The carbon footprint is a calculation of the direct and indirect emissions (Scope 1, Scope 3) generated by a product, organization or individual. We use this rigorous assessment of sustainability to give an accurate measure of the environmental impact of Etica investments Funds. Results of the carbon footprint analysis are taken into account in the whole investment process: from the analysis of issuers and securities to dialogue with companies.
The environmental impact of our investments
Since 2015 Etica signed the Montréal Carbon Pledge [1] and made the public a commitment to measuring and reporting the emissions of its portfolio through a calculation of its carbon footprint, focusing attention on the environmental aspects of sustainable and responsible investments.
In 2020 Etica extended the boundaries of the carbon footprint analysis covering all funds of Sistema Etica and all asset classes.
From 2026 onwards, all analyses will also include issuers’ Scope 3 emissions (for both corporate and sovereign issuers) and will provide for a dedicated analysis relating to Green Bonds.
Etica adopts the measures recommended by the Partnership for Carbon Accounting Financials (PCAF) and by the Task Force on Climate-related Financial Disclosures (TCFD), a global organization established to improve transparency in the disclosure of climate-related financial information.
Carbon Footprint 2026: Etica Fund’s Commitment to Reducing Fund Emissions
According to the latest Global Climate Highlights published by the Copernicus Climate Change Service, 2025 was the third warmest year ever recorded globally. For the first time in the history of instrumental observations, the average global temperature over the three-year period 2023–2025 exceeded the 1.5°C threshold. Exceeding the limit established by the Paris Agreement entails a significant increase in physical, transition and systemic risks, with direct impacts on economic stability, asset values and the resilience of production and financial systems.
The report also highlights how global warming, directly attributable to human activities, continues to accelerate, driven by the increase in greenhouse gas emissions and the progressive degradation of natural ecosystems. This scenario confirms the urgency of a rapid and structural change in economic and financial systems in order to contain the rise in global temperatures and reduce exposure to climate-related risks.
In this context, Etica SGR continues its commitment to the measurement, monitoring and reduction of the carbon footprint of its funds by integrating emissions analysis into investment processes and stewardship activities. The objective is to make a concrete contribution to the transition towards a low-carbon economy, consistent with a long-term vision focused on economic, environmental and social sustainability.
Cristina Colombo, Stewardship and Climate Specialist at Etica Funds, states: “The TCFD report shows significant progress: for the Valori Responsabili Line, we achieved a 78% reduction in carbon intensity compared to 2019, and 42% of the production capacity of the companies in the portfolio comes from renewable sources. The Etica Transizione Climatica fund also shows positive results, with a 50% reduction in carbon intensity and 92% of the portfolio associated with companies that have international climate targets. Both funds are aligned with a Net Zero scenario defined by the International Energy Agency, considered a scientific benchmark for a transition consistent with the Paris Agreement and for the reduction of long-term climate risks.”
Carbon footprint 2026
The Task Force on Climate-related Financial Disclosures (TCFD) aligned Report released by the company ISS ESG in relation to the positioning of Etica’s Linea Valori Responsabili Funds, Etica Impatto Clima Fund and the Luxembourg Range.
[1] The Montréal Carbon Pledge initiative in now closed (closed by the PRI in 2023)
This document is a marketing communication issued by Etica Sgr S.p.A. (“Etica”). The economic and financial data, as well as the numerical, percentage or aggregated figures referred to in the material contained in this communication, reflect market conditions and the information available at the time of drafting and may therefore be subject to change in relation to developments in financial markets or newly available information. Etica is under no obligation to amend, supplement and/or update the data contained in this material. Any information contained in the material included in this communication relating to past performance, forecasts or assumptions regarding future prospects should not be considered indicative of future results; likewise, any opinion, strategy or assessment contained therein or derived therefrom is provided solely for illustrative purposes and may not be construed as a solicitation, an investment recommendation or investment advice. This communication does not in any way take into account the characteristics of any person who may become aware of it, including the applicable tax regime, investment objectives, knowledge and experience in investment matters, risk tolerance and financial situation. Investment in funds is subject to the risks associated with the underlying assets, which affect the performance of the value of the related units or shares. Etica SGR does not provide any guarantee of returns and does not guarantee the repayment of the invested capital. Etica makes no representation or warranty and assumes no liability with respect to the achievability, suitability, reasonableness or reliability of any forecast or assessment contained in, or derived from, the material provided. Investors should enter into an investment transaction only after fully understanding its overall characteristics and the degree of exposure to the related risks, through careful reading of the KID and the prospectus of the individual funds, which — together with information on sustainability-related aspects pursuant to Regulation (EU) 2019/2088 — are made available at https://www.eticasgr.com/en/retail-clients/documents and through the distributors of the funds listed at https://www.eticasgr.com/en/retail-clients/where-to-subscribe on the website https://www.eticasgr.com/en. Recipients of this material assume full and absolute responsibility for the use of the information contained in this communication and for any investment decisions made on the basis thereof, as the use of such information as support for investment decisions is not permitted and is entirely at the investor’s own risk; consequently, Etica disclaims any liability for losses arising from the use of the information contained in this marketing communication.
