2026 is in fact to build photovoltaic plants until reaching a total installed capacity of about 17 MW: this will allow the Group to increase the production of renewable energy while avoiding CO2 emissions into the atmosphere. An important initiative in this area has been the construction of a photovoltaic parking lot at the Group's headquarters in 2023: the parking lot covers an area of 3,800 square meters, has 176 parking spaces, several charging points for electric cars, and is covered by 632 photovoltaic panels installed on 5 canopies. Its total power is 243.32 kWp and saves 129 tons of CO2 per year.

In the same year, construction work on the hydroelectric plant on the Torrente Cervo was also completed. The total rated power of the plant, which for the derivation uses the historical irrigation ditch still present within the former Lanificio Maurizio Sella, is 143.6 kW, with a maximum effective output of 245.6 kW, for a total electricity production of 976,502 kWh/year.

During 2024, a 1.2 MW photovoltaic plant was inaugurated on the roof of the Valdengo archive.
In addition, the Biella headquarters was built following modern eco-sustainability and environmental impact reduction criteria including the installation of photovoltaic systems and a solar thermal system for hot water production. In early 2024, the headquarters obtained LEED (Leadership in Energy and Environmental Design) "Gold" certification, which complements the LEED Platinum certification previously obtained by the S32 building in Milan, which houses the Fintech District community.

The process of energy efficiency of heating systems in the Group's offices and branches through the replacement of gas boilers with heat pumps also continues steadily.

Below are some of the additional mitigation initiatives implemented:

  • the use of environmentally friendly office supplies and FSC-certified paper;
  • the installation of free water dispensers in the Group's offices and the distribution to employees and collaborators of environmentally sustainable water bottles;
  • the organization of courses on sustainable nutrition;
  • the gradual replacement of company fleet vehicles with models with a lower environmental impact;
  • the provision of a carpooling app for colleagues to reduce emissions from home-work trips and travel.

Carbon neutrality

Sella Group continues the path of reducing its carbon footprint and offsetting CO2 equivalent emissions undertaken during the three-year period 2021-2023 when, through the purchase of carbon credits, it financed three initiatives in Europe, Africa and Central America, certified by international bodies:

  • in Romania: a project to reduce emissions related to plastic recycling, the first certified for offsetting in Europe, which uses PET waste for recycling by significantly (up to 48%) lowering greenhouse gas emissions from the production of plastic products;
  • in Zimbabwe: a project dedicated to protecting the Kariba forest. Since 2011, nearly 785 thousand hectares have been preserved from deforestation and land degradation, effectively preventing the release of more than 3.5 million tons of carbon dioxide into the atmosphere each year;
  • in Guatemala: a project to protect the landscape of the state's Caribbean coast (nearly 60 thousand hectares) to reduce greenhouse gas emissions by promoting ecosystem conservation, economic activities and sustainable practices.

For the three-year period 2024-2026, the Group has decided to support the following projects, again through the purchase of certified carbon credits:

  • in India: two projects, one wind and one photovoltaic renewable energy generation project to reduce dependence on fossil fuels;
  • in Kenya: a project to distribute efficient cooking stoves to reduce emissions and improve the health conditions of the people who use them to prepare daily meals.