Snam has strengthened its business model with a view to achieving the UN’s sustainable development goals, building a scorecard of ambitious objectives on ESG issues to generate positive impact both for the company and its stakeholders.The targets have a three-year timescale and the scorecard will be monitored and reviewed annually
Snam, driven by the growing need to redefine its priorities for the future and improve its non-financial communications, has strengthened its goal setting process. It will be done by means of a new scorecard having a three-year timescale and subjected to annual control and review. The ESG scorecard cover thirteen relevant areas concerning Environment, Social and Governance aspects.
The ever-increasing importance of non-financial aspects in defining corporate strategies, the consideration that investors place on ESG issues in their investment choices, as well as the interest of all stakeholders in the Company's modus operandi, have driven Snam to strengthen its ability to measure its impact on the planet and society. Having implemented a sustainable development model and committed to reducing its impacts through sustainability projects and initiatives several years ago, Snam has decided to further integrate sustainability into its business: this is how the new ESG Scorecard was born, a tool designed to provide maximum disclosure on the main environmental, social and governance aspects and to assess the performance of the group with respect to certain targets defined for the coming years.
Through its sustainability model, Snam already monitors over 140 KPIs in the ESG field, many of which are supported by multi-year targets. With its new ESG Scorecard, Snam has decided to further strengthen this process by defining specific annual KPIs and targets belonging to the environmental sphere (natural gas emissions, energy savings, green innovation, land protection and biodiversity), social ( welfare, employee engagement, safety, gender diversity, responsible and sustainable supply chain, local communities) and governance (governance structure and its functioning, infrastructure reliability, anti-corruption).
The ESG Scorecard into action process is annual. Led by the ESG officer, the process of publishing involves all the competent functions of the Company and its subsidiaries, aimed at revisiting and updating the ESG areas and the reference KPIs, with an aim of demonstrating continuous improvement and maintaining a constant dialogue with stakeholders and the market.
In the environmental field, Snam has always been committed to reducing its impact on the planet and to safeguarding the natural habitat in which it operates. The goal of achieving carbon neutrality by 2040 (Net Zero Carbon) is in line with the efforts made in past years and positions the company as a leader in the energy transition process defined in 2015 with the Paris agreements. However, Snam's commitment in the environmental field is not limited to its ambitious strategy of containing and offsetting climate-changing emissions, but also touches on other aspects such as energy efficiency, the development of new businesses aimed at the energy transition and the protection of biodiversity. This holistic approach enables Snam to make a concrete contribution to the fight against climate change and to safeguarding the environment in general.
Employees and local communities are at the heart of Snam's social strategy, a strategy that has been further strengthened in recent months in response to the global health emergency of Covid-19. Snam’s approach puts people at the centre, committing to spreading a culture both internally and externally that values and defends the individual as a whole, protects their mental and physical health, promotes their development and diversity. Through the sustainable management of its supply chain and specific involvement of local suppliers, Snam is also committed to supporting the Italian economy in its small and medium-sized enterprises.
Legality and integrity, as well as the reliability of its service and efficiency in managing the network, are the guidelines that inspire all of Snam's actions and projects. With the awareness that a company must be evaluated and perceived not only for what it does but also for how it does it, Snam is committed to defining targets that make its business responsible and valuable. Guaranteeing a reliable service, measuring customer satisfaction, assessing the risks associated with the supply chain and bringing ESG issues into the decision-making and induction processes of the Board of Directors are issues of absolute priority for the company for conducting its business in an increasingly ethical and sustainable manner.
08 January 2021 - 09:21 CET