TCFD Report 
2021
Unlock your 
potential
Task Force on Climate-related  
Financial Disclosures

1
UniCredit 2021 TCFD Report
Index
Letter from the Chief Executive Officer
Message from Head of Group Strategy & ESG	
2-3
Shaping the future with an inclusive, long term view
Introduction	
6
Empowering communities to progress
> Our purpose	
6
> The evolving market context	
7
Governance	
10
Realising the opportunities with a strong Governance
> Governance of the organisation in relation to climate-related risks and opportunities	
11
> Remuneration	
14
Strategy	
15
Our commitment to pursuing our concrete results on climate issues
> ESG S
trategy	
15
> ESG ratings and indices	
22
Risk Management	
23
Managing risk while supporting a just and fair transition
> Transition risk	
24
> Physical risk	
32
Metrics & Targets	
34
Measuring our results in the green transition
> KPIs and metrics	
35
> International and institutional initiatives	
36
1
2
3
4
5
6

2
UniCredit 2021 TCFD Report
ANDREA ORCEL
CHIEF EXECUTIVE OFFICER UNICREDIT SPA
We publish our annual TCFD report in unprecedented circumstances. The unfolding war in Europe, 
the cost-of living crisis, the after-effects of the pandemic and the continuing climate emergency 
are impacting individuals across the world and will continue to do so. 
Europe's efforts to work toward a more sustainable future has become an even greater task since 
the outbreak of Ukraine war. Energy supply has been squeezed, global commodities as well as food 
prices have increased, and green plans have been derailed. 
But in challenge there is possibility. The war has shown us the urgency of resolving the question of 
energy security. It should give us greater motivation and focus in our work towards a greener future. 
UniCredit has always been committed to a fair and just energy transition. We recognise that the 
longer-term global threat of climate change remains unchanged and ever more pressing. We only 
need to look at the 30 million people recently displaced in Pakistan, or the devastating effects of 
the floods in Germany and Italy to see this.
We are committed to supporting our clients through any challenges they face in this transition. 
This includes helping them adapt to a rapidly-changing energy landscape. This year we joined the 
Net-Zero Banking Alliance, which means we have committed to achieve Net Zero emissions from 
our operations by 2030 and from our financing portfolio by 2050. This is just one of many steps 
taken. 
Throughout all of this, we must remain conscious that the journey to a green future does not exist 
in isolation. For every decision we make to be more environmental, we must consider how this 
impacts our Social agenda. We must find a way through that serves both agendas, and leaves no 
one behind. 
UniCredit's purpose of empowering communities to progress means taking every aspect of ESG 
into account and finding solutions that help all the individuals and communities we serve at every 
stage. This is about being more sustainable, but it is also about giving them what they need to 
succeed through this transition. 
Letter from the 
Chief Executive 
Officer

3
UniCredit 2021 TCFD Report
Message from 
Head of Group 
Strategy & ESG
The context in which we publish our TCFD report is one of a world beset by mounting crises 
of global importance. We are faced with a strained global economy already suffering from the 
effects of the pandemic as well as supply chains under significant stress, all compounded by ever 
constricted energy markets and escalating global commodity prices. The war in Ukraine has only 
exacerbated these adverse trends and the economic and humanitarian repercussions of rising 
costs of energy and food are intensifying. 
These disruptions occur in the broader and ongoing context of an ever-present climate crisis, 
whose effective mitigation will require a global transition to a low-carbon economy. If we are to 
limit global warming below 1.5 degrees Celsius and stay on track to meet the ambitious goals set 
out in the Paris Agreement, we need to make a collective effort to accelerate the transition of the 
global economy.
However, in amongst the adversity we can find opportunity, and it is more important than ever 
that we see the possibilities in this transition; the required economic transformation will not only 
create immediate commercial opportunities but also open up the prospect of a fundamentally 
transformed global economy with lower energy costs being one of numerous benefits, including 
improved health outcomes and enhanced conservation of natural capital. The transition will also 
bring new growth opportunities, as decarbonization creates efficiencies and opens markets for 
low-emissions products and services.
Effective actions to accelerate decarbonization include shifting the energy mix away from fossil 
fuels, increasing energy efficiency and managing demand for energy. In the short term it is clear 
that the war will complicate the transition's path; in Europe we are already seeing the fallout 
from the rise in energy prices; this poses an immediate economic and political crisis that must be 
addressed.
Whilst in the near term we may see a resulting increase in fossil-fuel production and a revival 
of recently decommissioned generation assets, in the long term, energy-security concerns 
should drive investment into energy efficiency and renewable energy as a key tool for energy 
independence and price management. In addition, current utility prices could make the business 
case for hard-to-abate industry decarbonization more attractive.

4
UniCredit 2021 TCFD Report
FIONA MELROSE
HEAD OF GROUP STRATEGY & ESG
The EU has already drawn the conclusion from this war that they need to accelerate the transition. 
The latest proposed RePowerEU plan put forth by the EU Commission outlines a series of measures 
to mitigate the impact of rising energy prices and accelerate the clean energy transition; in the 
medium term, this means an increase to the EU's 2030 energy efficiency and renewable energy 
targets.
In the current scenario, the role of finance will continue to be critical. In a world where emissions 
could well increase in the short term, strategies that were designed to see a linear and constant 
decrease in financed emissions are likely to be untenable meaning we need to think through - at 
least initially - more complex decarbonization paths for companies and provide the right support 
and incentives to companies on these paths. It will be imperative that we continue to refine our 
ability to understand our clients financed emissions and work closely with them on an orderly and 
gradual path of decarbonization. 
As fossil-fuel prices rise and renewable prices continue to fall, new decarbonization solutions along 
the marginal-abatement cost curve become cost-effective and we need to build on our capability 
to identify and capitalize on the opportunity to finance these emerging opportunities.
Financing the transition to a low-carbon future is completely aligned with UniCredit's purpose 
of empowering communities to progress. Our ESG strategy is designed with the purpose to help 
us see past the immediate bottom line and short-term financial goals. UniCredit's unparalleled 
positioning across Europe will enable us to play a critical role in our whole continent's transition 
to a more sustainable future. We do not want to merely support the green transition; we want to 
lead it. We have set ambitious targets to reduce the environmental impacts of both our operations 
and Net Zero financed emissions, assuming the key principle that, as an organisation, we should 
lead by example in the green transition. 
We undoubtedly have a huge responsibility in supporting clients in their own business 
transformation and guiding financing in the right direction. We already knew that this transition 
would not be an overnight process; it would be complex, involving challenges and compromises 
between climate change and societal developments to be addressed in a holistic framework by 
institutions, individuals, governments and regulators alike. We will continue to play our part as the 
bank for Europe's future, working together to forge the most beneficial path for all stakeholders 
towards a greener future.
Our 2021 progress on each of the pillars of the TCFD approach, are shown in the summary table 
on page 5.

5
UniCredit 2021 TCFD Report
TCFD 
Framework A
Reference 
Summary of progress
GOVERNANCE
OVERSIGHT OF CLIMATE RELATED ISSUES:
>> climate-related issues discussed on a regular basis by the Board of Directors and by the 
ESG Committee of the Board.
REMUNERATION:
>> developed a new Remuneration Policy. Comprehensive scorecards, including financial 
and ESG targets aligned to the new Strategic Plan, have been formulated for the CEO 
and top management.
TRAINING:
>> put in place training initiatives focused on ESG and climate change-related risks and 
opportunities at all levels of the Bank addressing different needs.
Page 10-14
STRATEGY
UNICREDIT'S NEW ESG STRATEGY:
>> defined a new UniCredit ESG strategy as a key component of the new Group Strategic 
Plan, aimed at embedding sustainability at the heart of what we do.
PRODUCTS AND SERVICES FOR TRANSITION:
>> released our Sustainability Bond Framework (SBF) as an important tool for the 
implementation of our ESG Strategy;
>> published our first Sustainability Bond Report detailing the allocation and impact of 
UniCredit Green Bonds.
STEERING OUR BEHAVIOUR WITH CLEAR COMMITMENTS:
>> released new versions of our Coal and Oil & Gas policies and adhered to the Tobacco-
Free Finance Pledge;
>> joined the Net-Zero Banking Alliance committing to achieve Net Zero emissions from 
our operations by 2030 and from our financing portfolio by 2050: a working group has 
been set up to disclose first-round targets by April 2023 and monitor our trajectory;
>> committed to a corporate PPA (Power Purchase Agreement) with a specialist green 
power producer in Italy for the supply of electricity totally produced from renewable 
sources.
Page 15-22
RISK 
MANAGEMENT
TRANSITION RISK:
>> overview of Corporate EAD covered by C&E Questionnaire screened since 2021 and 
related portion of high-risk scoring;
>> exposure toward NACE sectors of TOP5 Countries with highest GHG Intensity;
>> update of PACTA results on Dec 2021 portfolio.
PHYSICAL RISK:
>> potential damage of mortgage portfolio collaterals at Group level due to extreme acute 
physical risk events;
>> high level insight on forward looking physical risk impacts on the overall fair value.
DATA RETRIEVAL STRATEGY:
>> first insights of the global framework for ESG information that will be key enabler for 
Regulatory Disclosure and Risk Management and Business Steering.
Page 23-33
METRICS & 
TARGETS
PROMOTION OF BUSINESS THAT SUPPORTS NATURAL CAPITAL:
>> set new targets of €150bn cumulative ESG volumes (2022-2024), of which €25bn of 
new environmental lending;
>> achieved €36.6bn of cumulative ESG volumes in 1H22;
>> issued 4 own Green Bonds aligned with the UniCredit Sustainability Bond Framework.
REDUCTION OF OUR ENVIRONMENTAL IMPACT:
>> reduced own greenhouse gas (GHG) emissions by 32% in 2021 against 2017, aiming at 
achieving Net Zero by 2030;
>> procured most of the electricity in the bank's buildings from renewable sources in 2021 
(100% in Italy and Germany, Austria close to reaching the same level);
>> disclosed consumption intensity metrics to monitor and manage our environmental 
footprint.
Page 34-36
A. This year, we have take into account the new TCFD Guidance on Metrics, Targets and Transition plans as well as the changes to TCFD's implementation guidance issued in October 2021, and aligned 
to the new guidelines where applicable.

