ESG indices and ratings

We keep an open dialogue with the financial community to improve our ESG performance and generate long-term value. 

As part of this process, to engage in constructive dialogue with stakeholders on our ESG actions is a priority for us.  

 We firmly integrate the governance of ESG related issues into our strategic management. 


The financial community is increasingly sensitive to sustainability related topics.Socially responsible investors take their investment decisions based not only on financial data, but also on non-financial assessments of sustainability or Environmental, Social and Governance (ESG) performance. 
Specialised rating agencies carry out in-depth analyses on the soundness of company’s Sustainability strategies and performances issuing an overall judgement, known as an ESG rating, and providing useful tools insights for defining sustainable investment strategies. 

Over the past few years, our commitment and actions have been recognised by the financial community, which has positively assessed our environmental, social and governance achievements.

ESG indices

Dow Jones Sustainability Index

In December 2023, Italgas has positioned first, for the third year in a row, in the Gas Utilities Industry in the S&P Global Corporate Sustainability Assessment, with a score of 89 points over 100 (score date 24/11/2023).  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).


Since 2017, Italgas stock has been included in the FTSE4Good index series. 

FTSE4Good positively assessed the Group’s responses to the rigorous criteria of the independent FTSE methodology in the Environmental, Social and Governance (ESG) area. Such inclusion was reconfirmed in June 2023.
Created by global index provider FTSE Russell, the FTSE4Good Index assesses the performance of companies that demonstrate sound ESG (Environmental, Social and Governance) practices. The FTSE4Good indices are used by a wide variety of market participants to create and evaluate responsible investments.


In October 2021 Italgas was included in the MIB ESG Index, the first blue-chip index for Italy dedicated to ESG best practices of Borsa Italiana, part of the Euronext group.  

The inclusion was reconfirmed in September 2023. 

The MIB ESG Index, made operational by Euronext in collaboration with Moody’s ESG Solutions, includes the most important Italian listed issuers that demonstrate they implement the most effective behaviors within the main parameters of corporate social responsibility. 



Italgas shares are included in several MSCI indices, including the Sustainability Indexes. 

In August 2022 Italgas received an AA rating in the annual MSCI ESG Ratings assessment, improving its rating relative to the previous year. This rating has been confirmed in 2023. The MSCI Global Sustainability indexes include the companies with a high sustainability rating among those of the relevant sector. 


The Italgas share was confirmed in the ECPI Euro ESG Equity and included in the  ECPI Global Infrastructure Equity and ECPI Global Carbon Liquid Equity indices in June 2022. 

ECPI focuses on the ESG  performance indicators which determine the sustainability profile of an issuer. ECPI uses an objective, industry-specific approach to analysing ESG data with the aim of translating largely qualitative information into quantitative indicators and assigning each issuer a score and rating. 

ESG ratings 

CDP – Carbon Disclosure Project 

In February 2024, Italgas was confirmed for the second time in a row 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 2023 Climate Change questionnaire. In 2023, CDP scored more than 21,000 companies worldwide investigating the topic of climate change. Of those, nearly 400 achieved the ‘A-level’ of which 346 for climate change, 8 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.

Sustainability Yearbook – S&P Global

In February 2024, Italgas has been included for the fifth consecutive year in the Sustainability Yearbook, the annual publication by S&P Global that collects best practices, experiences, case histories from world’s top sustainability leaders.

Italgas confirmed its leadership with the inclusion in the ‘Top 1% S&P Global ESG Score’ category, thanks to its excellent performance.

The result was achieved after the Corporate Sustainability Assessment (CSA) conducted in 2023.

ISS ESG Corporate Rating

In September 2023, 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.  

The 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 the ‘Prime’ rating, proving to be a leader in its sector in terms of sustainability performance. 

Moody’s ESG Solutions

In July 2023, Moody’s ESG Solutions (formerly known as Vigeo Eris rating), recognized the commitment of Italgas on sustainability raising Italgas’ ESG rating to 69 points, an improvement of one point from 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. 


In August 2023, Sustainalytics confirmed Italgas’ low risk rating.  

Italgas received an ESG Risk Rating of 16.9 from Sustainalytics and it was assessed to be at Low Risk of experiencing material financial impacts from ESG factors. The latter is in line with the result achieved in 2021 and 2022.

Standard Ethics 

In November 2023 Italgas received the E- sustainability rating, with a stable outlook, from the non-financial rating agency Standard Ethics. The Standard Ethics Rating is an assessment of the level of compliance of companies and nations with the principles of sustainability and governance that come from the European Union, OECD and United Nations. 

The Strategic Plan 2023-2029

We integrate business and sustainability to grow responsibly in the long term.

Objectives and actions

We create value for our stakeholders through sustainability goals and ambitious projects.


We manage sustainability through sound and transparent Group governance. 

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