Measurement, mitigation and compensation

Achieving Carbon Neutrality starts with our business model, a completely digital and in cloud infrastructure, supported by Microsoft as a partner, that minimizes the direct environmental impacts and efficiently uses resources responsibly. Since the first year we have started measuring our environmental impacts.

Every small gesture can have an impact on the environment, this is why we have undertaken initiatives of energy efficiency and reduction of consumption: we discourage the use of lifts and access to printers while we encourage the use of digital media to minimize the use of ink and paper (FSC Certified). We equipped the Milan office with a system of timers that allow the automatic switching-off of the lights and the air conditioning systems. Furthermore, the electricity used in our Milan and Modena offices is produced 100% from “GO” (Guarantee of Origin) certified renewable sources.

We do everything possible to minimize our emissions and we offset residual emissions related to the bank’s instrumental activities (Scope 1 and Scope 2, which constitute the illimity 2021 Carbon Footprint, equal to 532 tCO2e) through certified carbon credits.

We do everything we can to minimise our emissions and offset residual emissions related to the bank's instrumental activities (Scope 1 and Scope 2, which make up illimity's Carbon Footprint 2021 of 532 tCO2e) through certified carbon credits.

Svilosa Biomass Bulgaria

We are in Bulgaria, in Svishtov Town, a small town in the middle of greenery overlooking the Danube. Here there is a cellulose factory that, until not so long ago, was powered by a coal-fired plant.

The transition to clean energy in Bulgaria is, however, an important step. This is why, thanks to the cooperation with Carbonsink, a consultancy company specialising in the development of climate strategies for businesses, we have decided to support the 'Svilosa Biomass Bulgaria' project, which aims to generate a sustainable, alternative energy from plant waste and create new jobs in the region.

In particular, the Svishtov Town factory produces paper through a process that requires a lot of energy in all its stages, from breaking up the pulp, to creating flakes, to milling, to running the rollers to press the materials and make the sheets of paper. A process that today sees biomass as the ideal sustainable alternative fuel. Renewable energy is, in fact, produced by using biomass residues from the treatment of wood: this is burnt in a biomass boiler, specially designed to generate thermal energy in the form of water vapor, which powers the production of cellulose.

Using this type of energy, concretely reduces environmental impact, leading to greater energy security, improved air quality, improved livelihoods in surrounding communities and the development of new sustainable renewable energy industries.

With the Svilosa Biomass Bulgaria project, which focuses on renewable energy and the circular economy, we pursue 5 SDGs:

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The 2021 projects

Our journey towards Carbon Neutrality started already last year, where we supported the Maputo Clean Cookstoves Project and the Radici Project - Adopt Your BAM Tree (Learn More).

Key elements of the measurement, mitigation and compensation path:
Calculation of the Carbon Footprint at Group level and mitigation of emissions produced
Purchase of Certified Carbon Credits for residual emissions
Project with a European-wide environmental impact