6
UniCredit 2021 TCFD Report
Introduction
UniCredit is a pan-European commercial bank with a unique 
service offering in Italy, Germany and central and eastern 
Europe. We serve over 15 million clients worldwide who 
are at the heart of what we do in all our markets. UniCredit 
is organised into four regions and two product factories - 
Corporate and Individual Solutions.
This allows us to be close to our clients and use the scale 
of the entire Group for developing and offering the best 
products across all our markets.
Our commitment to ESG principles is a key enabler for our 
service. It helps us deliver excellence to our stakeholders 
and create a sustainable future for our clients, our 
communities and our people.
13 LEADING BANKS WITH UNRIVALLED DISTRIBUTION POWER
Connecting
15m clients
across Europe
14m
Retail clients
1m
Corporate clients
#1 
Eastern 
Europe
13 Banks Embedded in the fabric of Europe
#2 
Central 
Europe
#2 
Italy
4 
Coverage 
regions
#3 
Germany
86k 
people
1 
leaner Corporate Centre 
embedding Digital & Data
2 
product factories 
serving all regions
Cross border 
payments market 
share: 
c.2x intra country
Clients
>500k
Our purpose: empowering communities to progress
We are driven by our purpose: to unlock the full potential 
of individuals and businesses across Europe and empower 
communities to progress.
Our daily actions are guided by our ambition to become 
the Bank for Europe's future. We at UniCredit are creating 
something that is built to last, beneficial to all our 
stakeholders and greater than the mere sum of its parts.
We put the values of integrity, ownership and caring at the 
heart of our decision-making and actions, as one team of 
people acting as true partners to our clients.
Winning the right way together.
Integrity
We act in the best interest of our clients. 
We are honest, straightforward 
and transparent.
We do the right thing - even 
when no-one is watching.
Ownership
We deliver on our promises and take 
accountability for our actions and commitments. 
We are empowered to make 
decisions and learn from failure.
We speak up - to express an idea, an opinion 
or when we see something wrong.
Caring
We care about our clients, 
communities and each other.
We are eager to help one another 
and for our people to thrive.
We treat each other with respect 
and value our differences.
OUR CORE VALUES

7
UniCredit 2021 TCFD Report
The evolving market context
ESG factors and sustainability materiality have become increasingly more important for all stakeholders over recent years, 
driven also by the evolution in the context of the pandemic.
An abundant supply of green, social, sustainability and 
sustainability-linked bonds were on offer in 2021 and a new 
record was set in January 2022. Nevertheless, inflation risk 
and geopolitical circumstances have weighed on issuance 
since then.
The first half of 2022 was characterised by a number of 
stress factors for the economy and financial markets, such 
as persistently high inflation and the war in Ukraine. The 
key channel through which this conflict is affecting the 
economy is further increases in energy and commodity 
costs and, in particular, concerns about energy supply 
disruptions for Europe.
At the same time, the pressure for urgent climate action 
has only grown. Just this year, reports from Working Groups 
II and III of the United Nations' Intergovernmental Panel on 
Climate Change (IPCC) outline the critical milestones that 
the global community must achieve to curtail the most 
severe effects of climate change.
As the conflict in Ukraine continues, the European 
Commission has outlined a plan, RePowerEU, to mitigate 
the impact of rising energy prices, accelerate the clean 
energy transition and, in the medium term, increase EU's 
2030 energy efficiency and renewable energy targets.
At this time of uncertainty,  
the Net-Zero Banking Alliance 
- of which UniCredit became a 
member last year - marks its first 
anniversary. The critical state 
of geopolitics in Ukraine and its 
repercussions on the global fossil 
fuel market further support the 
critical need for an ambitious and 
expedient Net-Zero transition.  
The Alliance recommits to its  
Net-Zero ambitions, bringing greater 
focus, innovation, collaboration 
and dedication to the transition.
GREEN, SOCIAL, SUSTAINABILITY AND SUSTAINABILITY-LINKED BONDS (FORECAST 2022)
0
1,200
800
1,000
600
400
200
2019
2020
6M2022
2021
2022F
AMOUNTS ISSUED IN USD BN
Green bonds
Social bonds
Sustainability bonds
Sustainability-linked bonds
379
601
1,053
402
880
Source: Climate Bonds Initiative, Bloomberg, UniCredit Research.
310
155
126
278
560
207
183
103
214
62
81
46
500
110
160
110

8
UniCredit 2021 TCFD Report
In a context where regulators, investors, consumers 
and market behaviours were already evolving rapidly, 
the Covid-19 pandemic delivered the biggest and 
broadest economic shock in recent years. By leading 
the social and environmental transition, banks can 
concretely help bolster the economy and become 
purpose-driven global leaders.
To fulfil our purpose of empowering communities to 
progress, we must ensure that sustainability is at 
the heart of all we do. Creating a more sustainable 
and equitable future will inform all our choices: who 
we partner with, how we mobilise capital and the 
projects we operate to support the individuals and 
communities we serve.
Macroeconomic context
Stakeholders
Investors
Regulators
Industry Trends
2022 GDP will be impacted by 
the spillover effects of the ongoing 
conflict between Russia and Ukraine.
Inflation in Eurozone in 2022 reflects 
ongoing development of energy prices 
and related spillover effects.
A. UniCredit research. Data as of September 2022.
Euro Area Growth A (Real GDP growth y/y, %)
-6.50
5.30
2.90
0.20
1.70
2020
2021
2022
2023
2024
HICP Eurozone (%)
2.6
0.3
8.4
5.5
2.1
2021
2020
2022
2023
2024
Global digital snapshot B
% of world population
Internet 
users
Active social 
media users
30
63
2012
2022
22
58
Changing stakeholder behaviour must 
not only be immediately recognised, but 
also anticipated. Remote channels have 
undergone further acceleration due to 
the digitalisation boost of Covid-19.
B. Source: Digital around the world 2022 report, 
by We Are Social.
ESG investing is becoming mainstream. 
Asset managers are no longer 
questioning ESG integration, rather 
how they can differentiate themselves 
through increasingly sophisticated 
ESG investment approaches.
The banking regulatory framework is rapidly evolving.
Regulators' attention to sustainability trends has significantly increased 
owing on the introduction of regulation on sustainable finance and to the 
incorporation of ESG factors into risk management.
Our aim is to have a positive impact on the competitiveness of companies 
and the well-being of individuals within each country. Focusing on industry 
trends, we offer tailored solutions to our clients and invest in initiatives for:
Financial 
inclusion
Social 
inclusion
Support to community growth 
and countries' prosperity
PRI signatory growth
2006
140
4,000
3,500
120
3,000
100
2,500
80
2,000
60
1,500
40
1,000
20
500
0
0
2010
2015
2021
Assets under 
management
Number of 
Signatories
Assets under management (AUM) 
(US$ trillion)
N° Signatories
Asset Owner 
AUM
M
ar
k
et
 c
on
te
xt
Ri
sk
s
 a
n
d 
o
pp
or
t
un
it
ie
s
G
o
v
e
r
n
a
n
c
e
S
t
r
a
t
e
g
y
D
ig
it
a
l 
&
 
D
at
a
Pr
i
nc
i
pl
es
 a
n
d 
Va
l
ue
s
Business
model

9
UniCredit 2021 TCFD Report
HOW MARKET CONTEXT IS DRIVING BANKS IN CAPTURING ESG BUSINESS OPPORTUNITIES
The current energy crisis offers 
a glimpse of a future where 
a transition to a low-carbon 
economy that is not properly 
managed or stress-tested 
against scarcity and volatility 
might produce recurrent market 
disruption and hinder the 
decarbonisation trajectory.
C. Source: EIB - The EIB Climate Survey 2021-2022 - Citizens call for green recovery - April 2022.
D. Source: HR Magazine - Majority of UK workers motivated by climate change - July 2022.
E. Source: Robeco's climate survey on Investors - March 2022.
F. Source: Barclays Research - March 2022.
G. Source: 2022 ESG credit trends by Sustainable Fitch, December 2021.
66% of Europeans feel that 
climate change will still be 
a serious issue by 2050 C
For 75% of investors, 
climate change is 
now central to or a 
significant factor in 
their investment policy, 
a steep increase from 
only 34% two years ago
70% of investors are 
currently implementing 
thematic investing
Investor awareness of 
biodiversity is rapidly 
increasing and more 
than doubled, today 
41% of investors saying 
that biodiversity was 
a significant factor of 
their investment policy
93% of UK workers said tackling climate 
change was key to their motivation 
and wellbeing, with 78% ready to 
tackle the climate crisis at work D
RePowerEU, published in March 2022, as first reaction from EU Union to secure 
short-term energy supply in 2022 and a robust diversification strategy for 2030
Situation is rapidly escalating with Russia cutting off gas supplies 
and EU working to reduce its energy dependency
EU Countries started to disclose details on their emergency 
plans: Germany activated Phase II (Warning) plan, while Italy and 
Austria both in Stage I (Early warning) of their emergency plans
$1.5tn potential size of carbon 
offset market by 2050 F
Social issues will rise in prominence 
over the next years, gaining investors', 
regulators' and stakehol-ders' 
attention in capital markets G
Disclosure on environmentally sustainable 
activities (Green Asset Ratio) based  
on the Taxonomy Regulation (Art. 8)
EU Sustainable Finance Action Plan
Green Taxonomy defining 
sustainable investment activities 
from the end of 2021
EU adopted a proposal of Corporate Sustainability 
Reporting Directive (CSRD), aimed at 
modifying the current reporting requirements 
of Non-Financial Reporting Directive
Disclosure on environmentally sustainable 
activities (eligibility) based on the Taxonomy 
Regulation (Art. 8 - Reg. 2020/852)
EU Green Deal
EU to be climate neutral by 2050
Disclosure on first set of KPIs for 
EBA Pillar 3 regarding climate 
risks, mitigation actions and 
institutions' strategy, governance 
and risk management framework
2018
2019
2021
2022
2023
2024
SNAPSHOT ON ENERGY CRISIS
EMERGING ESG STAKEHOLDER TRENDS
CLIMATE SURVEY ON INVESTORS E
EU FRAMEWORK FOR SUSTAINABLE GROWTH
EMERGING ESG INDUSTRY TRENDS
ESG Products
LENDING
Green mortgages
Green Project Finance
Social Impact Banking
SDG-linked loans
INSURANCE
Carbon neutral home/
auto insurance
Ad hoc for renewable 
projects
CAPITAL MARKETS
Green bonds
Social/Sustainable/
Transition bonds
ASSET MGMT
SRI funds
ESG ETFs and Indexes

10
UniCredit 2021 TCFD Report
Governance
GOVERNANCE OF CLIMATE-RELATED RISKS AND OPPORTUNITIES
Board of Statutory Auditors
A. Formerly 'Corporate & Investment Banking'.
Group Non-Financial Risks 
and Controls Committee
6
BOARD COMMITTEES
ESG Strategy Council
5
Group Client Solutions A
MANAGEMENT
BOARD
Internal Controls  
& Risks Committee
2
Group Strategy 
& ESG
Group 
Stakeholder 
Engagement
Group Risk 
Management
9
Sustainable Finance 
Advisory Team
11
Group ESG
8
Group Climate & 
Environmental Risk 
Management
10
Commercial Business
12
BOARD OF DIRECTORS
1
CHAIRMAN
GROUP EXECUTIVE 
COMMITTEE
4
CEO
CEO Office
7
Climate-related risks 
Climate-related opportunities 
LEGEND
ESG Committee
3

11
UniCredit 2021 TCFD Report
Governance of the organisation in relation to 
climate-related risks and opportunities
In order to reach the objective of further embedding ESG criteria in the Group strategy, UniCredit's sustainability governance 
has undergone a profound evolution over the past years. The changes concern both the Board and the managerial levels of its 
governance.1
CORPORATE BODIES OVERSIGHT
The UniCredit Board of Directors defines the overall 
strategy of the Bank, which incorporates the Group's ESG 
Strategy, and oversees its implementation over time. 
The Board approves the bank's Risk Appetite Framework 
(RAF) which establishes the desired risk profile vis-à-vis 
its short and long-term strategic objectives and business 
plan. For monitoring purposes, dedicated Climate Risk KPIs 
have been included in the 2022 Risk Appetite Framework, 
enabling the Bank to oversee the evolution of transition and 
physical risks it is exposed to;
1
The Internal Controls & Risks Committee (ICRC) 
supports the Board of Directors in risk management and 
control-related issues: in defining and approving strategic 
guidelines and risk management policies with specific 
reference to risk appetite and risk tolerance as well as in 
verifying that risk strategies, management policies and the 
Risk Appetite Framework are correctly implemented.
2
The ESG Committee supports the Board of Directors in 
fulfilling its responsibilities with respect to the ESG integral 
components on the Group's business strategy and sustainability. 
The ESG Committee provides opinions and supports to the 
other Board Committees to ensure the alignment of the 
Group's policies to UniCredit's ESG principles and objectives. 
The Committee also oversees the ESG and sustainability 
related developments also considering international guidelines 
and principles and market developments, monitoring 
the positioning of the Group with respect to national and 
international best practices in the ESG field.
The Board of Statutory Auditors exercises oversight of 
ESG governance and related topics.
3
Meetings in which climate 
related items were discussed  
12
Meetings in which climate 
related items were discussed  
11
Items 
discussed  
8
 B
Items 
discussed 
7
 B
>> Group ESG Strategy Framework;
>> ECB climate and environmental risks (self-assessment, stress test and thematic review);
>> Net Zero commitment (approach and plan);
>> Task Force on Climate-Related Financial Disclosure (TCFD);
>> Risk Appetite Framework: climate-related KPIs;
>> Integrated Report 2021;
>> Group Policies for controversial sectors (incl. exceptions).
exposure to Fossil fuel sectors (FF);
% of High Transition Risk (HTR);
mortgage portfolio exposed to physical risk.
Board of Directors
COMPETENCES
CORPORATE BODIES OVERSIGHT A
TOPICS DISCUSSED BY THE BOD AND/OR BY THE ESG COMMITTEE INCLUDE A
ESG Committee
of the Directors in office (i.e., 10 out of 13) has
expertise in Sustainability (ESG)
77%
The Chair of the ESG Committee is
Financial Sector Hub Leader for the 
Climate Governance Initiative
A. From October 2021 to September 2022.
B. Some items were discussed in multiple meetings.
1. Refer to the annual Report on corporate governance and ownership structure, available in the Governance section of our website (www.unicreditgroup.eu) for more information.
These new indicators are monitored and reported to the 
Board on a quarterly basis.

