Sustainable Fitch-Barcelona-04 December 2025: Sustainable Fitch has provided its Second-Party Opinion on the Italian green bond framework, published on 4 December 2025; we consider the framework to align with the ICMA Green Bond Principles. Our Second-Party Opinion is that the framework’s alignment is ‘Excellent’ and that it partly aligns with the EU taxonomy.
Italy is one of Europe’s largest, most diversified economies; its framework helps mobilise funds for green investments that support national and EU decarbonisation goals. Italy has issued EUR60.06 billion in green bonds since 2021 and remains committed to having a strong presence in the global green bond market.
The update to the framework reflects the latest market practices and regulatory requirements, including the EU taxonomy. The six green categories have clear environmental benefits, and support Italy’s sustainable development strategy. Italy uses its best efforts to align expenditures with the EU taxonomy, with an aim to meet the substantial contribution criteria (SCC).
Italy’s framework supports programmes and projects that promote climate change mitigation and adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; and the protection and restoration of biodiversity and ecosystems.
The framework demonstrates partial alignment with the EU taxonomy. Clean transport, the vast majority of renewable energy and several other selected expenditures fully align with the SCC. Italy will assess do no significant harm compliance where feasible. All projects meet the minimum safeguards; compliance is grounded in Italy’s laws and constitution, which meet the OECD guidelines, the UN Guiding Principles on Business and Human Rights, and the International Labour Organization’s core conventions.
The framework aligns with the four core pillars of the ICMA Green Bond Principles. The process for selecting eligible expenses is robust and follows market best practices; the management of proceeds is transparent; and the reporting commitments are excellent.
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