Snam

BIT: SRG33Laggard· Provisional

0 followersGas utility / LNG·San Donato Milanese, Italy·Founded 1941

www.snam.it

Snam is Italy's leading gas infrastructure company, operating one of Europe's most extensive gas transmission and distribution networks alongside regasification and storage assets.

33/100

Laggard· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: highData confidence: high

Why it's on ClimateTicker

Snam is Italy's dominant gas transmission and storage operator, positioning itself as a 'green infrastructure' pivot toward hydrogen, biomethane, and CO₂ transport — but its core business remains fossil-gas throughput, with IEEFA estimating end-use combustion of its transported gas at ~143 MtCO₂e annually, a figure largely absent from its own disclosures. The gap between its prolific sustainability-linked debt issuance and its continued heavy capex on unabated fossil-gas infrastructure is the central credibility problem for climate investors.

laggardSnam earns regulated returns from operating Italy's national gas transmission network, underground storage facilities, and regasification terminals, with growing but still-minor investments in biomethane, hydrogen-ready infrastructure, and CCUS.

Commitments & Certifications

CDP: Disclosed — score not confirmed A-list ↗other: EU Taxonomy-aligned transition bonds — partial ↗SBTi: Not validated — targets self-described as 'aligned with generic SBTi methodology' only ↗

Controversy & Greenwashing Watch

mediumCarbon Lock-in Risk from €27B Infrastructure Plan

IEEFA warned that Snam's €27B (2025–2034) investment plan, with less than half aligned to EU taxonomy, could entrench fossil-gas asset dependence and create material stranded-asset risk under accelerated decarbonisation scenarios.source ↗

mediumSustainable Bond Proceeds Opacity

IEEFA and Anthropocene FII found that proceeds from Snam's 'climate action' bonds can be used as working capital for non-eligible activities, and that €918M of EU taxonomy-aligned bond proceeds were not allocated to identified projects as of 2023.source ↗

highScope 3 Category 11 Emissions Omission

Snam's sustainability-linked bonds and CDP disclosures do not include emissions from combustion of transported gas, the company's largest climate impact by far, denying investors a complete picture of transition risk.source ↗

highFossil Gas Lobbying — EU Methane Regulation & Taxonomy

LobbyMap documented Snam advocating to weaken the EU Methane Regulation (less frequent leak detection), lobbying for fossil gas inclusion in the EU sustainable taxonomy, and opposing energy-efficiency legislation that would phase out gas appliances.source ↗

highIEEFA 'Classic Greenwashing' Finding

IEEFA concluded Snam markets net-zero ambitions while devoting the vast majority of capex to unabated fossil-gas infrastructure and excluding end-use combustion (est. 143 MtCO₂e/yr) from its Scope 3 disclosures.source ↗

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