Severe heatwaves across northern Italy this summer are pressuring the bank warehouses where wheels of Parmigiano Reggiano age as collateral for agricultural loans, driving daily energy consumption up roughly 30% during peak temperatures.
Credito Emiliano, known as Credem, has accepted young parmesan wheels as loan collateral since 1953. Its subsidiary Magazzini Generali delle Tagliate stores more than 500,000 wheels worth over €300 million across facilities in Reggio Emilia and Modena. Producers receive 60% to 80% of a wheel's value upfront. The practice is considered the only case worldwide of a bank accepting cheese as credit-line collateral.
Temperatures exceeding 40°C also reduce milk yields by up to 10%, as cows eat less and lie down to cool. Blockchain technology now lets farmers pledge wheels while keeping them on-site, doubling the bank's lending capacity. In 2025, Italy produced 4.19 million wheels, generating nearly €4 billion in consumer sales, with exports accounting for more than half of total sales.