12
UniCredit 2021 TCFD Report
MANAGEMENT ROLE
At management level, dedicated committees and specialised functions ensure the execution of the Group strategy, correctly 
managing climate-related risks in the line with the agreed RAF while taking advantage of the business opportunities arising 
from the transition to a low-carbon economy.
The Group Executive Committee (GEC) is the Group's 
most senior executive committee, chaired by the CEO. It 
ensures the effective steering, coordination, and control of 
the Group business as well as the alignment of the parent 
company with the different businesses and geographies 
regarding strategic topics, such as ESG issues. In dedicated 
Risk sessions, it supports the CEO in coordinating and 
monitoring all categories of risks and approves strategic risk 
topics, including ESG-related matters.
4
A subgroup of the GEC members and other top 
managers forms a dedicated ESG Strategy Council 
which provides oversight and strategic guidance across 
business units, regions and functions on the definition and 
implementation of ESG Strategy.
5
The Group Non-Financial Risks and Controls 
Committee (GNFRCC) supports the CEO in the role of 
steering and monitoring non financial risks.
6
The Group Strategy & ESG and the Group 
Stakeholder Engagement functions together serve as a 
CEO Office, dealing with all initiatives which are critical for 
the CEO, such as strategy, M&A, the further integration of 
ESG criteria in our business, stakeholder management, and 
regulatory affairs.
7
The Group ESG, part of Group Strategy & ESG function, 
makes proposals towards the definition of the Group's 
ESG strategy to the ESG Strategy Council and the ESG 
Committee, and oversees its implementation by leading the 
ESG Roadmap, measuring results and reporting its status of 
accomplishment. It prepares the Group Integrated Report 
and ensures coordination in the implementation of the 
Principles for Responsible Banking - UNEP FI. Group ESG, in 
collaboration with all the relevant functions of the Bank, is 
part of the Net Zero Governance 2, and is in charge of the 
production of UniCredit climate-related financial reporting 
in accordance with the TCFD Recommendations.
8
The Group Risk Management function supports the 
CEO in defining the Group Risk Appetite proposal, to be 
shared with the Group Executive Committee and Internal 
Controls & Risks Committee and submitted for approval to 
the Board of Directors in parallel and coherently with the 
yearly and multi-yearly budget plan pertaining to the Group 
Planning, Finance, Shareholding and Investor Relations 
structures.
9
In the Group Management Risk Department, a 
dedicated Global Unit has been created to oversee climate-
related and environmental risks and climate-related topics. 
The Group Climate & Environmental Risk Management 
structure defines assessment methodologies aimed at 
measuring the impacts related to climate change and 
environmental risks and monitors the credit risk in the 
portfolio. In this framework:
10
it supports the analysis of the impacts of climate 
change and environmental risks on existing risk 
categories (credit risk, market risk, liquidity risk and 
operational risk);
it monitors portfolio credit risks leveraging 
the analysis of sector/geographic concentration, 
exposure limits, deleveraging strategies, scenario 
analysis and stress testing;
it assesses Physical Risk related to climatic 
aspects, with a specific focus on the potential 
impact on the valuation of mortgage collateral;
it supports regular reporting internally and to 
supervisory authorities on issues related to 
climate and environmental risk.
it defines and applies a methodology for 
quantifying climate change-related transition 
risk regarding credit counterparties;
2. Refer to the Strategy chapter for more information.

13
UniCredit 2021 TCFD Report
On the opportunity side the Sustainable Finance 
Advisory Team (part of Group Client Solutions 3) has the 
role of:
11
Finally in order to support customers in seizing 
opportunities deriving from the ecological transition, in all 
the major countries in which the Group operate, dedicated 
teams in charge of developing and offering new ESG related 
products and services for corporates and individuals in line 
with Group's targets and ambitions, have been set up.
12
increasing client engagement of ESG-related 
topics and facilitate their access to Europe's 
growing sustainable finance market, combining 
sustainability expertise with capital markets and 
loan markets capabilities;
providing our clients with targeted advice regarding 
the implementation of sustainable finance 
instruments;
offering a holistic and comprehensive ESG 
advisory approach that is a sustainable alternative 
to traditional finance advisory services;
ensuring that relevant transaction in the Group 
comply with the Equator Principles, the financial 
industry benchmark for determining, assessing and 
managing environmental and social risk in projects.
3. Former UniCredit Corporate & Investment Banking.
TRAINING A
Several training initiatives focused on ESG and climate change-related risks and opportunities have been put in place in 
the past year at all the levels of the Bank addressing different needs:
Training sessions for the Board of Directors, or members of each Board Committee 
covering their competence area, have focused on topics of strategic relevance including ESG 
strategies and risks, "deep-dive" sessions were dedicated to ECB self-assessment on 
climate and environmental risks, ESG Regulatory Framework and Mobilising capital 
and the financing of transition.
140 certified ESG advisors in Austria, and 37 in Bulgaria in partnership with Sofia University.
275 relationship managers trained as Sustainable Finance Experts in cooperation with a 
leading German business school.
A dedicated Climate & Environmental Risk Assessment Training aimed at both 
guiding colleagues in understanding the regulatory context and the new overall Climate & 
Environmental methodological approach and providing the guidelines for the completion of 
the new Environmental Questionnaire on impact of climate change, which have to be done for 
all credit procedures going to the deliberative committees.
More than 40,000 colleagues involved in training on basic knowledge of ESG topics 
introducing also Climate Change issues.
Board of 
Directors
ESG advisors
Relationship 
managers
Global Account 
Managers, 
Relationship 
Managers
All UniCredit 
employees
As an example, in 2021 the ESG Italy department 
was established with the aim of implementing 
the Group's Environmental, Social & Governance 
strategy in the Italian market. It's main goal is to 
support companies willing to tackle the energy 
transition and facilitating the allocation of capital 
toward economic activities that generate a 
positive and inclusive impact for society.
A. Figures as of end 2021.

14
UniCredit 2021 TCFD Report
In particular the KPI "Sustainability" refers to the 
support of our clients' green and social transition and 
promotion of people diversity, equity & inclusion. This is a 
commitment to a key lever for the Bank's future business 
strategies and a critical component of success.
The CEO's targets for this KPI are the following:
So as to align the Group's management structure and 
reinforce managerial commitment to our ESG strategy, such
objectives are cascaded to the CEO's reporting line and 
below involving all the Group Material Risk Taker population 
(i.e. those categories of staff whose professional activities 
have a material impact on an institution's risk profile).
The Group Material Risk Taker (GMRT) population in 
UniCredit, according to the latest identification process, is 
composed of 1,121 employees of which approximately 450 
belong to the Business Functions.
All GMRT scorecards for the assessment of short-term 
performance include at least one ESG goal. ESG goals can 
be selected among a cluster of ESG KPIs included in the "KPI 
Bluebook", a catalogue of performance indicators annually 
certified by relevant Group key functions.
Among the ESG KPI defined in the BlueBook catalogue there 
are ESG Strategy and Net-Zero Project.
140bn 
by 2024 on "Environmental" volumes
10bn 
by 2024 on "Social" volumes (social lending)
Gender parity 
ambition across organization
100m 
by 2024 to ensure equal pay for equal work
4. Refer to the 2022 Group Remuneration Policy and Report available in the Governance section of our website (www.unicreditgroup.eu) for more information.
Remuneration
Our new Remuneration Policy has been developed to support 
the accomplishment of the UniCredit Unlocked plan, of which 
the ESG strategy of the Group is a key component.4
Comprehensive scorecards, including, among others, 
financial and ESG targets aligned to the new Strategic Plan, 
have been formulated for the CEO and top management. 
The inclusion of such KPIs fosters the alignment of 
management's interests with those of shareholders.
The overall 2022 variable remuneration of the Executives 
with Strategic Responsibilities will depend on the degree of 
achievement of the below short-term performance scorecard.
OVERVIEW ON 2022 GOAL SETTING FOR EXECUTIVES WITH STRATEGIC RESPONSIBILITIES
Objectives under the same cluster are equally weighted
FINANCIAL
Net Revenues 
(Rev-LLPs)
Net Revenues (Rev-LLPs)
UNICREDIT UNLOCKED EXECUTION
SUSTAINABILITY
WINNING, THE RIGHT WAY, TOGETHER
Sustainability (Green  
and social transition, DE&I)
Winning the right  
way together A
Costs (C/I and Opex)
Costs (C/I and Opex)
Costs Efficiency
Organic Capital 
generation
Organic Capital 
generation
ROTE w/ CET1 
underpin
ROAC
STRATEGIC 
PRIORITIES & 
CULTURES
CEO
BUSINESS ROLES
DIGITAL - OPERATIONS
COMPETENCY LINES
70%
70%
30%
30%
50%
80%
50%
20%
UNICREDIT UNLOCKED
STRATEGY
A. Winning, the right way, together: fostering of corporate values and expected conduct and behaviours aligned with corporate culture, with a balanced approach across sustainable growth and risk 
management for all stakeholders.

