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2018 Sustainability Report the Energy of Change. the Company Amidst

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2018 Sustainability Report the Energy of Change. the Company Amidst 2018 Sustainability Report The energy of change. The company amidst climate challenges and sustainable finance Snam Company Profile Snam is Europe’s leading gas utility. Founded in 1941 as “Società Nazionale Metanodotti”, it has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, in Albania (AGSCo), Austria (TAG and GCA), France (Teréga), Greece (DESFA) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union. First in Europe by transport network size (about 32,600 km in Italy, more than 41,000 with international subsidiaries) and natural gas storage capacity (16.9 billion cubic meters in Italy, more than 20 billion with international subsidiaries), Snam manages the first liquefied natural gas (LNG) plant built in Italy and is a shareholder of Adriatic LNG, the country’s main terminal and one of the most strategic in the Mediterranean, and - via DESFA - the Greek terminal in Revithoussa, with a total pro rata regasification capacity of around 6 billion cubic metres per year. Snam’s business model is based on sustainable growth, transparency, nurturing talent, and development of local areas by constantly listening to and exchanging dialogues with local communities, also thanks to the social initiatives of the Snam Foundation. Through the “Snamtec” project, launched under the scope of the 2018-2022 business plan, Snam has given a great boost to investments for energy transition, focused on technology initiatives, innovation and R&D supporting large national and international networks and green economy businesses, like sustainable mobility, renewable gas, hydrogen and energy efficiency. www.snam.it Sustainability Report 2018 The energy of change. The company amidst climate challenges and sustainable finance Contents 04 LETTER TO STAKEHOLDERS 06 SNAM’S PROFILE 15 ESG HIGHLIGHTS 2018 16 CLIMATE CHANGE: SCENARIOS AND CHALLENGES 20 Sustainable finance as a tool for change 24 Snam's central role: Tomorrow's Energy Company 34 ENVIRONMENT 35 Protecting the climate and the air 46 Protecting the local area and biodiversity 52 SOCIAL 53 Stakeholder relationships 56 People 71 The supply chain 77 Regulation and Quality of Services 86 GOVERNANCE 87 Business integrity 90 The fight against corruption and illegality 92 Management systems 94 ANNEX 95 Performance figures and indicators 102 Methodological note 103 Materiality analysis 108 GRI Content Index 117 Global Compact reconciliation table 118 LETTER OF ASSURANCE Letter to stakeholders Marco Alverà Chief Executive Officer Dear Stakeholders, Cubogas. We also have a memorandum of understanding with Eni for the construction of twenty new CNG We ended 2018 looking firmly towards the future: €850 transport refuelling stations and with API Group for million will be invested over the period from now until around two hundred new natural gas and biomethane 2022 in Snamtec, Tomorrow’s Energy Company. The refuelling plants. Furthermore, we have focused on project was launched last autumn to position Snam energy efficiency, acquiring TEP Energy Solution, one of as a leader of the low carbon energy transition, with the main Italian ESCOs. demonstrated technological expertise and strong relationships with local communities. In this vein, we Our commitment to the fight against climate change has cemented the central role that our infrastructure and also been demonstrated through increasingly transparent use of renewable natural gas will play in guaranteeing an reporting. In September 2018, Snam signed up to the efficient and effective decarbonisation process. “Task Force on Climate Related Financial Disclosure - TCFD”, a further commitment to communicating 2018 saw an increasingly strong focus on the issue effectively on these issues. of climate change and its consequences, both by the public and international institutions and companies. Sustainable finance is another area that we are With this in mind, we approved our new strategic plan, monitoring closely. It is not a coincidence that the first announced last November, which sets out a roadmap part of this document is dedicated to guidelines on this that will allow Snam to continue to grow and create subject. To align our financing strategy with sustainability value for shareholders, contributing to the reduction goals and expand our investor base, we have converted in greenhouses gases, improvement in air quality and €3.2 billion in lines of credit into a sustainable loan: cutting energy costs. this became the third largest sustainable loan taken out in the world, as well as the first by a gas utility. In We strive