Fincantieri has announced the launch of an initiative to promoted awareness of sustainability and improving the ESG (Environmental, Social and Governance reporting) profile of its Italian suppliers. Working with Fincantieri are the financial service firms Credit Agricole Eurofactor, Ifitalia (BNP Paribas Group), SACE FCT and UniCredit.

The initiative aims to incentivize suppliers to improve their environmental and social impact, according to Fincantieri, thus demonstrating the shipbuilding group’s willingness to foster corporate responsibility with the commitment of the financial institutions to support strategic clients in their projects to stimulate and enhance their path to sustainability.

Fincantieri said in a prepared statement that pending suppliers’ ESG rating defined by a third-party consultant, suppliers will benefit from more advantageous financing terms.

Suppliers, which will be scored from A to E, will also receive guidance on how to improve their performance as well as check their ranking against the industry average.

In addition, scoring will also take consistency into account, fostering mid- and long-term relationships to be built with suppliers in order to further enhance improvements year by year.