15
UniCredit 2021 TCFD Report
Strategy 
ESG Strategy
Our ESG strategy is built around four fundamentals:
>> leading by example, striving for the same high 
standards that the Group seeks from those it does 
business with;
>> setting ambitious ESG goals to support its clients' need 
for change;
>> equipping the Group with tools to assist clients and 
communities in navigating the environmental and 
social transition through strategic actions across the 
relevant building blocks;
>> embracing and investing the resources needed to 
deliver and reach medium and long-term commitments 
(Net-Zero, same salary for same role, financial health and 
inclusion) to enable a more equal and sustainable society.
The ESG Strategy is rooted in the Group's principles and 
beliefs across the Environmental, Social and Governance 
dimensions, based on clear business goals and key strategic 
actions across four building blocks, ensuring deliverables 
through transparent enablers.
The UniCredit ESG strategy shows that embedding sustainability 
in all that we do is one of the five strategic imperatives of our 
2022-2024 Strategic Plan, UniCredit Unlocked, announced on 
9 December 2021.
Our constant attention has led us to develop a climate strategy with a two-pronged approach to promoting and 
preserving natural capital:
These two different types of impacts are taken up in the following pages of the Strategy and Metrics & Targets chapters 
to highlight the initiatives put in place to promote and preserve natural capital.
DIRECT IMPACTS 
We commit to containing our own 
environmental footprint:
>> lowering our direct emissions towards Net 
Zero, procuring most of our electricity from 
renewable sources and improving the energy 
efficiency of premises and data centres;
>> adopting circular solutions in resources 
management, with the commitment to 
remove single use plastic items in UniCredit 
buildings by end of 2022.
INDIRECT IMPACTS 
We offer support to businesses respectful of 
the environment while accompanying clients 
operating in climate-sensitive industries in 
their journey along the transition path:
>> adopting a sector policy framework which 
takes into account both environmental and 
social aspects;
>> defining our journey towards Net Zero on 
financed emissions.
OUR CLIMATE STRATEGY

16
UniCredit 2021 TCFD Report
LEADING BY EXAMPLE ON ESG
We want to maintain our leadership position in the ESG 
global landscape, assuming the key principle that, as an 
organisation, we should lead by example in the green 
transition. Below we represent a snapshot of our main 
achievements, while a full picture of our environmental 
performance is included in the Metrics & Targets chapter.
ENVIRONMENT
Our greenhouse gas emissions
Electricity from renewables
Promoting sustainable financial instruments
Plastic-free
32% 
2021 reduction vs. 2017, market based
80% 
use on our premises 
in 2021
€36.6bn 
ESG volumes during 1H22 A
No single use plastic items  
in UniCredit buildings by end of 2022
100%
100%
98%
67%
Our ESG principles 
and beliefs
Leading by example on ESG
Our ESG Goals
Our Governance Model
Our targeted country approach
Our Culture
Monitoring, Reporting & Disclosure
Partnering 
with our 
Clients for a 
just and fair 
transition
Supporting 
Communities 
and Society
Steering our 
behaviour 
with clear 
commitments
Enriching 
our Risk 
& Lending 
approach
Key 
strategic 
actions 
across 4 
building 
blocks
How to 
ensure we 
deliver
OUR ESG STRATEGY: BUILDING ON STRONG FUNDAMENTALS TO DELIVER VALUE
A. Refer to Metrics & Targets chapter for more information.

17
UniCredit 2021 TCFD Report
OUR ESG GOALS
Our success as a sustainability leader is a result of our 
strong commitment and requires us to set challenging 
targets against which our performance must continuously 
be monitored.
The targets defined in our ESG Strategy are fully described 
in the Metrics & Targets chapter.
KEY STRATEGIC ACTIONS ACROSS  
4 BUILDING BLOCKS
Partnering with our Clients 
for a just and fair transition
Partnering with our Clients for a just and fair transition is 
implemented in three main strategic actions:
>> products & services for transition
>> dedicated ESG Advisory model
>> ESG Ecosystems.
In order to even better focus our actions we are developing 
adequate partnerships both at global and local level and we 
are constantly looking into innovation within the ESG area.
Deep-dive
PRODUCTS & SERVICES FOR TRANSITION
We strive to reinforce our leadership in the sustainable 
finance sector, accompanying clients along the transition 
path and guiding capital reallocation towards economic 
activities which generate a positive impact on society.
In this respect, the Sustainable Finance Advisory team 
within the Group Client Solutions Division plays a key role 
in supporting clients' transition to a more sustainable 
economy.A
SUSTAINABILITY BOND FRAMEWORK
UniCredit strongly believes in the effectiveness of 
the sustainable finance market and its ability to 
channel investments into projects and activities with 
environmental and social benefits.
The Sustainability Bond Framework B aims to support our 
ambition to align our business strategy with the needs of 
individuals and the goals of society as expressed in the 
United Nations Sustainable Development Goals and the 
Paris Climate Agreement.
The UniCredit framework obtained a Second Party 
Opinion issued by ISS ESG which found it to be aligned 
with ICMA guidelines and principles and consistent with 
the UniCredit Sustainability Strategy, with a good overall 
sustainability quality of the selection criteria.
DEEP-DIVE
UNICREDIT'S SUSTAINABILITY BOND FRAMEWORK: FOUR COMPONENTS
The four components of the Sustainability Bond Framework for the Issuance of Green, Social & Sustainability Bonds
USE OF  
PROCEEDS
MANAGEMENT  
OF PROCEEDS
REPORTING
PROJECT 
EVALUATION & 
SELECTION
A. Refer to the Governance chapter for more information.
B. https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/ESG-investors/Sustainability-Bonds/UniCredit_Sustainability_Bond_Framework_18_6_21.pdf

18
UniCredit 2021 TCFD Report
UNICREDIT'S INAUGURAL SENIOR PREFERRED 
GREEN BOND SUPPORTS RENEWABLE ENERGY AND 
GREEN BUILDINGS IN ITALY
UniCredit S.p.A. published its first Sustainability Bond 
Report in July 2022 B, detailing how it allocated funds 
from the Group's first ever own Green Bond issued in 
2021, helping to finance and boost renewable energy.
UniCredit focused this impact reporting on the 
assessment of Eligible Green Asset contributions to 
climate change mitigation (expressed in tonnes of 
annual avoided eq.CO2 emissions, Energy production 
(MWh) and Total Energy Saving (MWh) per Year).
We used two different sets of information to calculate 
the environmental impact:
1.	for Renewable energy projects the impact is based on 
Renewable Energy production (MWh) per Year;
2.	for Green Building Projects the impact is based on 
Total Energy Saving (MWh) per Year.
100% of the Senior Preferred Green Bond proceeds have 
been allocated with 75% targeting renewable energy 
and 25% allocated to green buildings.
The overall annual CO2 saving so far amounts to 
718,009 tonnes, reducing carbon impact intensity by 
718 tonnes of CO2 saving per year per each million 
allocated (tCO2/€m.y).
Example assets include the Galileo photovoltaic plants 
portfolio, covering the needs of approximately 70,000 
households in Italy with a significant CO2 saving of 
around 83,750 tons per year. Another example is the 
refurbishment of the Hotel Britannique in Naples which 
improved the energy efficiency class of the building 
from "F" to "A1" with a CO2 saving of 68 tonnes per year.
Renewable 
energy
Green 
buildings
Biomass
Real Estate
Top 15% Morgages
Wind
Overall
Photovoltaic
169,227
CO2 saving anually (tonne)
329,363
Energy production (MWh) UCI
117
CO2 saving anually (tonne)
3,299 
Total Energy Saving (MWh) 
per Year
11,754
CO2 saving anually (tonne)
39,641 
Total Energy Saving (MWh) 
per Year
405,361
CO2 saving anually (tonne)
742,033 
Energy production (MWh) UCI
718,009
CO2 saving anually (tonne)
718
Carbon Impact Intensity (tonne of CO2/€my)
131,550
CO2 saving anually (tonne)
235,167
Energy production (MWh) UCI
A. https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/
ESG-investors/Sustainability-Bonds/UC-SpA-Sustainability-Bond-Report-2022.pdf
ANNUAL CARBON IMPACT REPORTING OF UNICREDIT S.P.A. INAUGURAL GREEN BOND

19
UniCredit 2021 TCFD Report
KEY STRATEGIC ACTIONS ACROSS  
4 BUILDING BLOCKS
KEY STRATEGIC ACTIONS ACROSS  
4 BUILDING BLOCKS
We are aware that we need to adopt an holistic 
approach in dealing with ESG topics, in order to achieve 
our aim of empowering communities to progress. 
Positive and negative impacts both on environment and 
social sides must be taken into account when we define 
our strategy and implement our actions. For this reason, 
we are working to design an internal framework to 
measure our impact, ensuring that communities and 
society needs are satisfied adequately.
In light of the external context developments and 
considering our Purpose and Values, we aim to 
empower communities to progress steering our 
behaviour through two levers:
>> enhancing our sector policies framework
>> undertaking strategic commitments.
Our policies framework guides our approach towards 
controversial sectors relevant to UniCredit that are 
susceptible to special environmental and social risks.
The policies are regularly reviewed in order to keep the 
framework up-to-date: Coal Sector and Oil & Gas Sector 
policies were updated in 2021, while the Free-Tobacco 
Finance Pledge was signed at the beginning of 2022.
Deep-dive
Supporting Communities and Society
Steering our behaviour with clear commitments
UNDERTAKING STRATEGIC COMMITMENTS: TOWARDS CARBON NEUTRALITY OF OUR PORTFOLIO
DEEP-DIVE
BACKGROUND
In October 2021 UniCredit signed up to the Net-Zero 
Banking Alliance.
In line with UNEP FI Guidelines, signatories must respect 
several commitments on target setting and progress 
reporting.
In particular, signatories commit to transition all 
operational and attributable GHG emissions from 
lending and investment portfolios to align with 
pathways to Net-Zero at the latest by 2050 or sooner, 
consistent with a maximum temperature rise of 1.5°C 
above pre-industrial levels by 2100.
The Alliance foresees an 18-month period to set the first 
targets and another 18 months to complete the exercise.
The Alliance has identified 9 high emission sectors: 
agriculture; aluminium; cement; coal; commercial and 
residential real estate; iron and steel; oil and gas; power 
generation and transport.
UniCredit has established a working group to address 
responsibilities, processes and tasks to successfully 
start the path towards Net-Zero and disclose first-round 
targets by April 2023.
In September 2022, UniCredit also signed the 
Sustainable Steel Principles (SSP), the first Climate-
Aligned Finance agreement for lenders to the steel 
industry. The Principles were carefully designed over the 
course of a year by a working group composed of five 
banks, including UniCredit.A The resulting framework 
positions lenders to facilitate the Net-Zero transition 
of the steel industry, providing the necessary tools for 
client engagement and advocacy.
A. Refer to TCFD 2020 for further information.

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UniCredit 2021 TCFD Report
NET ZERO PROJECT GOVERNANCE
Composed of the CEO's reporting line, it has the following 
responsibilities:
>> Give overall guidelines on project
>> Have ultimate responsibility on deliverables achievement within 
deadlines and decisions on escalated topics
>> Ensure project staffing and budget allocation
Composed of the CEO second line managers, it has the following 
responsibilities:
>> Oversee overall project status and progress
>> Validate project deliverables
>> Address potential issues and take decisions on escalated topics
4 project leaders belonging to Group Strategy & ESG, Group Risk 
Management and Group Portfolio and Pricing Management with the 
following responsibilities:
>> Ensure the progress and deliverables
>> Steer activities, validate deliverables and manage communication 
towards main stakeholders
>> Escalate issues and key decisions, when needed
Members belonging to different areas:
>> Group Strategy & ESG
>> Group Risk Mgmt
>> Group Finance
>> IT department
>> Group Data & Intell.
>> Italy
>> Germany
>> CE&EE
>> Client Solutions
Steering Council
Operating Council
Project Leaders
Working team
Group Transformation 
Office
>> Ensure coordination 
and act as PMO
Coordinator
Frequency:
Monthly
Frequency:
Monthly
Frequency:
Ongoing 
activity with 
status update 
meeting 
every week
PRIORITY SECTORS
According to NZBA guidelines, targets for the priority 
sectors should be disclosed within 18 months of 
the commitment. Target-setting for all carbon intensive 
sectors should be completed after a further 18 months.
The priority sectors for which UniCredit will disclose the 
financed emission baseline and the decarbonisation 
targets at 2030 and 2050 will be selected according to:
>> materiality (sectors account for a large part of the 
Group lending exposure and with high CO2 emission 
intensity);
>> limited complexity (relative high concentration and 
high portion of players subject to non-financial 
disclosure duties);
>> maturity of financed emissions accounting standard;
>> peer benchmarking.
DATA RETRIEVAL STRATEGY
Data published by clients will be retrieved thanks to 
the support of an external data provider and collected 
directly from the clients.
However, we are aware that most of companies 
(especially SMEs) are not subject to non-financial 
disclosure duties and do not publish emissions and 
production data.
For these entities it is necessary to produce estimations. 
We are planning to leverage models developed by the 
external providers.
We will rate the quality of the data on the basis of an 
international framework and methodology (e.g. 
PCAF) assigning scores according to the data source 
and estimation drivers with the aim of improving data 
quality over time.