to promote the development of biomethane addition to that, we published the Climate Action Bond and other forms of renewable gas, which are key to the Framework, which allows for the issuing of bonds aimed decarbonisation process. To this end, we have launched at funding sustainable investments. We are the first gas a series of acquisitions and strategic partnerships, infrastructure utility to approach the sustainable bond acquiring IES Biogas – the leading biogas and biomethane market. construction company in Italy - and Enersi Sicilia, a company which develops facilities for producing We have continued to promote social responsibility biomethane from urban solid waste in Sicily. and local communities, installing low gas emission turbines, implementing environmental conservation Promoting the use of natural gas for sustainable mobility and monitoring activities and launching programmes to is also deeply important to us. We therefore acquired reduce natural gas emissions. In 2018, we reduced these M.T.M’s business unit dedicated to technological emissions by 7.9% compared with 2016 levels and we set solutions for natural gas refuelling stations, a Westport a new target to reduce them by 25% in 2025. Fuel Systems group company, through the subsidiary 4 2018 Sustainability Report We launched the “Snam4Safety” project to reinforce the Snam will achieve in coming years, with the hope that the culture of safety for employees and contractors. Accidents new initiatives we have launched in 2018 will drive our fell in total from 11 in 2017 to 7 in 2018 (-36%); so you can country forward and contribute to solving the challenges see things are going in the right direction. Our employees for global energy that lie ahead. are at the centre of the company's strategy. We have offered them stable and constant work with qualified and specialised activities. 93% of them are on a permanent employment contract. To meet future challenges, we have continued to invest in training, with over 100 thousand hours involving 93% of company employees. In order to promote a healthy work/life balance, we renewed the Smart Working project and launched the Welfare Award, which allows for the Participation Award to be converted into welfare credits for employees and their family members. The Snam Foundation entered its second year, increasingly becoming a connection point between Snam and the social sector, promoting partnerships and sharing the company’s design expertise. In line with our goal to promote economic and social development, the Company published a social supply chain policy through which it is committed to transparency and supporting social businesses in its supply chain, promoting opportunities for collaboration through networks and consortia. To further cement our sustainable development model, we have renewed our commitment to the Global Compact principles and the SDGs defined by the UN. Our ESG performance ESG has resulted in the Company’s inclusion in some of the most prestigious sustainability indices like the Dow Jones Sustainability World Index, for the tenth consecutive year, and the FTSE4Good. We are very proud of our achievements in the year that has just ended and we are even more confident in what Letter to stakeholders 5 Snam’s profile Snam is the European leader in the construction and Snam, with liquefied natural gas transportation, integrated management of natural gas infrastructure. On a dispatching, storage and regasification activities, provides European level, Snam is one of the main operators in terms the market with a safe energy source at fair prices, playing of invested capital for regulatory purposes and operates in a fundamental role in the Country’s energy system. major markets through agreements with major players in the industry and direct equity holdings in companies. Scope of consolidation GASRULE 100% Corporate & other activities SNAM SNAM ASSET SNAM ASSET GNL STOGIT INTERNATIONAL RETE GAS COMPANY 2 4 MOBILITY COMPANY 4 100% 100% 100% 100% 100% 100% 100% Corporate Corporate Corporate Transportation Transportation Regasification Storage & other activities & other activities & other activities May 2018 INFRA- STRUTTURE TRASPORTO TEP ENERGY IES BIOGAS GAS SOLUTION 100% 70% 82% Energy Transportation Biomethane efficiency July 2018 May 2018 ENERSI CUBOGAS SICILIA 100% 100% Italian investments Sustainable Overseas investments Biomethane Mobility November 2018 2018 new entry July 2018 6 2018 Sustainability Report THE NEW CORPORATE STRUCTURE THE NATIONAL INFRASTRUCTURE The main changes in the structure of the Snam Group at Snam is the leading Italian natural gas transportation 31 December 2018 compared with 31 December 2017 and dispatching operator, and owns almost all of
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