Part I
Backpack on our shoulders. A climb towards awareness

On March 15, 2025, a CAI Biella team led by Gian Luca Cavalli, a CAI academic and national instructor at the "Guido Machetto" School of Mountaineering, set off for Nepal to combine memory and the future, blending tradition and scientific research. Alongside him are Cesar Rosales, an Andean guide of Peruvian origin who has settled in Biella, and Donatella Barbera, the expedition's doctor. The initiative, called Limit Project X Annapurna, aims at opening a new route on the northwest spur of Annapurna, one of the most challenging peaks in the Himalayas at an altitude of 8,091 metres, paying homage to Machetto's unfulfilled dream. Supporting the tale of the journey will be filmmaker Matteo Zin and his team, while Yuri Palma will follow the expedition up to Camp 1. A symbolic element accompanies the mountaineers: a miniature of the artwork 'Olympic Union' by the Biella artist Paolo Barichello, will be donated to the Nepalese community of Waku, in memory of Martino Borrione, founder of the Bi-Nepal Onlus.

A difficult, challenging and multifaceted undertaking. An endeavour backed by the Sella Group. A year earlier, in June 2024, another CAI Biella group tackled K2, the second highest mountain in the world, with an equally ambitious goal: to collect data on the spread of microplastics at high altitudes and monitor the physiological parameters of mountaineers in extreme conditions. That expedition, pioneering in its scientific approach, laid the foundations for an integrated observation model between the environment and the human body. K2 represented a complex technical and logistical test and demonstrated how the mountain can become an open-air laboratory for investigating climate change and its impact on health. Annapurna 2025 follows in the wake of that experience, reviving its spirit and expanding its ambitions: not only data collection but also memory, culture and social responsibility.

These images and data - collected at an altitude of eight thousand meters, but with a focus on the ground - symbolize a shared responsibility, that the Sella Group has chosen to disclose through its Consolidated Sustainability Report, drawn up according to the EU Corporate Sustainability Reporting Directive (CSRD) standards, replacing the previous Non-Financial Statement (DNF). A strategic document in which companies provide detailed information on the environment, social aspects and governance (ESG), using the new ESRS European standards (European Sustainability Reporting Standards). This is because reporting is as much an act of responsibility as taking action.

In 2024 the Sella Group further showcased how sustainability can be an integral part of a forward-thinking business strategy. Initiatives taken were not confined to individual areas, but comprehensively involved the entire organization, with the ultimate goal of generating a lasting positive impact, both within the company and in the community. As a community that is part of and shapes the territory daily, the Sella Group continues its activities as a responsible actor by organizing cultural, social and educational initiatives. The Sustainability Document therefore not only recounts the goals achieved but also the steps still to be taken to achieve the objective that has always distinguished the Group, to innovate with awareness, creating value for the future. 

Part II
Base camp: recognize the risks, start climbing
Every great climb starts from a solid base. In global markets, the first base camp is climate risks, which are increasingly frequent and threaten financial stability. In 2023, global economic losses from natural disasters reached USD 280 billion, but only USD 108 billion were covered by insurance. This means that about 62% of the losses - or USD 172 billion - remained uncovered, highlighting a particularly critical insurance protection gap. The Financial Stability Board  has warned that this phenomenon poses a growing threat to the stability of financial markets: extreme events such as floods, fires and droughts not only inflict direct damage but can also trigger systemic effects, reducing the availability of credit and triggering drops in confidence among investors and economic agents.

The so-called 'protection gap' varies significantly globally. According to the Swiss Re Institute, uninsured losses reach very high percentages in Asia (85%) and Latin America (80%), while they are relatively lower in North America (43%) and Oceania (42%). This disparity highlights how the most vulnerable economies are also the least prepared for climate damage, amplifying the risk of humanitarian crises and macroeconomic instability.

The Financial Stability Board has warned that the increasing frequency and intensity of natural events, accelerated by climate change, could expose structural weaknesses in insurance and financial markets. Inadequate management of these risks may turn local events into global crises, given the domino effect of interconnected markets. 

In the face of intensifying extreme weather events and growing energy security challenges, targeted investments in renewable energy, electric mobility and resilient infrastructure remain crucial to ensure sustainable and stable growth. In 2024, for the first time, global investment in the energy sector exceeded USD 3 trillion, according to the International Energy Agency (IEA), with more than USD 2 trillion earmarked for clean energy technologies and infrastructure: almost double the funds allocated to fossil fuels, marking a turning point in the global energy transition.

Among the main areas of investment, solar energy stands out with a projected USD 500 billion, surpassing all other energy sources; in parallel, the production and adoption of electric vehicles are accelerating, contributing significantly to the reduction of oil demand and global emissions. 

Resilient infrastructure is also crucial. By 2030, plans involve building and upgrading around 25 million kilometers of electricity grids. These improvements are essential to support the expansion of renewable energy sources and ensure the stability of the whole energy system. 

However, strong regional disparities persist. While China, Europe and the United States drive clean energy investments, developing countries only attract 15% of global investments despite representing roughly one-third of the world's GDP and two-thirds of the overall population. This situation underscores the need for more inclusive policies and increased international support to bridge this gap.