21
UniCredit 2021 TCFD Report
KEY STRATEGIC ACTIONS ACROSS  
4 BUILDING BLOCKS
In 2021 we set up a long-term sustainability strategy with 
a specific focus on climate-related risks, leveraging on:
>> an evolving risk management approach
>> the integration of climate and environmental 
factors in our risk framework.
Enriching our Risk & Lending approach A
A. Refer to Risk Management chapter for more information. 
OUR FOUR UNDERLYING DRIVERS
Monitoring, reporting & disclosure
Our path towards reliable ESG monitoring entails important cross-functional activities and ICT investments.
OUR PATH TOWARDS A STRUCTURED AND RELIABLE MONITORING SYSTEM
1
2
3
4
Definition of ESG 
MYP targets
Launch of Transition 
Monitoring
ESG Global 
architecture
EU Taxonomy A
We strive to invest in the deployment of an ESG Global IT architecture to manage all relevant ESG data. Under this architecture, ESG data will be 
gathered for several monitoring purposes: Multi-Year Plan ESG targets, Green Transition Financing, EU Taxonomy and Pillar III. Our data retrieval 
strategy proposal, which leverages both on external provider and customer interviews, represents a key element of our ESG Global IT architecture.B
A. Our disclosure aligned with the requirements of the Article 8 of the EU Taxonomy Regulation is available in the Supplement - Section EU Taxonomy regulation section.
B. Refer to Risk Management chapter for more information.
UNDERTAKING STRATEGIC COMMITMENTS: 
ACHIEVE NET-ZERO GOAL ON OWN EMISSIONS 
We look forward to engaging with our clients to support them 
in their transition plans and accelerate action on climate. 
Moreover, we are raising awareness on this fundamental goal 
among our employees, for example by organising dedicated 
workshops on Net-Zero on own emissions, involving Group 
Real Estate and Group Strategy & ESG. This gathering offers 
colleagues an excellent opportunity to gain knowledge and 
insights on how to contribute, all together, to the achievement 
of the Net-Zero goal, both for the Group and the planet.
CORPORATE POWER PURCHASE AGREEMENT (PPA)
We are assessing all the levers we can implement to reach 
the Net-Zero goal on our own emissions and relying on 
renewable energy sources is of the utmost importance in 
this journey. In July 2022 we have signed a partnership with 
Compagnia Valdostana delle Acque (CVA) for the supply of 
electricity produced from renewable sources.
For the first time in Italy, a financial institution has 
committed to a corporate PPA (Power Purchase 
Agreement) with a specialist green power producer. The 
collaboration with CVA, the historic green power company 
based in Aosta Valley, will result in the construction of three 
new solar plants in Piedmont, Lombardy and Sicily. The new 
solar plants for a total capacity of 25 MW will be operational 
from 2023, providing 35 GWh per year to supply the energy 
demand of UniCredit data centers in Verona, covering around 
20% of the bank's total electricity consumption in Italy. CVA 
will sell green energy to UniCredit at a set price, optimising 
the risk profile of the investment in its assets.
The partnership with CVA strengthens UniCredit's groupwide 
Green Energy Procurement strategy, serving as a best 
practice example across its markets. It will also support the 
de-carbonisation of Italy's energy system by increasing the 
country's renewable energy capacity and self-sufficiency 
while decreasing dependence on imported energy.
DEEP-DIVE

22
UniCredit 2021 TCFD Report
The Group Investor Relations team, with the support of 
the ESG team, proactively and reactively interacts with the 
ESG rating agencies with the aim of communicating and 
monitoring the Group sustainability strategy and improving 
the positioning and disclosure of the Group.
Our sustainable performance is reflected in the key external 
ratings.
ESG ratings and indices
D-
C
B+
D+
B-
A
D
C+
A-
C-
B
A+
>> Ahead of most international peers in terms of governance
>> Included in the Bloomberg MSCI Green Bond Index
>> Ranked among the 10% of companies within the sector with the highest 
relative ESG performance
>> Prime companies are sustainability leaders in their industry
>> ESG Risk Rating at to "22.0"
>> Medium exposure to and strong management of material ESG issues
>> Positioned within the Leadership band with "A-" score
>> Avg. rating for Financial services is "B", for Europe is "B" and the Global 
Average is "B-"
CCC
B
A
BB
AA
BBB
AAA
D-
D
B
B-
C-
A-
C
A
Disclosure
Awareness
Management
Leadership
Severe
High
Med
Low
Neg
100-40
40-30
30-20
20-10
10-0
>> Top rated Italian bank, with an EE+ rating. Example of EU excellence in 
sustainability
>> Included in the following Standard Ethics indices: European Best in Class, 
European 100, European Banks, Italian, Italian Banks
>> First bank in the Top 10 ranking, 8th out of 86
>> Included in the Top performer level and in the Top 3 in the financial sector
>> ESG Score improved to 87 from 86 with ranking at 14/1090 from 15/982
>> ESG scores: 94 (Environment); 86 (Social); 86 (Governance)
>> Score >75 indicates excellent ESG performance and high degree of 
transparency
>> 2020 ESG disclosure score: 52.9 (Environmental); 39.9 (Social); 96.1 
(Governance)
>> Included in the Corporate Knights' Global 100 Index for the first time in 
January 22
>> Ranked first in Italy within World's Most Sustainable Corporations and 
second within our industry
>> 2022 GEI score improved from last years' 77.4% to 83.9% (global avg. 
score at 71.0%, financial sector avg. at 72.6% and Italian avg. at 74.9%%)
>> Ranked in the 82nd percentile of banks
>> Ratings: 3.0 (Environmental); 3.7 (Social); 5.0 (Governance), higher than 
sector avg.
>> Included in the FTSE4Good Index Series and the FTSE ESG Index Series
>> Sustainability score improved to 64 from 49 (percentile up to 81 from 67)
>> Included in the Dow Jones sustainability diversified indices
>> Included in the S&P Global Sustainability Yearbook 2022
>> ESG scores: 64 Advanced (Environment); 62 Advanced (Social), 59 Robust 
(Governance)
>> Included in the Euronext MIB ESG index
F
FF
E
FFF
EE+
EEE
100
0
64
100
100
0
0
71.9
83.9%
100
0
87
5
100
0
0
3.9
63.0
0-29
Weak
30-49
Limited
50-59
Robust
60-100
Advanced
D-
C
B+
D+
B-
A
D
C+
A-
C-
B
A+

23
UniCredit 2021 TCFD Report
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 Cl
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Risk Management
UniCredit already plays a significant role in the ESG global 
framework and, as a leader in the sustainable finance 
sector, wishes to be at the forefront of green transition, 
drafting a long-term sustainability strategy and 
embedding ESG factors in its risk framework.
It remains committed to assessing and managing climate 
and environmental risk in order to achieve three main 
objectives:
>> meeting regulatory expectations on banks' business 
strategy and risk management processes;
>> mitigating climate-related and environmental risks;
>> identifying potential opportunities for financing the climate 
and environmental transition.
The risk management approach and the experience gained 
so far confirms the completeness of the approach as shown 
in the infographic below. 
2021 has been another important year in the evolution of the Risk 
Management function, the further steps taken in the assessment 
process of transition and physical risks having now been completed.
Climate &  
Environmental 
risk assessment
Exposure 
towards high 
GHG emitters
PACTA
Sector 
policies
Physical risk 
assessment
Financial risk 
management
Climate change 
exposes 
UniCredit to 
several types of 
risk
These risks 
include credit, 
market, liquidity 
and reputational 
ones
We set up a bank-wide climate risk management 
framework to manage and supervise processes 
related to climate and environmental risks, as well as 
UniCredit's approach to sensitive sectors
Transition 
risk
Physical 
risk
Climate 
change

24
UniCredit 2021 TCFD Report
In order to integrate climate and environmental risks in 
our business strategy, correctly take them into account 
through all stages of the credit-granting process and 
monitor this kind of risk in our credit portfolio (as stated by 
the European Central Bank Guide on climate-related and 
Climate & Environmental  
risk assessment
As already communicated, UniCredit has undertaken several 
concrete initiatives.
Regarding Transition Risk:
>> the first is aimed at evaluating the climate and 
environmental risks of the single counterpart through a 
detailed assessment at client level when the credit files 
are submitted to holding and local credit committees;
>> moreover, leveraging the ECB climate stress test has 
enabled us to identify exposure towards high GHG emitters;
>> the PACTA methodology on December 2021 portfolio 
has been updated with projections up to 2026.
Regarding Physical risk, the Group completed an analysis 
of the potential damage to mortgage portfolio collaterals at 
Group level due to extreme and acute climate-related events. 
A first, forward-looking and high-level assessment of how 
physical risk can impact on the overall Fair Value (focus on 
acute river flood and chronic sea-level rise hazards).
Finally, it should be noted that some of the above-mentioned 
measurements have been included in the RAF and credit 
strategies processes with the aim of further strengthening 
the integration of climate and environmental factors in the 
Risk Management Framework and underwriting processes as 
well as improving portfolio monitoring.
environmental risks), the Group has designed a Climate 
and Environmental Risk Assessment Questionnaire to 
determine our clients' position on the transition pathway. 
The questionnaire has been designed to assess transition 
risk exposure along three key dimensions: level of current 
exposure, level of future vulnerability and economic impact.
In so doing, UniCredit considered several topics that can 
lead to an increased credit risk, for example counterparties' 
revenues and asset value which is subject to transitioning to a 
low-carbon economy or production processes that are subject 
to significant changes to minimise non-atmospheric pollution.
Simultaneously, we are looking to seize opportunities 
to finance the transition of our counterparties, taking 
into consideration the industries that require very high 
investments to meet climate change goals and the EU 
Green Deal roadmap to meet emission targets.
Operatively, the inclusion of climate-related and 
environmental risks and opportunities in our credit 
assessment meant the definition of a dedicated 
methodology to quantify risks, as well as the design of 
a dedicated process to identify the scope, collect data, 
execute the assessment and validate the results.
This methodology foresees:
>> the filling in of a questionnaire addressing both high and 
low emissive clients in line with regulatory expectations;
>> the generation of a Climate and Environmental Risk 
Scorecard summarising the main KPIs and identifying 
the counterpart's positioning in one of the four Risk areas 
(Low, Medium-Low, Medium-High, High) of the Transition 
Assessment matrix;
>> the inclusion of this environmental scoring within the 
credit valuation process.
MATRIX SCORING METHODOLOGY
C&E Vulnerability
C&E Exposure
1
0
1
2
3
4
5
2
3
4
5
Low 
Transition Risk
Medium-Low 
Transition Risk
High 
Transition Risk
Clients with no/limited Climate and 
Environmental Transition risk
Low
Medium-
Low
Medium-
High
High
Clients with presence of Climate and 
Environmental Transition risk
Clients with tangible Climate and 
Environmental Transition risk
Clients with important level 
of Climate and Environmental 
Transition risk
High C&E Transition Risk 
Risk counterparts
Medium-High 
Transition Risk
A
B
D
A
B
C
D
C
Financial/
Economic 
Impact

