Our materiality analysis and priorities for action

The process of materiality analysis, through the involvement of stakeholders and relevant experts, allows us to define material topics, i.e., the topics that represent the organization's most significant impacts on the economy, environment, and people, including impacts on human rights. Material topics are our priorities for action on which we define our sustainability goals aimed at creating value in the short, medium, and long term as well as the content to be included in the documents that constitute our Corporate Reporting.

Enel performs the materiality analysis based on the most widespread international standards, including the GRI Universal Standards 2021 (Global Reporting Initiative), AA1000 (Accountability 1000) and taking into consideration the new requirements introduced at the European level by the Corporate Sustainability Reporting Directive (CSRD) and the Exposure Drafts of the European Sustainability Reporting Standards (ESRS) made available by EFRAG (European Financial Reporting Advisory Group). The Value Reporting Foundation standards – SASB Standards and the SDG Compass, which supports companies in adapting their strategies to the United Nations Sustainable Development Goals – were also considered.

As a result of the continuous monitoring of stakeholder expectations (dynamic materiality), the traditional way of looking of the priorities of ESG topics (“Priorities Materiality ") is enriched by integrating a view of the significance of the impacts generated and suffered (impact materiality and financial materiality) by the Company in the reference context ("Double Materiality"):

  • impacts suffered, actual and potential, by the Company (financial materiality). Material topics are those that generate risks or opportunities for the Company by affecting its future cash flows and thus its enterprise value in the short, medium or long term;
  • impacts generated, actual and potential, by the Company (impact materiality). Material topics are those for which the Company generates significant actual or potential impacts on society and the environment in the short, medium or long term.

The priorities matrix

In 2022, the analysis covered 21 countries, 64 companies, and 36 sites, and considered 463 stakeholder engagement initiatives relevant to the Group. The following are represented:

  • The 2022 Priorities’ Matrix of the Enel Group, which considers the contributions of the main companies involved in the process, weighted on the basis of their relevance to the type of business in which they operate;
  • the main 2022 priorities – in consolidated view – of some of the main companies participating in the materiality analysis.

Business and governance topics

A. Infrastructure and Networks
B. Decarbonizing the energy mix
C. Customer centricity
D. Products and services for electrification and digitalization
E. Sound governance and fair corporate conduct
F. Economic and financial value creation
N. Innovation, circular economy and digital transformation

Social topics

G. Engaging local and global communities
H. People management, development and motivation 
I.  Occupational health and safety 
L. Sustainable supply chain

Environmental topics

B. Decarbonizing the energy mix
M. Preservation of ecosystems and environmental management

The material themes

The Double Materiality process aims to identify and analyze the impacts generated (impact materiality) and suffered (financial materiality) by guiding the identification of material topics: identifying, within each Level I material topics, which Level II-III topics are material (for details of Level III material topics, see the chapter "The Materiality Analysis Process and Results 2022").


Detailed information regarding the materiality analysis process and stakeholder engagement activities can be found in the chapter "The Materiality Analysis Process and Results 2022" in the Sustainability Report 2022.