Against backdrop of COP29, pan-European bank urges collaboration on new solutions and alternative models, as it brings together colleagues, clients and leading ESG experts to tackle the challenges of the green transition
On 14th November, UniCredit hosted its second ESG Day - A challenged future: choosing the path ahead. The one-day event saw more than 13,000 participants join in either online or in person across ten different Group locations.
Attendees including clients, partners, employees and other stakeholders, alongside a host of renowned ESG experts, engaged in a series of impactful discussions covering the full spectrum of ESG topics.
The event spanned three roundtable panels and a joint interview, all moderated by CNBC's Silvia Berzoni, and featuring appearances from UniCredit CEO and Head of Italy, Andrea Orcel, and Head of Group Strategy & ESG, Fiona Melrose. There were also keynote speeches from philosophers Andrea Colamedici and Maura Gancitano, Founders of the Tlon Project, and Dieter Helm, Professor of Economic Policy University of Oxford.
One of the key takeaways was the need to be "brutally realistic" about the current environmental scenario. More than three decades on from the publication of the Brundtland Report in 1987, the global economy is still around 80% dependent on fossil fuels - and that 80% is of a much larger world energy demand. This problem is compounded by continued depletion of the world's biodiversity and carbon sinks.
The introductory speech from Tlon saw a reprise of last year's theme of "cathedral thinking", whilst at the same time, encouraging a gardener's mindset - understanding that everything is interconnected and every action has long-term consequences. We must move away from controlling nature to collaborating with it.
The first session focused on "The social dilemma: how climate change and technology are reshaping society?", recognising the "S" component as a fundamental lever for a just and fair transition. The panellists also highlighted eco-anxiety as something that can be channelled into concrete community actions to build resilience. To harness this, companies must define clear ecological values that reflect those of their workers.
This was followed by a session entitled "A zero-sum game? Solving sustainability trade-offs", which highlighted the need to manage conflicting interests as part of the transition, with meaningful action often requiring a delicate balancing act between environmental, social and biodiversity issues. There's no silver bullet for this difficult situation; firms will have to take a nuanced approach, taking into account their own unique and complex contexts, to drive gradual progress with a clear governance. As the panellists noted, it's important to be realistic about what is being sacrificed for what.
The next session was focused on practical steps forward in the face of these challenges: "The way forward: from responsibility to response-ability", which focused on the importance of establishing alternative models and approaches in order to foster more sustainable ways of doing business. Examples included service providers tracking consumer behaviour and offering rewards such as better pricing for customers that demonstrate sustainable tendencies. Similarly, this approach could be applied to investors, with creditors who contribute to a company's sustainability goals earning a better return.
The event also provided a moment for the bank to formally launch the workers' stream of its Skills for Transition programme, which delivers strategic training to the workforce of companies expected to be impacted by the green transition - helping them to develop the skills they need to meet the demands of a changing environment whilst generating a measurable social impact. Fully funded by UniCredit, the programme spans six UniCredit Group countries: Italy, Germany, Bulgaria, Czech Republic, Slovakia and Romania, delivering specific learning paths via a digital platform and in workers' local languages.
Commenting on the event, Fiona Melrose, Head of Group Strategy & ESG, UniCredit, said, "The road to transition is not straightforward; it's littered with complexities and trade-offs. But it's a road that we all walk together. That's why it was so energising to have a room full of clients for our second ESG Day, tackling the tough questions and adding value by sharing concrete actions that we can all take. We must be realistic about the difficult scenario we face, but that doesn't mean we can't be optimistic, as sustainability and environmental transition also allow us to rethink the way we do things."
More information on the themes discussed on the day can be found in this white paper, produced in advance of the event to serve as framing content, whilst more details on the event itself - including a full recording of the sessions - can be found on the dedicated ESG Day website.
More information on the bank's Skills for Transition programme can be found here.
Milan, 28 November 2024
For further information, please contact: mediarelations@unicredit.eu