UniCredit said on Jan. 31 it had set 2030 emissions targets for the three most carbon-intensive sectors the bank lends money to, with the aim of reaching net zero on its financed emissions by 2050.

The Italian bank also confirmed it wanted to reach net zero on its own emissions by 2030.

In particular, UniCredit said for the oil and gas sector it will target a reduction of 29% of its indirect (Scope 3) financed emissions starting from a baseline of 21.4 millions of tonnes of CO2 equivalent in 2021.

In addition, the bank's policy prevents all support to oil and gas activities in the Arctic Region, as well as all other new exploration and expansion of oil reserves. UniCredit also expects to phase out coal financing by 2028.

The bank also published detailed emission targets for power generation and automotive sectors.

To help reach these goals, UniCredit will strengthen its advisory services for companies in high emitting sectors and boost sustainable lending, it said in a statement issued with its fourth quarter results.