Enel

Borsa Italiana: ENEL65Credible Contributor· Provisional

0 followersIntegrated utility·Rome, Italy·Founded 1962

www.enel.com

Italy's largest power utility and one of the world's biggest integrated operators, with 16.9 GW renewable capacity in Italy alongside 11.3 GW of thermal; committed to phasing out fossil gas by 2040.

65/100

Credible Contributor· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: mediumData confidence: high

Why it's on ClimateTicker

Enel is the world's largest renewable energy operator by managed capacity (~66 GW) and a genuine leader in the energy transition, with SBTi-validated 1.5°C-aligned targets and a commitment to full decarbonisation by 2040. However, it still operates significant fossil gas and residual coal capacity, missed its 2023 SLB emissions intensity target (actual: 160 gCO2eq/kWh vs. goal of 148), and has quietly dialled back some prior renewable buildout ambitions. Investors should treat Enel as a credible, transition-stage utility making measurable progress — not yet a pure-play green company.

mitigationEnel earns revenue through integrated electricity generation (renewables + thermal), transmission and distribution grid operations serving ~68.5 million end-users, and retail supply of electricity and gas to ~55 million customers across 30+ countries.

Commitments & Certifications

CDP: Annual Disclosure — score not independently confirmed in search results (historically A-list) ↗other: EU Taxonomy-aligned capex — 80% target ↗SBTi: Targets validated — 1.5°C-aligned, Scope 1/2/3 ↗

Controversy & Greenwashing Watch

mediumMissed 2023 SLB Carbon Intensity Target — $11B Bond Penalty Triggered

Enel failed to meet its 2023 Scope 1 carbon intensity KPI of 148 gCO2eq/kWh (actual: 160), triggering coupon step-ups on ~$11 billion of sustainability-linked bonds totalling ~€83 million in additional interest — the largest SLB penalty ever recorded.source ↗

mediumDowngraded SLB Interim Targets in 2024 Framework

IEEFA analysis found that Enel's January 2024 sustainable financing framework set weaker near-term emissions intensity and renewable capacity share targets than its February 2023 framework, raising concerns about ambition reduction and potential greenwashing of its debt instruments.source ↗

mediumScaled-Back Renewable Buildout Ambitions (2024–2026 Plan)

Enel's 2024–2026 strategy materially reduced its renewable capacity share targets (to 73% from 76% for 2025 and to 80% from 85% for 2030) and slowed the renewable gigawatt addition pace, raising risk that the company will rely on non-renewables pathways to meet future emissions targets.source ↗

lowDelayed Coal Phaseout Due to European Energy Crisis

The Russian invasion of Ukraine forced Enel to extend coal plant operations beyond planned timelines under European energy policy, directly contributing to its 2023 emissions target miss.source ↗

lowSDG Bond Greenwashing Accusations (historical)

Enel's early sustainability-linked SDG bond was publicly criticised as greenwashing by commentators who argued the proceeds were not ring-fenced for green projects and targets were insufficiently ambitious.source ↗

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