A2A adopts the first regulated green bond standard in Europe

Best Sustainable Treasury Solution

Highly Commended Winner

A2A S.p.A.

Photo of Patricia Gentile and Paolo Alessio Viganò, A2A S.p.A.

Patricia Gentile

Group Head of Finance and Insurance

Paolo Alessio Viganò

Head of Debt & Financial Planning

Italy

A2A S.p.A. is a major Italian multi-utility company headquartered in Milan and Brescia, Italy. It specialises in energy production, electricity and gas sale and distribution, district heating, waste management and integrated water cycle services.

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The challenge

A rapidly expanding sustainable finance market has been accompanied by fragmentation and inconsistent disclosure practices, raising concerns around greenwashing and limiting investors’ ability to assess environmental performance.

In this environment, green bonds play a key role in financing assets required for the low-carbon transition, but their effectiveness depends on clear and credible standards. Regulation (EU) 2023/2631, the European Green Bond Standard (EuGBS), which entered into force in December 2024 as a voluntary standard, is designed to provide a robust EU-level benchmark for green bonds.

It requires a minimum of 85% alignment of the proceeds with EU taxonomy and introduces EU-level supervision of pre‑ and post-issuance reviewers, enhancing market confidence.

The solution

The solution implemented was the issuance of A2A’s inaugural €500m, ten-year European Green Bond (EuGB), the first on the market by a European corporate issuer, under Regulation (EU) 2023/2631.

The European Green Bond Standard (EuGBS) represents the only EU-regulated standard for green bonds, providing clear and legally defined requirements for transparency, use of proceeds and external reviews. This distinguishes it from previous issuances carried out solely under voluntary market guidelines such as the ICMA Green Bond Principles, while remaining fully consistent with them.

Unlike this voluntary framework, the EuGB label is established by legislation, and each factsheet and allocation report is subject to review by officially authorised external reviewers by ESMA, providing an additional layer of regulatory oversight, transparency and comparability.

An updated external review report was subsequently published, also confirming alignment with the ICMA Green Bond Principles. The EuGB format was selected because it provides a clear, regulated disclosure structure and addresses increasing expectations from investors and regulators for transparency, taxonomy alignment and robust external scrutiny. The standard also supports comparability across issuers and enhances confidence in environmental claims.

Best practice and innovation

A2A’s EuGB demonstrates best practice by fully applying the requirements of Regulation (EU) 2023/2631, supported by a rigorous pre-issuance external review of the EuGB Factsheet. Sustainable Fitch confirmed its alignment with the regulation and the alignment of the use of proceeds with Regulation (EU) 2020/852.

Additionally, Sustainable Fitch later verified the transaction’s alignment with the ICMA Green Bond Principles, ensuring consistency with established market standards. An amount equivalent to the net proceeds will be allocated exclusively to economic activities 100% environmentally sustainable under Article 3 of Regulation (EU) 2020/852 and contributing to the climate change mitigation environmental objective.

By combining strict regulatory compliance, voluntary market alignment and innovative market practices, the transaction illustrates a forward-looking application of the new standard.

Key benefits

Cost savings.
Future-proof solution.
Improved visibility.

The EuGB has fully supported A2A’s objectives of strengthening its positioning in sustainable finance, enhancing transparency and securing long-term access to high quality sustainable capital.

The transaction also validated strong investor demand, attracting approximately €2.2bn in orders, with 4.4x oversubscription, and pricing five basis points inside fair value.

A2A’s inaugural EuGB has proved impactful for the financial markets, the business and for the wider community, translating a new regulatory framework into concrete progress on Italy’s energy transition. By adopting the first regulated green bond standard in Europe, A2A has created a market benchmark and demonstrated how a corporation can use innovation in sustainable finance to accelerate real-world environmental benefits while strengthening internal capabilities and long-term strategic resilience.

Paul O’Connor

Head of EMEA Sustainable Finance – Debt Capital Markets, J.P. Morgan

I’m very proud to have had the opportunity to support A2A in reinforcing their leadership position in the sustainable finance market. This Adam Smith Award recognition – Highly Commended, Best Sustainable Treasury Solution – highlights A2A’s ambition, and sets the benchmark for issuance in the new regulated European Green Bond market. Congratulations to Patricia Gentile, Paolo Alessio Viganò, Marina Sabinina and everyone else involved.

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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

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