25
UniCredit 2021 TCFD Report
The Environmental Assessment methodology is based on 3 
key dimensions:
1.	the climate and environmental exposure considers 
the level of GHG emissions of corporate clients as well as 
other environmental metrics such as water and energy 
consumption, waste production and recycling;
2.	the climate and environmental vulnerability evaluates 
the climate change management maturity level of 
corporate clients, considering the company's plan to 
shift to a lower emission level business model, the 
transition investment plan, the GHG emissions reduction 
target as well as products and services associated with 
positive climate impact. This dimension considers 
cross-industry emission targets and ESG ratings together 
with management and industry specific environmental 
strategy;
3.	the economic impact on corporate clients' financial and 
industrial performance takes into account the effects 
on stranded assets, the decrease in market shares or 
revenues due to market shift, the increase in investment 
costs, constraints in accessing financing and indirect 
effects related to their supply chain or partner industries.
C&E ASSESSMENT RESULTS
SECTORS' DETAILS
SCORING VIEW (ALL SECTORS)
Low
EAD 27%
Medium-Low
Medium-High
High
EAD 51%
EAD 15%
EAD 7%
UniCredit assessed around 900 
counterparties covering an EAD of 
approximately 35% of the entire 
corporate portfolio since January 2020. 
Within this perimeter approximately 
7.5% has been rated as high risk. 
These clients are assessed with particular 
attention during the credit approval 
discussion (no automatic decision based 
on questionnaire results is in place).
LEGEND
High
Medium-High
Medium-Low
Low
Limited data availability (<30%)
Good data availability (31-60%)
Very good data availability (>61%)
144
467
150
129
15
Chemical, Pharma, Healthcare - Plastic Production
20
Chemical, Pharma, Healthcare - Chemical
1
Public Sector
13
Textiles
3
Other low emission sectors
14
Food and Beverage, Tobacco
12
Media, Paper - Media
15
Agriculture, Forestry
42
Food and Beverage
41
Telecom, It
27
Electronics
37
Construction
52
Consumer Goods
58
Services
50
Chemical, Pharma, Healthcare
8
Tourism
37
Machinery, Metals - Metal Production
56
Energy
55
Energy - Oil & Gas
9
Construction, Cement
45
Automotive
10
Transport, Civil Aviation
17
Mining, Coal
11
Energy - Waste management
15
Media, Paper - Paper, Pulp
11
Shipping
22
Transport, Travel
9
Construction, Wood
50
Machinery, Metals - Machinery
6
Agriculture, Forestry - Farming Meat Production
129
Real Estate

26
UniCredit 2021 TCFD Report
Exposure toward NACE sectors of TOP 5 Countries selected 
for the ECB Climate Stress Test as having the highest GHG 
Intensity (> 1000 tCO2e/m€) represents:
Exposures are well differentiated among industries with 
relatively higher concentration in Electricity & Gas supply 
and manufacturing of basic metals.
The UniCredit ESG Strategy is to evaluate and support the 
climate transition of counterparties with reliable plans. 
UniCredit is among the 17 banks who road-tested the 
PACTA for banks methodology developed by 2dii.
PACTA for banks allows financial institutions to measure the 
alignment of their lending portfolio with a set of climate 
scenarios which imply several levels of ambition measured 
in relation to the increase in global temperature.
UniCredit applies the methodology covering six industries 
in scope (data refers to the December 2021 portfolio and 
considers Credit Limit a key metric). Based on the alignment 
results, with the available production and tech mix details, 
UniCredit is able to further enhance the engagement and 
the constructive discussion with clients in order to improve 
support for their transition.
The latest results highlight a portfolio generally better 
positioned than or aligned to the market.
Exposure towards high GHG 
emitters
NACE Code 
(2-digit)
% on Non Financial 
Corporate exposure A
NACE Description
A01
Crop and animal production, hunting and related service activities
1%
B05-B09
Mining and quarrying
<1%
C19
Manufacture of coke and refined petroleum products
1%
C20
Manufacture of chemicals and chemical products
1%
C23
Manufacture of other non-metallic mineral products
1%
C24-C25
Manufacture of basic metals; Manufacture of fabricated metal products, except 
machinery and equipment
3%
D35
Electricity, gas, steam and air conditioning supply
5%
H50
Water transport
<1%
Total
~14%
Sector
Portfolio A
Positioning  
vs global B
Power 
generation
€9.6bn (~45%)
Better 
than market
Oil & gas
€3.9bn (18%)
Under evaluation 
in light of new 
commitments  
for Net Zero
Automotive
€4.2bn (20%)
Better 
than market
Steel
€2.3bn (11%)
Better 
than market
Cement
€1bn (5%)
Aligned 
with market
Aviation
€0.3bn (1.5%)
Aligned 
with market
A. Exposure equal to €261.7bn as at 31 December 2021. Exposure referred to top 5 countries (Italy, Germany, Austria, Czech Republic, Russia) as reported to ECB in the Climate Stress Test exercise.
A. Credit Limit under the PACTA NACE codes, as of December 2021.
B. Positions compared to the sectorial global markets.
PACTA
~14%
of Top 5 Countries Corporate portfolio

27
UniCredit 2021 TCFD Report
PACTA sectors
Selected UniCredit deals to support clients' transition
RENEWABLES
>> In November 2021 we supported the Italian Renewable Energy Sources (RES) operator, PLT ENERGIA, in its 
efforts to pursue the envisaged 2019-2022 industrial plan targets (i.e. improving its RES installed capacity by 
200MW) through the financing of the construction of 95MW greenfield wind portfolio plus the refinancing of 
74MW brownfield wind plants spread across several Italian regions. In particular, in our debt advisor/structuring 
MLA/lender role, and with the involvement of Europaen Investment Bank (EIB) and Cassa Depositi e Prestiti 
(CDP) acting as lenders, we advised the sponsor in structuring a €136m project financing which enhanced PLT 
Energia's long-term sustainable growth of PLT Energia in RES sectors. This initiative has allowed a significant 
yearly saving of CO2 production, approximately 140,480 tonnes of CO2, covering the annual electric demand of 
about 125,222 households;
>> in December 2021 we supported the German developer IB VOGT as sole book runner and financial advisor 
in its efforts to set up the investment platform focusing on a 1.4 GW PV portfolio across Europe. In our 
financial advisor capacity, we supported the sponsor in the structuring and placement of €120m subordinated 
debt. The facility is an integral element in IB VOGT's strategic objective of building a leading independent 
power producer platform (IPP), owning and operating solar photovoltaics (PV) and battery storage projects 
based on projects from the companies' Development, Engineering, Procurement and Construction (EPC) and 
Operation and maintenance (O&M) activities. This diversification will provide IB VOGT with future value-adding 
opportunities including access to benefits from new revenue streams, cross-selling, margin compression and 
asset optimisation;
>> in November 2021 RWE successfully issued a further green bond with a total volume of €1.35bn. The issuance 
met with keen interest from investors. In June this year, RWE had already issued its first green bond with a 
volume of €0.5bn. As stated in the RWE green bond framework, only wind and solar projects are eligible for 
green bond funding. This is in line with the United Nations' Suatainable Development Goal number 7 which 
aims to increase the share of renewable energies in the worldwide electricity mix. RWE's framework is based 
on the internationally recognised green bond principles of the International Capital Market Association (ICMA). 
Furthermore, a second-party opinion (SPO) has been issued from the internationally renowned sustainability 
agency Sustainalytics. UniCredit acted as joint global coordinator and active book runner.
SECTOR RESULTS
SECTOR FRAMEWORK
ACTIONS TAKEN
The goal of energy production via a carbon-free system 
requires a major transformation involving substantial 
investments to upgrade the current electricity grid.
Energy production currently accounts for
around 75% 
of Europe's GHG emissions. According 
to EU Climate Law, these are to decline 
by 55% by 2030 and to reach
climate neutrality by 2050
The share of electrification of the 
energy system will need to
increase from the current 
20% to closer to 50%
to the European Commission. The challenge of bolstering 
the EU's energy security comes on top of this. Even before 
the Ukraine-Russian conflict, Europe had the target of 
lowering its energy imports from 55% in 2020 to 
20% by 2050. Achieving this goal therefore has increased 
urgency in the current environment.
The pressure to complete this energy transformation 
ahead of time raises the near-term capex required from 
the utilities and support from governments. BP estimates 
that this requires an increase in annual investment of 
two to three times the current levels. The International 
Energy Agency forecasts that solar would become the 
largest source of power, accounting for one fifth of the 
energy supply after a 20-fold increase in capacity by 
2050, with wind capacity increasing 11-fold in the same 
time period. The utilities that have a greater share of non-
renewable energy in their production mix are likely to be 
disproportionately affected by this need to transform their 
networks. The increase in investment will strain the utilities' 
credit metrics and consumers' budgets, assuming that some 
of the additional expense is passed on via higher prices. 
While governments and regulators should be supportive 
given the environmental and strategic importance of 
reaching climate neutrality on schedule, the enormity of the 
societal challenge is also clear.
In order to accomplish this in a climate-neutral way, the 
share of renewable energy consumed will need to rise 
from around 22% in 2020 to more than 80% by 2050 
with nuclear power amounting to around 15% according 
POWER GENERATION

28
UniCredit 2021 TCFD Report
OIL & GAS
>> UniCredit acted as joint book runner for the €500m 0.625% coupon, a 10-year Transition Bond for Snam in 
June 2021. The proceeds of the offering will be used to finance projects in the energy transition, as outlined in 
the Framework dated June 2021. Snam's commitment towards sustainable finance is a key pillar in its strategy 
which includes the goal of carbon neutrality by 2040 and further developments in the energy transition 
business;
>> UniCredit was joint global coordinator and a joint book runner for a €500m debut green offering for PKN 
Orlen, one of the largest and most advanced multi-utility groups in Central and Eastern Europe. PKN Orlen's 
green finance framework is aligned with the four core components of the green bond principles and green loan 
principles as certified by V.E. Furthermore, the debut issue was certified by the Climate Bonds Initiative and the 
renewable energy and clean transportation categories comply with the screening criteria of the EU Taxonomy. 
Use of proceeds include projects financing renewable energy, clean transportation and pollution prevention 
and control;
>> UniCredit acted as joint book runner for the €500m 0.45% coupon, an 8-year inaugural green bond for Czech 
Gas Networks Investments in September 2021. Bond proceeds were used for the financing or refinancing 
of new or existing eligible green projects under the green finance framework to support the transition to a 
sustainable and low-carbon economy. Eligible projects include those related to transmission and distribution 
networks for renewable and low-carbon gases and energy efficiency measures aimed at improving the general 
level of efficiency in buildings.
SECTOR FRAMEWORK
The target of achieving Net Zero GHG emissions has 
major implications for the future of the oil & gas industry. 
The International Energy Agency expects this goal to be 
achieved by reducing the use of fossil fuels for energy from 
around four fifths of the current energy supply to around 
one fifth by 2050. Following coal, oil is the commodity 
expected to be most impacted by this transformation 
as industry and buildings shift toward lower-carbon 
fuels. Gas, being a relatively clean fuel, should play a 
different role in the energy transformation and could see an 
increase in utilisation before declining after 2030. However, 
the Russian-Ukrainian conflict is likely to shift some of the 
targets on gas as a transitional fuel in the medium term.
As a result, reducing transport emissions remains vital to 
reaching future GHG reduction targets. The most immediate 
improvements to reducing emissions in the sector are 
expected to come from enhanced vehicle efficiency and 
tighter emission standards. Since the transport sector is 
ACTIONS TAKEN
Some heavy industry and transport segments are still 
likely to rely on oil as an energy source (namely marine 
and aviation) beyond 2050 although an increase in the 
use of biofuel and hydrogen should also lower demand 
in these segments. In addition, increasing demand from 
emerging economies, in particular for automobiles, is 
likely to lead to an increase in oil demand by 2030 before 
eventually declining by 2050. Similarly, in order to meet 
the target of the Paris Agreement to limit global warming 
to well below 2 degrees Celsius, demand for natural gas is 
expected to increase initially before declining by 35-60% 
by 2050, according to BP forecasts. Increasing regulatory 
oversight and declining demand should lead oil majors 
to increasingly invest in diversified energy production, 
notably in renewables, during this transition.
one of the major consumers of oil, further electrification 
of the industry will be essential in order to reach Net-Zero 
emissions targets. Significant progress has been made here, 
especially with passenger cars, thanks to a significant drop 
in battery costs and an improvement in driving ranges. 
Heavy trucks are likely to lag behind in this transformation 
given the higher power requirements for battery charging 
although fuel-cell technology could play an increasingly 
significant role in lowering emissions in this segment.
Electric cars amounted to around 10% of global car 
sales in 2021, an increase of nearly four times as much 
since 2019. Public subsidies and tighter environmental 
regulations provide important support for this growth, but 
According to the International Energy 
Agency (IEA), transport accounts for
around 24% 
of CO2 emissions from energy globally.
Cars and buses represent 45% of this amount 
while trucks carrying freight represent 29%
PACTA sectors
Selected UniCredit deals to support clients' transition
OIL & GAS
SECTOR FRAMEWORK
AUTOMOTIVE

