It also identifies its perimeter of application and draws up the lines of action to make the Bank’s commitment concrete. The Charter applies to the financial portfolio and foreign exchange reserves over which the Bank has full decision-making autonomy. It does not apply to monetary policy portfolios, whose management is the responsibility of the Eurosystem.
In the last three years, Banca d’Italia has progressively applied ESG criteria to its investments, adopting different strategies per asset class. For equity investments in Italian and euro-area stocks, amounting to about EUR 16 billion, the strategy is based on both financial and sustainability considerations.