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December 2022

03. External recognitions of Italgas’role in sustainability keeps growing
Data di pubblicazione:

2022 marks a further improvement in Italgas’ positioning in sustainability rankings and ratings. This reflects the appreciation of Italgas’ ability to set itself ambitious goals and targets, while maintaining a strong governance, and the constant commitment in respecting our people and stakeholders.

Noteworthy, in December 2022, our first-time inclusion CDP Climate Change A-list and the confirmation in the Dow Jones Sustainability Index Europe and Dow Jones Sustainability World.

The financial community has proven to be very sensitive to environmental, social and ethical issues as a core value driver and differentiating investment factor.

Socially responsible investors make their investment choices based not only on financial data, but also on non-financial assessments in the area of sustainability or Environmental, Social and Governance (ESG) performance.

To support their investment choices, these investors rely on the studies of specialized rating agencies, which make in-depth analysis of the solidity of company profiles and specifically of their sustainability, issuing an overall judgement, defined as ESG rating, and providing helpful tools in the definition of sustainable investment strategies. Based on the results of such analysis, the agencies themselves or third-party entities construct sustainability indices that include the companies with the highest ratings resulting from the analytic process.

This is a complex process, which rewards not only those who are able to meet the required criteria, but also those who know how to constantly challenge themselves. It is a continuously evolving process, and a good result achieved one year is no guarantee that the same result will be achieved the following year.

Italgas’ strategy is strongly integrated with sustainability issues. In June 2022, the group presented its 2022-2028 Strategic Plan, further improving the environmental and social targets set in June 2021. Specific initiatives have been identified to reduce Scope 1&2 emissions by 33% and net energy consumption by 33% in the 2020-30 period, on a like-for-like basis. Further the company is committed, over the same period, to cut Scope 3 supply chain emissions by 33% and for the first time has set itself a Net Zero target in 2050 (both for Scope 1&2 emissions and for Scope 3).   At the same time, in the area of human resources management, the Group has committed to doubling individual training hours by 2028 and have between 25% and 27% of women in positions of responsibility.

Moreover, in December, two further important document were disclosed to the market. The 2022-2028 Sustainable Value Creation Plan, “Builders of the Future”, which sets concrete actions and ambitious targets for the creation of value for the Group’s stakeholders and for the territories in which it operates and the Value Creation Plan, the “Driving innovation for energy transition” that explores the relationship between Italgas Group’s business and the impacts associated with climate change in line with the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD).

Main results in 2022, by date

Sustainability Yearbook inclusion

In February 2022, based on the results of 2021 CSA assessment, Italgas was included in The Sustainability Yearbook 2022 and received the Gold Class for its excellent sustainability performance.

Improvement of Moody’s ESG solutions rating

In July 2022, Moody’s ESG Solutions (formerly known as Vigeo Eris rating), recognized the commitment of Italgas on sustainability with an “Advanced” rating, thanks to an overall improvement of 10 points compared to rating of the previous year. The progress was mainly determined by the actions carried out and the further commitments undertaken by the Group in the environmental, social and governance fields.

MSCI Rating improved to AA

In August 2022 Italgas received an AA rating in the annual MSCI ESG Ratings assessment, improving its rating relative to the previous year when it was rated A. Italgas also achieved the maximum score in the Environmental section.

The rating informs the inclusion in the MSCI Global Sustainability indexes that include the companies with a high sustainability rating.

Confirmation in the MIB ESG index

On 18th October 2021, Italgas share was included in the MIB ESG Index, the first blue-chip index for Italy dedicated to Environmental, Social, and Governance (ESG) best practices by Borsa Italiana, part of the Euronext group. The MIB ESG Index, made operational by Euronext in collaboration with Vigeo Eiris (V.E., part of Moody’s ESG Solutions), includes the most important Italian listed issuers that show the most effective behaviors within the three main parameters of corporate social responsibility. Such inclusion was reconfirmed during of 2022, last time in September.

ISS ESG corporate rating reaffirmed, score raised

In October 2022, the rating agency ISS – Institutional Shareholder Services – confirmed the score of A- and the Prime rating status for Italgas as part of the ISS ESG Corporate Rating. Italgas further improved its performance score above 82 points. ISS’s analysis focuses on companies’ management of ESG issues, based on various criteria, most of which are specific to the sector they belong to; Italgas has thus obtained both the ‘Prime’ rating proving to be a leader in its sector in terms of sustainability performance.

A rating medal for public disclosure by GLIO GRESB confirmed

In November 2022, Italgas was one of the companies to receive an A rating from GLIO GRESB for the quality of its ESG communication. This recognition was reflected in the Company’s weight in the rebalance of the GRESB indexes.


In November 2022, Italgas has positioned first, for the second year in a row, in the Gas Utilities Industry in the S&P Global Corporate Sustainability Assessment, with a score of 91 points over 100 (score date 18/11/2022).

Thanks to such result, the company was reconfirmed for the fourth year in a row in the DJSI World and for the second year in the DJSI Index Europe.

The two indices include the European and world leaders in sustainability selected by S&P Global each year based on the score achieved in the Corporate Sustainability Assessment (CSA).


In December 2022, Italgas was included for the first time Italgas in the “A-list” of CDP (Carbon Disclosure Project) that groups sustainability leaders worldwide based on transparency and performance on climate change. The result is based on the data reported through CDP’s 2022 Climate Change questionnaire and marks the second consecutive year of improvement for Italgas.

In 2022, CDP analysed more than 15,000 companies worldwide investigating the topic of climate change, forests and water security. Only 330 of them achieved the ‘A-level’ of which 283 for climate change and 6 in Italy. CDP assessment considers the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, including setting of ambitious targets.