29
UniCredit 2021 TCFD Report
AUTOMOTIVE 
Electric Vehicle
>> UniCredit acted as joint book runner for the inaugural green bond for Leasys, a €500m 0.00% coupon due in 
July 2024 (3-year tenor). 
The transaction shortly followed the Stellantis electrification strategy presentation and was executed in 
accordance with the company's recently established green bond framework, representing the first ESG trade 
out of the Stellantis Group.
Leasys green bond framework is aligned with the four core components of the ICMA green bond principles 
2021. Proceeds were planned to be allocated to the financing or refinancing of eligible vehicles and eligible 
infrastructure (the eligible green portfolio).
Eligible Vehicles means a selected pool of vehicles that are purchased by the Leasys Group and that comply 
with the following criteria: (i) vehicles with zero tailpipe emissions (i.e. electric vehicles, fuel cell vehicles, 
hydrogen vehicles); (ii) vehicles with an emission intensity lower than 50g CO2e/km until 2025 and 0g CO2e/
km from 2026 onwards.
Eligible infrastructure means the investment made by the Leasys Group to develop a network of charging 
points for electric vehicles.
The Second Party Opinion (SPO) was provided by Sustainalytics.
STEEL
>> UniCredit supported IXM SA, a Swiss based metal commodity trading company, in its efforts to contribute to 
achieving the global energy transition target. In December 2021 UniCredit acted as book runner and mandated 
lead arranger for a $444.15m ESG-linked Revolving Credit Facility.
SECTOR FRAMEWORK
The steel industry is one of the most challenging to 
decarbonise but is also crucial for virtually all infrastructure 
projects.
Steel production is still highly reliant on coal which 
accounts for 75% of the industry's energy demand and 
has changed little in recent years according to the IEA. 
While electric arc furnaces, which can use up to 100% 
of scrap steel, produce lower emissions than traditional 
blast furnaces, high rates of industrialisation - especially 
in emerging markets - are likely to keep demand high 
for primary steel in the coming years. With the current 
recycling rates of around 85%, the WSA sees limited 
prospects for improvement until the next decade when 
more of China's steel production should increasingly rely on 
scrap steel as a resource.
In the meantime, the steel industry needs to begin 
transitioning now to a lower carbon future. An industry-
wide efficiency review by the WSA found that introducing 
industry-leading practices can reduce emissions by up 
to 20% at ore-based steelmaking sites and up to 50% 
at scrap-based sites. Investments in new technologies 
also hold promise for reining in the carbon intensity of 
steel production. Hydrogen is likely to become a more 
prominent feedstock as well as natural gas using carbon 
capture and storage technology. Modern blast furnaces 
are also under development that could limit the industry's 
reliance on fossil fuels. Researching and implementing 
these new technologies will be essential for the sector to 
meet targets for a Net Zero emitting future. In addition, 
considering that 70% of steel is produced in Asia, reducing 
these steel-related emissions will be crucial for European 
companies to lower their Scope 3 emissions.
technological advances remain crucial for reaching Net-Zero 
emissions targets by 2050. The IEA forecasts that the 
share of electric vehicles in new vehicle sales needs to 
rise to 25 -40% by 2030 and to 90% by 2050 in order 
to reach the Net Zero emissions target. These growth 
prospects provide car manufacturers with a major incentive 
to continue focusing research investments on this growing 
sector and invest in new innovations to make electric 
cars even more attractive to consumers than internal 
combustion vehicles.
The World Steel Association (WSA) reports 
that the industry is responsible for
7-9% 
of global CO2 emissions
PACTA sectors
Selected UniCredit deals to support clients' transition
ACTIONS TAKEN
PACTA sectors
Selected UniCredit deals to support clients' transition
ACTIONS TAKEN
STEEL

30
UniCredit 2021 TCFD Report
SECTOR FRAMEWORK
Cement production currently lacks convincing options for 
decarbonising production but - like steel - remains central 
to urbanisation trends.
SECTOR FRAMEWORK
Although aviation currently accounts for only approximately 
2.5% of CO2 emissions, it is a particularly challenging sector 
to decarbonise over the long term. The reason for this 
low share of emissions in relation to other transportation 
segments is due to the lower passenger and freight 
transport volumes compared to road transport. However, 
unlike the automotive sector, battery-based propulsion is 
unlikely to be the transformative technology for reducing 
CO2 emissions in aviation, even after rapid developments. 
Aviation is therefore expected to remain a leading consumer 
of oil-based products also in the coming decades.
Despite the challenges, the aviation industry is also 
expected to reduce its carbon footprint significantly in 
the near future. Although these changes are expected to 
be more gradual than in other industries, there is a clear 
path towards a meaningful emission reduction. The key 
to this transformation appears to be the development 
of sustainable aviation fuel (SAF) to replace oil for a 
significant share of flights. In the IEA's Net Zero scenario, 
SAF consumption will rise to 15% by 2030 from the current 
negligible amount and to 45% by 2050.
The airline industry will therefore need to continually invest 
in new technologies that allow their fleets to make the 
greatest possible use of these new fuels.
CEMENT
>> In August 2021, UniCredit acted as book runner and mandated lead arranger for a €3bn ESG-Linked 
Multicurrency Revolving Credit Facility for Holcim. The facility is linked to the achievement of certain 
sustainability targets within Holcim's broader goal of rolling out green products.
Cement is one of three heavy industries, together 
with steel and chemicals, which accounts for
60% of all industrial 
energy consumption 
and 
around 70% of CO2 
emissions,
according to the IEA
A further 30%
of fuel could come from synthetic hydrogen-based 
fuels. By 2050, these innovations would contribute to a
50% reduction in CO2 
emissions
from the airline industry
materials helps reduce the share of clinker which is the 
most energy-intensive ingredient in cement production. 
Producers are also lowering their carbon intensity by 
improving energy efficiency and switching to lower carbon 
fuels, for example from coal to more natural gas.
After 2030, the IEA expects a further reduction in carbon 
emissions from cement production, accomplished by the 
increased use of new technologies that are already under 
development. The most important of these is carbon 
capture and storage, which could lower emissions by 55% 
relative to today's levels. Biomass, hydrogen and non-
renewable waste should increasingly drive thermal energy 
needs in cement kilns and can lead to the most significant 
emission reductions in the production of cement. However, 
private companies will need to partner with governments 
to develop these technologies in order to sufficiently reduce 
emission levels and be consistent with a zero-emission 
outlook by 2050.
Asian producers dominate global production with China and 
India in the lead. Using blended cement with alternative 
PACTA sectors
Selected UniCredit deals to support clients' transition
ACTIONS TAKEN
CEMENT
AVIATION

31
UniCredit 2021 TCFD Report
Environmental and social risk assessments are guided by our environmental, social, operational 
and reputational risk sector policies as well as by our human rights commitment. When possible, 
the Equator Principles (EP) also apply. The following polices/commitments are in place:
Sector Polices 5
Coal sector
Mining sector
Nuclear energy
Defense/Armaments
Water infrastructure
Human rights commitment
Deforestation commitment
Oil & Gas sector
UPDATED
UPDATED
We intend to review and, if necessary, set up policies in other sensitive ESG sectors. This will be done on the basis of our 
portfolio analysis and with the support of scientific experts in order to address such topics from a factual and impact-
based perspective.
POLICIES IN PLACE
Tobacco commitment
>> UniCredit signed the Free-Tobacco Finance Pledge
NEW
5. For more information refer to https://www.unicreditgroup.eu/en/a-sustainable-bank/sustainability-governance.html.
UNICREDIT COAL AND OIL&GAS POLICIES
Among the sectors that present significant environmental 
and social risks, UniCredit is well aware of the increasing 
adverse effects that coal related activities (coal-fired 
power plants, known as CFPPs, and thermal coal 
mining) and Oil&Gas related activities (in particular 
Unconventional and Arctic ones) have on the climate 
system and environmental preservation, as well as 
human health and pollution.
The Group outlines its position toward the Coal and 
Oil&Gas sectors in dedicated Global Policies, with the 
aim to assess the potential environmental and social 
impacts of the Group’s involvement in Coal and Oil 
sector projects/transactions and to limit associated risks 
for UniCredit Group. In this context, the Group wants to 
support and accelerate the sector’s energy transition 
and the related improvement of its environmental/social 
footprint.
In our policies we define criteria for identifying the 
customers, the activities and the financial products and 
services in the scope of the policy, as well as process, 
roles and responsibilities for performing the requested 
reputational and ESG risk assessment.
FOCUS

32
UniCredit 2021 TCFD Report
Physical risk typically affects credit risk and operational risk. More specifically:
Physical risk assessment
Credit risk impact is mainly related to the potential 
losses in our mortgage portfolio or in a deterioration of 
counterparts' financial solidity. Whether chronic or acute, 
physical climate-related risk might result in a modification 
of collaterals and counterparts' physical assets (e.g. 
production sites) thus eroding the value of related assets or 
the capacity of the borrower to meet its obligation.
UniCredit has already developed a methodology to estimate 
the potential actual annual deterioration of the fair 
value (FV) of the collaterals behind the mortgage 
portfolio. The approach envisages:
I.	 the identification of key acute physical risks impacting 
the Bank's geographies at postal code/ municipalities 
level;
II.	 the quantification of the potential damage of the collaterals 
located in critical sites (i.e. high physical risk areas);
III.	 the evaluation of the percentage of fair value potentially 
damaged by the event.
Current estimates highlight limited impact at 
approximately 0.1% of FV. It should be noted that, in 
the context of forward-looking physical risk events that are 
expected to occur as a result of climate change, the Group 
preliminarily estimated the impact of river flood and sea 
level rise hazards on the UCG collateral portfolio.7
With regard to river floods (acute events), the worst 
scenario analysed, a warming at the end of the 21st century 
of more than 2°C relative to the pre-industrial period (1850-
1900), would at most affect 13% 8 of the total portfolio fair 
value compared to the current 9% 8 (assuming the same 
distribution of collateral).
On the other hand, rises in sea level (chronic events) will 
have a low future impact on the Group's mortgage portfolio 
due to the fact that few geographical areas are subject to 
this hazard. Indeed, it would at most affect 2% 8 of the total 
current portfolio FV, considering a scenario that leads to a 
warming at the end of the 21st century of probably more 
than 4°C (assuming the same distribution of collateral).
CREDIT RISK
6. Climate Policy Relevant Sectors (CPRS) methodology provides a standardized and actionable classification of activities whose revenues could be affected positively or negatively in a disorderly low-carbon 
transition, based on their energy technology. For this reason, the CPRS classification is regarded as a reference for climate financial risk assessment and has been used by several international financial 
institutions to assess investors’ exposure to climate transition risk. CPRS include fossil fuel, utility, energy intensive, buildings, transportation, agriculture, identified considering the direct and indirect 
contribution to Green House Gas (GHG) emissions, and their relevance for climate policy implementation.
7. Data as of 31st March 2022.
8. Portion of Fair Value in high risk zones over total Fair Value.
With regard to Market Risk, Liquidity Risk and 
Counterparty Credit Risk, financial risk management 
practices are being progressively enhanced with the aim 
of fully integrating Climate & Environmental risk drivers in 
monitoring, reporting, stress testing and limit frameworks.
As of December 2021, the Financial Risk department 
monthly monitors and reports to competent corporate 
governing bodies the concentration towards Climate 
Policy Relevant Sectors 6 with reference to equity risk and 
corporate bonds in the trading book, corporate bonds in the 
investment portfolio, counterparty credit risk exposures and 
counterbalancing capacity.
Financial risk management
In addition, since April 2022, the Market Risk stress testing 
programme has been enhanced with a dedicated Climate 
Risk scenario which extends the ECB short-term disorderly 
transition scenario in terms of scope of risk factors and 
perimeter.
Although preliminary and subject to further enhancement 
plans, the outcomes of concentration analyses and stress 
scenarios, combined with qualitative considerations on 
the UniCredit trading business model, suggest a limited 
materiality of climate & environmental drivers on 
market risk exposures.

