Supporting the economy wherever we operate
In 2023, the economic value generated amounted to 14.845 million euros. Of this, 13.564 million euros were distributed to various stakeholders: suppliers of goods and services (88%), employees (6%), venture capital providers (2%), public institutions and communities (2%) and shareholders (2%). Approximately 9% of the economic value generated was retained by the Group as profit, reserves and amortisation.
In 2023, investments made by the Group totalled 1,376 million euros. The investments were in line with its business plan, based on the two mainstays of a circular economy and energy transition. The Group also holds a solid, long-standing relationship with the European Investment Bank (EIB) to support its investment programme. The EIB finances specific investment projects that comply with special sustainability requirements, applying economic conditions that are generally more favourable than those of other forms of financing. As at 31 December 2023, the value of this financing stood at around 621 million euros.
The interaction between the ESG Committee and Relations with the Territories, the Investments Committee and the managers of the Business Units involved in the various projects ensures that all investments are fully aligned with the Group’s commitment to promote a low carbon business model and that all the best market opportunities for sustainable finance are exploited.
Investments by Business unit
| BU | % |
|---|---|
| Generation and Trading | 24 |
| Corporate | 8 |
| Market | 7 |
| Environment | 16 |
| Smart Infrastructures | 46 |
Some 2023 numbers
46%
EU Taxonomy-aligned CapEx
12%
EU Taxonomy-aligned revenues
51%
EU Taxonomy-aligned OpEx
Sustainable Finance and European Taxonomy
In order to achieve its goal of 90% sustainable debt by 2030, A2A adopted a new Sustainable Finance Framework in May 2021 which, for the first time in Italy, combines two approaches: Green/Use of Proceeds and Sustainability-Linked. The framework was updated in February 2022, identifying a set of Key Performance Indicators (Scope 1 CO2 emission factor; installed capacity from renewable sources; treated waste for recovery of materials) which reflect the two mainstays of the A2A strategic plan of energy transition and a circular economy, and go towards achieving UN SDGs 7, 11, 12 and 13.
In 2019, A2A formed an interfunctional Financing Committee to strengthen its commitment and develop sustainable financing tools, guarantee the proper selection of projects and fund allocation, and monitor the positive impact on environmental metrics. This committee, which later became the Sustainable Financing Committee, is presided over by the Finance division and includes Planning and Control, Sustainability Development, Strategy and Investor Relations.
A new 11-year, 500 million euro Green Bond was issued in January 2023: proceeds from the bond will be used to finance green projects that are eligible for European Taxonomy (EU Taxonomy Regulation 2020/852). Two KPI-linked insurance policies were signed later in the year: the first, signed in April 2023 is linked to a sustainability goal for trends in workplace accidents; the second, signed in November last year, is linked to the achievement of seven sustainability goals involving environmental risk management. Last, an inaugural Green guarantee credit line was granted in December 2023 allowing for the issuance of guarantees classified in compliance with the eligibility criteria of underlying projects based on A2A's Sustainable Finance Framework, the EU Taxonomy of Sustainable Assets, and international guidelines in this regard.
As a result of the action taken over recent years, A2A's sustainable debt ratio amounted to 70 percent of total debt as of December 31, 2023.
