Snam

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.

Snam's core business is transporting and storing fossil natural gas; IEEFA estimated that downstream combustion of its transported gas produced ~143 MtCO₂e in 2019 — roughly 144x its own reported Scope 3 — while less than 30% of 2023 capex aligned with the EU taxonomy, and continued gas infrastructure investment risks significant carbon lock-in.

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

Snam has published interim Scope 1+2 reduction targets (25% by 2027, 40% by 2030, 50% by 2032) described as aligned with generic SBTi methodology, and a net-zero-by-2050 transition plan, but these targets are NOT formally SBTi-validated (SBTi has not finalised an oil & gas sector methodology covering midstream operators), Scope 3 reporting excludes transported-gas combustion emissions, and up to 10% of residual emissions are covered by offsets.

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

Snam produces detailed TCFD-aligned ESG reports, has issued sustainability-linked bonds and a comprehensive transition plan roadmap with biodiversity goals co-developed with Carbonsink/South Pole, and discloses to CDP; however, governance concerns include limited transparency on industry-association memberships and lobbying positions that contradict public climate messaging.

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

Snam discloses to CDP and issues TCFD reports, but critically omits Scope 3 Category 11 (transported-gas combustion) emissions from its reporting — the single largest source of its climate footprint — and has not fully detailed project-level allocation of ~€918M in EU taxonomy-aligned transition bond proceeds as of 2023, undermining the credibility of its 'green' labels.

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

Multiple credible institutions (IEEFA, Anthropocene FII, LobbyMap/InfluenceMap) have documented that Snam lobbies against EU methane regulation stringency, advocates for fossil gas as a long-term transition fuel, retains membership in pro-fossil-gas industry associations (Gas Infrastructure Europe, Confindustria), and has been directly labelled 'classic greenwashing' for marketing net-zero claims while excluding transported-gas emissions and growing fossil capex.