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Economic assessment of our impacts

Effects related to greenhouse gas emissions were assessed.

Atmospheric emissions

Given that they are responsible for global warming and the related adverse effects, it is a well-known fact that greenhouse gas emissions have considerable impact on the environment and society. The cost of impact related to the emission of a unit of emitted greenhouse gas is referred to as “Social Cost of Carbon” (SCC). Several studies have been carried out and various methods have been developed on this regard. However, they do not converge on one value but on a rather wide range of values due to the inconsistency parameters taken into account.

For this reason, it was decided to take the influential study conducted by Sir Nicholas Stern for the Government of the United Kingdom and published 2006 [1] as the initial reference. The study in question offers an in-depth analysis of the economic impact of climate change and the processing of the same developed by Department for Environment, Food and Rural Affairs (DEFRA) of the United Kingdom, published in 2007 [2].

The Stern Review estimated a Social Cost of Carbon amounting to 30 USD/tCO2e [3] in 2000, equivalent to € 32.60 [4]. Applying the currency revaluation coefficient for Italy with respect to 2000 [5], the Social Cost of Carbon attributed to one ton of CO2e emitted in 2018 is equivalent to € 44.30. This is the value applied when assessing the economic impact, illustrated in the tables below.

[1] Stern Review: The Economics of Climate Change
[2] The Social Cost of Carbon and the Shadow Price of Carbon: what they are and how to use them in economic appraisal in the UK.
[3] Stern Review, Chapter 13. The estimate is based on an objective of limiting the concentration of CO2 in the atmosphere to 550 ppm.
[4] Calculated applying the average exchange rate for 2000, 1 EUR = 0.92 USD.
[5] Source: ISTAT (the Italian National Institute for Statistics).

Assessment applied to the Group
Scope  Emissions [tCO2e]Economic impact [€]
Scope 1165,9217,350,858
Scope 2


Scope 3*


Scope 1+2+3


  • *

    Scope 3 emissions solely comprise employee commuting between home and worksite as well as personnel business trips by aeroplane and train.

Assessment applied to BU Domestic only
Scope  Emissions [tCO2e]Economic impact [€]
Scope 1143,5956,361,740
Scope 2


Scope 3*


Scope 1+2+3


  • *

    Scope 3 emissions solely comprise employee commuting between home and worksite as well as personnel business trips by aeroplane and train.