ERG SpA

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

ERG's core business is 100% wind and solar electricity generation with ~4 GW installed capacity across nine countries and no remaining fossil assets, delivering direct, large-scale avoided emissions; the EIB explicitly recognised the project portfolio as reducing carbon emissions and air pollution.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

ERG has an integrated ESG Plan approved by its Board and publishes annual sustainability statements, but no SBTi-validated near-term or net-zero targets have been identified, and third-party trackers indicate the group does not formally participate in CDP or SBTi — a significant credibility gap for institutional climate investors.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

ERG has reported sustainability performance since 2007, achieved a Standard Ethics 'E+' rating upgrade in 2022, and its 2024 Sustainability Statement is the first prepared under CSRD/ESRS standards; however, independent labour, community-impact, and biodiversity data for wind farm siting across multiple jurisdictions is limited in publicly searchable form.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

ERG publishes an annual Integrated Report and Sustainability Statement (now CSRD-compliant), issues green bond reports with use-of-proceeds disclosure verified by the EIB, and has 18 years of sustainability reporting history; however, the absence of a CDP questionnaire submission and any SBTi submission limits independent, standardised verification of GHG data and targets.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

No material environmental controversies, pollution incidents, fossil lobbying, conflict-zone involvement, or governance scandals were identified in public records; the transition out of oil refining was commercially orderly, and ERG's ownership structure (Garrone-Mondini family via San Quirico + IFM Investors) is transparently disclosed on the Italian stock exchange.