F2i SGR presents its first Integrated Sustainability Report

One million tonnes of carbon dioxide emissions were avoided in 2019 thanks to the energy produced by the first renewable energy hub in Italy. Progress is being made on developing a transport and logistics system with a low environmental impact. CEO Ravanelli: "F2i plays a leading role in the country’s development and actively promotes good environmental, social and governance practices".

Milan, 5 August 2020 - Today, F2i Sgr, the largest independent infrastructure fund manager in Italy, published its 2019 Integrated Sustainability Report. With over 5 billion euro of assets under management, F2i Sgr invests in companies active in key sectors of the Italian economy - energy for transition, distribution networks, transport and logistics and social and healthcare infrastructure - providing employment for up to 19 thousand people throughout Italy. F2i Sgr has always followed sustainable values and principles, and the publication of the 2019 Report fully formalises this process and quantifies its performance and objectives. The report demonstrates F2i's leadership in the renewable energy sector, where it created Italy's largest hub in terms of installed power. The report also illustrates the constant commitment to decarbonisation and greenhouse gas reduction in all areas where F2i operates, and particularly in the high environmental impact transport sector, where F2i controls one of the main airport networks. This document reports many actions aimed at reducing the impact of investee companies and initiatives supporting social welfare.

In the letter sent to investors, which include leading Italian and international financial institutions, Renato Ravanelli, CEO of F2i Sgr wrote, “Our ability to turn financial resources entrusted to us by domestic and foreign investors into projects for the real economy with a strong local impact, makes F2i a leading player in Italy’s development. This also made F2i aware of its role as promoter of good environmental, social and governance practices”. 

Since 2018, F2i Sgr has been aligned with international best practices. In fact, F2i Sgr has an Environmental Social Governance (ESG) policy, an ESG committee that oversees an action plan, and has adhered to the UN PRI (United Nations Principles for Responsible Investments), a United Nations initiative aimed at promoting the incorporation of ESG principles into traditional asset management and investment decisions. F2i's commitment to sustainability is thus reflected in the choice of sectors in which it invests (such as renewable energy and clean technologies), in its exclusion of unsustainable investments, and in the guidelines for the 19 portfolio companies held by F2i, which are asked to apply sustainability criteria and parameters in their daily operations. 

Important results were achieved in terms of renewable energy, where F2i Sgr, through its subsidiaries EF Solare, E2i Energie Speciali, Veronagest and San Marco Bioenergie, formed the largest Italian hub for the production of renewable energy in Italy (solar, wind and biomass) with an installed capacity of 2,000 Megawatts throughout Italy. Thanks to the contribution of F2i's green energy sources, one million tonnes of carbon dioxide emissions were avoided in Italy - a significant contribution to the energy transition targets set by the Integrated National Energy and Climate Plan (PNIEC).

Regarding the logistics and transport sector, the Fund's commitment consists both in directing its subsidiaries in the airport sector (one of the largest Italian networks with over 60 million passengers) towards the use of renewable sources of energy and self-generation through photovoltaic systems, and in directing the Fund's investments towards low environmental impact transport sectors, such as rail transport, where in 2020 the Fund acquired CFI, the second largest rail freight transport company in Italy.  

In distribution networks, 2i Rete Gas, the first independent private gas distribution operator in Italy with 4.4 million customers, supports the promotion of the use of gas as an inexpensive, low-emission energy source and is exploring the opportunities offered by biomethane.

Regarding the commitment to employees and gender neutrality, of the approximately 19 thousand people employed by the portfolio companies, 93% are on permanent contracts, 51% of which are women. Approximately 200,000 hours of training were provided in 2019, including nearly 4,000 hours focused on anti-corruption issues: a commitment that has resulted in zero corruption incidents during the year. 
The report also highlights the numerous actions supporting the local areas where F2i Sgr has operations: from biodiversity projects to monitoring and reporting on plant emissions to relationships with local communities, through which in recent years F2i has been a reliable and ethical contact for local communities.  

The executive summary of the report can be found at www.f2isgr.com