The 2024 Banking on Climate Chaos report showed that UniCredit provided US$ 67.343 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, UniCredit provided US$ 2.986 Billion for oil, gas and coal companies expanding fossil fuels. Find further details on UniCredit fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Unicredit's fossil fuel policy below.

BankTrack assessed UniCredit in its 2022 Global Human Rights Benchmark, where it achieved 6 points out of 14 and was ranked as a follower. In addition, UniCredit scored 0.3 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

UniCredit is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

BankTrack is keeping track of the public response of UniCredit to Russia's illegal invasion of Ukraine. UniCredit did not publicly condemn the war. UniCredit is considered by Leave-Russia.org to be "still operating" in Russia.  We categorise its exposure to Russia as large, with over $8.1bn of financial assets. UniCredit supports the Russian fossil fuel industry through loans, and underwriting. For further details, see the table linked below.

As part of the Net Zero Banking Alliance (NZBA), Unicredit is required to set interim targets for 2030 for high emission priority sectors. For Unicredit, this includes its lending to the steel sector. You can see Unicredit’s iron and steel decarbonisation targets, and its progress towards meeting them in our NZBA steel targets compliance tracker below. 

UniCredit is also member of the Sustainable Steel Principles. This means it has committed to measuring and disclosing its steel-related financed emissions on an annual basis, and reporting its alignment with the International Energy Agency’s Net Zero by 2050 pathway for the steel industry. 

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that UniCredit provided US$ 3 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on UniCredit’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of UniCredit’s metallurgical coal policy below.

According to a report by Reclaim Finance, between 2016 and June 2023, UniCredit provided $6.6 billion in finance to the fossil-steel industry, making it the 17th largest financier worldwide. Find further details on UniCredit's steel financing and how it compares to other large banks globally in the report.