MILAN (Reuters) - UniCredit has set Net Zero intermediate targets for direct emissions by 2030 within its credit portfolio for the three most carbon-intensive sectors, such as oil and gas, power generation and automotive.

Specifically in oil and gas, within a total credit portfolio of €7.8 billion, the institution is aiming for a 29 percent reduction in Scope 3 funded emissions, a note said.

In power generation (8.9 billion portfolio) UniCredit is committed to achieving a reduction of about 47 percent of the 'Scope 1' weighted physical intensity to 111 gCO2e/kWh, and in automotive (1.8 billion portfolio) of about 41 percent of the 'Scope 3' weighted physical intensity "Tank To Wheel "4

to 95 gCO2/km5.

Intermediate targets to 2030 are based on achieving the Net Zero target for financed emissions by 2050.

(Andrea Mandalà, editing Stefano Bernabei)