33
UniCredit 2021 TCFD Report
continuity programme foresees an integrated approach, 
from infrastructure design to emergency management, 
regarding any potential acute, climate-related and physical 
events which are catalogued as natural disasters. No yearly 
risk analysis is foreseen for facility construction which is an 
infrequent activity.
Therefore, we can conclude that, our business 
continuity processes are not affected by physical 
change in weather patterns or other chronic, climate 
related, environmental changes. 
DATA RETRIEVAL STRATEGY
UniCredit is designing a global framework for ESG 
information that will be a key enabler for compliance to 
Regulatory Disclosure needs as well as for accelerating 
Risk Management and Business Steering, with a view 
to doing everything necessary to collect the following 
information:
1.	EU Taxonomy Information: all environmental 
information needed to determine whether a 
counterparty/transaction is EU taxonomy eligible/
aligned;
2.	Other KPIs: all other environmental KPIs required by 
the regulator related to disclosure requirements and 
useful also for business/risk needs (GHG emissions, 
energy efficiency data, top 20 polluters, transition risk 
and physical risk score).
In particular, in order to determine whether a transaction/
counterparty is EU Taxonomy eligible and aligned, a 
careful assessment has to be made, starting from all 
the technical screening criteria of the EU taxonomy 
to the study of Delegated Acts. Approaching the issue 
in a granular way is however very onerous since the 
necessary information is not available at this moment 
and should be requested from clients, which would 
have a considerable impact on the network and lending 
processes. In order to find a balance between a granular 
approach and an impact on origination processes, we 
have defined a data recovery strategy that mixes the 
different approaches.
The data retrieval strategy proposal leverages both 
external providers and client interviews, taking into 
account the trade-off between accuracy on ESG KPIs vs 
impact on origination processes. It is therefore necessary 
to define a feasible approach (external provider or 
questionnaire to collect information from the client at 
origination phase) to information retrieval that considers 
the following drivers: stock and flow exposure, loan 
purpose, economic sector, counterparty sizing.
It has to be flexible over time, taking into account the 
evolution of both regulations and bank experience.
Three possible types of data strategy have been designed: 
1.	Customer Survey at transaction level: Granular 
KPIs to be requested from clients through specific 
questionnaires at origination;
2.	NFRD Disclosure at counterparty level: Quota of 
client's KPIs (CapEx, OpEx and Turnover) aligned with 
the EU Taxonomy as reported in the non-financial 
information disclosure (NFRD) gathered by providers 
and then to be applied to compute counterparty's 
sustainable exposure to UniCredit;
3.	Algorithm at cluster level: Cluster data retrieved 
and/or elaborated by providers leveraging geographical 
and/or sectorial logics and algorithm, then to be 
applied to compute the counterparty's sustainable 
exposure to UniCredit.
FOCUS 
Operational risks, regarding for the most part data centre 
operations and business continuity plans, must also be 
considered. We have endeavoured over the past years to 
decrease energy consumption in data centres and build 
resilience by anticipating and preparing for any adverse 
events, mainly cybercrime, by preventing data leakage 
and guaranteeing business continuity. Our data centres 
have reinforced redundancy and are located in areas not 
subject to extreme events. They can therefore be considered 
low-risk while simultaneously being protected by the 
necessary high standards of security controls. Our business 
OPERATIONAL RISKS

34
UniCredit 2021 TCFD Report
Metrics & Targets
Our 2022-2024 Strategic Plan, UniCredit Unlocked, calls for 
new targets which encompass several ESG objectives: we 
strive to hold ourselves to the same high standards we seek 
from those we do business with.
We have set ambitious targets to reduce the environmental 
impacts of both our operations and lending activities, 
assuming the key principle that, as an organisation, we 
should lead by example and by being a leader in the green 
transition.
We continue to track our progresses and we disclose our 
results and achievements to all relevant stakeholders on a 
quarterly basis.
2022-2024 TARGETS: SUPPORTING OUR CLIENTS' GREEN TRANSITION
NET-ZERO D
By 2030  
on own emissions
By 2050  
on financed emissions
UniCredit joins  
Net-Zero  
Banking 
Alliance
Oct 
2021
Deadline for 
sector targets 
submission
Apr
2023
Deadline for 
further sector 
targets 
submission
Oct 
2024
First target deadline; 
intermediate targets 
to be updated every 
five years
2030
Net-Zero goal 
for lending and 
investment 
portfolio
2050
Client engagement, portfolio steering, policy development, targets review
Task force set up: mapping, baselining and targets setting
A. Including ESG-linked lending.
B. Based on Art. 8 and 9 SFDR regulation.
C. All regions, including sustainability linked bonds, 1H 2022.
D. Refer to the Strategy chapter for more information.
ENVIRONMENTAL LENDING A
Energy efficiency and ESG-linked 
lending as key growth drivers in 1H22
ESG INVESTMENT PRODUCTS B
After a strong acceleration in 1Q, 
slight decrease in 2Q mainly due to 
market effect on total AuM stock
SUSTAINABLE BONDS C
Growth affected by ESG market issuance 
slow down, with some postponement 
from 1H22 to next quarters
New Production
€25bn
€5.5bn
AuM stock conversion towards ESG investments
€65bn
€26.4bn
DCM Origination
€50bn
€4.7bn
2022-24 Target
1H22 Actual 
(managerial)
Target in 2022-24 
(including €10bn 
of Social Lending)
€150bn

35
UniCredit 2021 TCFD Report
Our effort in promoting business that supports natural capital and in reducing our environmental impact is based on a number 
of specific initiatives which are highlighted in the following infographic.
Further KPIs and metrics
Supporting renewable energy sources
Promoting sustainable 
financial instruments
4
own Green Bonds issued
€2.06bn
of total amount
37%
photovoltaic 
plants
11%
other renewable 
energy sources
52%
wind energy 
€5.9bn
financed in 
renewable 
energy projects 
As at December 2021:
UniCredit premises 
energy-efficiency
Data Centre power usage effectiveness (PUE) ratios
Verona 1
1.63
1.37
1.32
1.35
1.35
1.37
1.36
1.63
1.61
Verona 2
Munich
2019
2020
2021
Managing mobility
MOBILITY INITIATIVES FOR EMPLOYEES 
(BICYCLES AND E-BICYCLES)
In 2021 additional bike stations have been 
implemented in our main buildings in Italy, Bulgaria, 
and Russia. In Italy additional 320 bike parking spaces 
are being installed in 10 of our main buildings.
-85%
Travel costs reduction due to pandemic (2021 vs 2019)
Electricity procurement
80%
of total electricity consumption in 2021 was from renewable sources
ELECTRICITY PROCUREMENT
100%
100%
98%
67%
INDIRECT IMPACTS
DIRECT IMPACTS
Promote business  
that supports natural capital
€36.6bn 
of cumulative ESG volumes in 1H22
Reduce our environmental impact
94,915 tons CO2e 
Scope 1 + 2 emissions 
in 2021
-32% 
reduction in own GHG 
emissions (Scope 1 and 2, 
market-based) 2021 vs 2017
2021
Italy
Germany
Central 
Europe
Eastern 
Europe
Energy consumption  
per employee (GJ/capita)
30
48
20
21
Copy paper consumption  
per employee (Kg/capita)
30
10
19
34
Water usage  
per employee (m3/capita)
21
25
8
8
Intensity metrics A
A. Refer to Natural Capital chapter of Integrated Report 2021 for more information.
A workshop has been organized on Net-
Zero on own emissions, involving Group 
Real Estate and Group Strategy & ESG.
Almost 80 colleagues participated 
from from all countries, including ESG 
reference points.
Raising awareness 
on environmental 
impact
1 Senior Green Bond 
issued in June 2021 
for €1bn
1 Green Mortgage 
Covered Bond 
issued in 
September 2021 
for €0.5bn
1 Green Mortgage 
Covered Bond 
issued in May 2022 
for €0.5bn
1 Green Mortgage 
Covered Bond 
issued in  
October 2021 
for €0.06bn

36
UniCredit 2021 TCFD Report
To strengthen and manifest our commitment to the green transition, we have decided over the years to adhere to key 
international and institutional initiatives:
International and institutional initiatives
Task Force on Climate-
Related Financial 
Disclosures (TCFD)
>> 2019 Endorsement of Task Force on Climate-Related Financial 
Disclosures (TCFD)
>> 2020 Separate document with disclosure aligned with TCFD 
recommendations issued in the second half of 2021
Paris Agreement Capital 
Transition Assessment 
(PACTA)
>> 2019 We joined the Paris Agreement Capital Transition Assessment 
(PACTA) methodology developed by 2°Investing Initiative (2°ii)
>> 2020 Completion of PACTA road-testing
European Banking 
Authority (EBA)
>> 2020 We voluntarily joined the European Banking Authority (EBA) 
first pilot sensitivity exercise held by banks which aimed at providing 
a preliminary estimate of sustainable exposures based on EU green 
taxonomy. Results published during 2Q21
UN Sustainable 
Development Goals (SDGs)
>> 2015 The UN Sustainable Development Goals (SDGs) were published. 
We have contributed since then by their achievement by monitoring 
our progress via measurable KPIs, resulting from the management of 
material topics and related risks and opportunities
UNEP FI Principles for 
Responsible Banking (PRB)
>> 2019 We signed the UNEP FI Principles for Responsible Banking (PRB) 
aimed at supporting banks in aligning their business strategy with 
society's goals
>> 2020 We joined several working groups organised by UNEP FI in support 
of PRB implementation. UNEP FI PRB reporting was disclosed
>> 2021 We signed UNEP-FI commitment to Financial Health and Inclusion
Steel Climate-Aligned 
Finance Working Group
>> 2021 We are among the 6 global banks that have formed the Steel 
Climate-Aligned Finance Working Group facilitated by RMI's Center for 
Climate-Aligned Finance
European Hydrogen Forum
>> 2021 We became a member of the European Clean Hydrogen Alliance. 
The Alliance aims at the deployment of hydrogen technologies by 2030
Net-Zero Banking Alliance
>> 2021 We joined the Net-Zero Banking Alliance, the banking element of 
the Glasgow Financial Alliance for Net-Zero (GFANZ)
Women's Forum
>> 2021 Our CEO signed the CEO Champion Commitment Towards the 
Zero Gender Gap

UniCredit SpA
A joint stock company
Registered Office and Head Office in Milan: Piazza Gae Aulenti 3 - Tower A - 20154 Milano
Share capital Euro € 21,133,469,082.48 fully paid in, Fiscal Code, VAT number and Registration number
with the Company Register of Milan-Monza-Brianza-Lodi:00348170101
Registered in the Register of Banking Groups and Parent Company of the UniCredit Banking Group,
with. cod. 02008.1; Cod. ABI 02008.1
Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund
Stamp duty paid virtually, if due - Auth. Agenzia delle Entrate, Ufficio di Roma 1, no. 143106/07 of 21.12.2007

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