Fincantieri

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

Fincantieri has a target to reduce its scope 1 and 2 emissions by 20% by 2030, and intermediate targets for a reduction of 4% by 2025 and 8% by 2027, compared to 2021. Additionally, the company has set a target to reduce its scope 3, use of sold products (category 11) emissions by 30% by 2025 and 40% by 2030, compared to 2008, and it aims to have net-zero ships by 2050. However, between 2019 and 2023, Fincantieri’s scope 1 and 2 absolute emissions have increased, leading the company off track from its 1.5°C pathway.

Fincantieri has a comprehensive low-carbon transition plan informed by climate scenario analysis that has considered the implications of a 1.5°C scenario. Moreover, the company has implemented board-level oversight and incentives for managing the low-carbon transition. Fincantieri is also developing low-carbon business models, such as construction of cruise ships using alternative fuels and fuel cells to support the main engines, with orders for these vessels scheduled to grow.

Fincantieri invested USD 164 million in research and development (R&D) in 2023. However, the company does not disclose what proportion of its R&D expenditure is invested in low-carbon technologies. Furthermore, Fincantieri’s low-carbon capital expenditure (CapEx) in 2023 accounted for only 3% of its total CapEx. The company’s low-carbon revenue in 2023 was only around 14% of its total revenue.

Although Fincantieri has implemented a supplier engagement strategy, it does not specifically include GHG emissions reduction requirements for suppliers. Creating quantified targets will provide clearer direction to the company’s whole supply chain. The company also provides limited evidence of a client engagement strategy to influence its clients to reduce their GHG emissions or use low-carbon alternatives. Moreover, Fincantieri does not disclose a policy to manage engagement with trade associations on climate change issues.

The company discloses the categories of stakeholders it engages with on a just transition. These include customers, employees, suppliers and representatives of the communities in which it operates. However, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders. No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. The company discloses the actions it takes to provide reskilling and upskilling opportunities for workers and affected stakeholders. However, no relevant disclosure was found of the company embedding equality of opportunity for women and vulnerable groups in these actions. Furthermore, no evidence was found of the company having a process for identifying skills gaps for workers and affected stakeholders or a public commitment to help workers displaced by the transition to reskill or upskill.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders. No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

Fincantieri commits to respecting human rights and the ILO fundamental rights at work, and it expects its business relationships to respect the ILO fundamental rights at work. Additionally, the company has a process to identify, assess and mitigate salient human rights risks in its own operations and its supply chain.

Fincantieri commits to respecting the health and safety of its workers and expects the same commitment from its business relationships. However, no evidence was found of the company having a time-bound target for paying all workers a living wage. While the company discloses the proportion of its direct workforce covered by collective bargaining agreements, no relevant disclosure was found of the company’s required working hours. Fincantieri discloses some indicators of workforce diversity, including the age and gender of its workforce by employee category. The company has a commitment towards gender equality and women’s empowerment.

Fincantieri commits to protecting personal data. However, no evidence was found of the company having a privacy statement regarding the collection, sharing and access to personal data. While the company discloses its global tax strategy, no relevant disclosure was found of the corporate income tax it pays in each relevant jurisdiction. Fincantieri has a policy prohibiting bribery and corruption, and it includes corresponding clauses in its contracts with business relationships. Furthermore, the company has a lobbying and political engagement policy, and it specifies that it does not make political contributions. Yet, no relevant disclosure was found of the company’s expenditure on lobbying activities