In June 2023, a group of investors, members of the Italian Sustainable Investment Forum (ItaSIF – Forum per la Finanza Sostenibile*) and a select group of Climate Action 100+** investor signatories, developed three expectations for Enel.

• Disclose the coal phase out strategy (high level principles);

• Disclose a road map that defines milestones plant by plant;

• Disclose the context and constraints applying to coal plants in Italy and Spain.

As a result of the engagement with this group of investors led by Generali AM and Kairos Partners, Enel has published a dedicated coal section in its 2023 Sustainability Report, including:

• The reiteration to phase out coal by 2027;

• The previous trajectory of coal capacity since 2015;

• A detailed roadmap for each of the remaining coal plants;

• A detailed process which ENEL follows to close a plant.

All parties acknowledged the progress Enel has made in disclosing its Net Zero strategy in general, including a deep dive into its plan to phase out coal generation.

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*The Italian Sustainable Investment Forum (ItaSIF) is a multi-stakeholder, non-profit association founded in 2001. Members are not only financial operators, but also civil society organizations involved in the environmental and social impact of finance. ItaSIF has more than 170 members among asset managers, banks, insurance companies, pension funds, NGOs, and other organizations.

**Climate Action 100+ is an investor-led initiative, which aims to ensure the world’s largest corporate greenhouse gas emitters take action on climate change.