In this context, the Sella Group stepped up its environmental commitment through a structured and ambitious climate strategy. The Group's decarbonisation plan aims to reduce by 2030 its direct (Scope 1) and indirect (Scope 2) emissions by 74%, compared to 2022, based on the Market Based methodology, consistent with the SBTi publicly available guidelines. The Group has already been using 100% electricity from certified renewable sources in Italy and Romania for several years, achieving a global share of 98.9% while the remaining share is associated with some operating sites in India and the UK.
In 2024, the Group further increased its renewable production capacity: thanks to 25 plants installed at company sites, including 5 sites built in 2024, solar energy production increased by 72% compared to 2023. Overall, annual production from photovoltaic sites exceeded 819,000 kWh, reaching over 1 million kWh when the Biella hydroelectric plant was included. This translates into a 78% self-consumption rate, leading to a reduction of over 427 tonnes of CO₂ emissions.

The environmental strategy also includes a plan to expand photovoltaic plants aiming to reach a total installed capacity of 17 MW by 2026. This capacity will be sufficient to fully cover the energy needs of the Group. Complementary initiatives include energy efficiency measures on buildings (such as replacing gas boilers with heat pumps). There also is a a plan to increase the share of hybrid and electric vehicles in the corporate fleet, which is already on the rise expecting to reach 17% for new entries. 

This tangible commitment is part of a rapidly changing global landscape, where sustainable finance is increasingly central in directing capital towards projects with a low environmental impact and a high social value.

Part III
High Camp: navigating through storms and new routes
As we approach the summit, the path becomes more complex and certainties more fragile. In recent years, global geopolitical tensions, including armed conflicts, energy crises and economic instability, led 45% of institutional investors to review their ESG (Environmental, Social, Governance) strategies. However, this shift should not be seen as a retreat; rather it is an evolution towards a more strategic and focused integration of ESG criteria. Indeed, according to the EY Global Institutional Investor Survey 2024, 66% of institutional investors plan to reduce their consideration of ESG factors in their investment decisions, although 88% increased their use of ESG information. 

Despite these challenges, 77% of institutional investors prioritize ESG issues leading to significant financial implications, such as climate risk, human capital and cybersecurity. These factors are vital for long-term financial stability as they influence asset valuations and investment decisions.

Against this backdrop, the Sella Group has developed a clear and ambitious strategy to enhance its positive impact even further. Already, at the end of 2024, sustainable lending accounted for 15.17% of the Group's total loan portfolio. Meanwhile, in the investment arena, the Group steadily increased its range of sustainable investment products and services, exceeding 2,600 funds and management lines that comply with Articles 8 and 9 of the SFDR. Furthermore, throughout 2024, Sella SGR introduced nine new funds classified under Article 8 of the SFDR, including the ‘CLIMA’ fund, which focuses on euro-denominated bonds issued by entities committed to environmental transition. At the end of 2024, the assets of products classified by Sella SGR as Art. 8 or Art. 9 under the SFDR totalled 63% of assets under management.

Part IV
Towards the summit: impact, transparency, trust

The final part of any ascent requires vision, stamina and precision. Even in sustainable finance, every detail counts: the modern investor is not just looking for yield but wants to know how it is generated, what impact it makes, and who benefits.

In recent years, impact investing has evolved from a niche to a strategic lever for companies and investors aiming to generate economic value alongside social and environmental benefits. According to the Global Impact Investing Network (GIIN), the global impact investing market reached $1,571 billion in assets under management (AUM) in 2024, registering a compound average annual growth rate (CAGR) of 21% from 2019. This increase was driven by the entry of new institutional players, such as pension funds, insurance companies and sovereign wealth funds, who recognized the importance of aligning financial returns with positive impact objectives.

The expanded sector reflects a growing awareness: today, stakeholder trust is also won through transparency and the ability to measure the impact generated. 

The Sella Group demonstrates how a positive impact on the territory can be an integral part of corporate strategy. In 2024, through Sellalab, over 7,500 participants took part in financial and entrepreneurial training initiatives, promoting key skills for local economic development. 

During the year, Sellalab organised 50 free events at a national and local level, most of which were held at its offices throughout the country. Its representatives also took part as speakers at 43 external events across Italy, involving over 7,500 people to promote innovation and digital transformation. Among these, the BIdigital event stands out, involving 1,100 participants, 50 speakers and 40 hours of content on topics such as sustainability, artificial intelligence, programming and communication.
Concerning financial education, the 'Percorsi' portal produced 52 pieces of editorial content, reaching 40,300 users. The 'Fin 4 Teen' project involved 30 young students in a financial education and entrepreneurship course. Moreover, thanks to the collaboration between Banca Sella and FEduF, over 400 students took part in dedicated training initiatives.

Part V
Return to the valley: vision and responsibility
Every expedition ends where it begins by triggering a transformed outlook. The missions to Annapurna and K2 are not just extreme adventures, but visions of a future in which sustainability and responsibility become the pillars of a socially and environmentally aware economic and social model.

Finance also returns to the grassroots with a new responsibility: sustainability is reconfirmed as a common horizon, to pursue with courage and a shared vision. As in every climb, the path taken - made up of transparent choices, and measurable and tangible impacts - leaves its mark. Thus, the real achievement is not just the summit, but the way we decide to tackle each step along the way.