Full Description
The Sustainable Development Goals introduced by the United Nations in 2016 call for the significant mobilisation of finance. However, although sustainable investments are steadily increasing, there still remain large gaps within financing and the information that financial markets rely on is often incomplete or incorrect. For instance, the financial system has been structured around short-term frameworks and goals while the most pressing environmental and social challenges are long-term. Prices do not convey the cost of externalities associated with social and environmental challenges. It is therefore important to implement the effective pricing of externalities and create a common language and taxonomy between investors, issuers and policy-makers in order to best serve sustainable development. Addressing this challenge, the authors delve deeper into the levers that can be pulled within the financial system to prompt an efficient ecosystem of sustainability-related information, allowing social and environmental externalities to be incorporated into the decision-making process of all market agents. Incentives needed for investors, issuers and intermediaries are proposed along with regulation that can trigger these incentives. This book offers a comprehensive collection of chapters which explore the ongoing evolution of the European regulatory framework, providing essential reading for policymakers, practitioners and researchers alike.
Contents
1. Introduction; Nadia Linciano, Claudia Guagliano and Paola Soccorso.- Part I. Disclosing Non-financial Information.- 2.The Role of Finance in Sustainable Growth; .- 3. Information as a Driver of Sustainable Finance; S. Lovisolo.- Part II. The State of the Market.- 4. Corporate Governance and Corporate Disclosure; S. Zambon, M. S. Chiucchi and L. Girella.- 5. Financial Information in the Product Governance and Investment Process; Claudio Guagliano, Nadia Linciano and Paola Soccorso.- 6. Third Party Information Providers; S. Battiston and Carmen Nuzzo.- Part III. Non-financial Information: The Future of Regulation.- 7. Financial Regulation for Sustainable Finance in the European Landscape; Francesca Campolongo.- 8. Corporate Non-financial Information; A. Bruno, A. Ciavarella and V. Novembre.- 9. Transparency and Standardisation of Financial Product Information; Antonio Barattelli, Salvatore Gnoni, Nadia Linciano and Paola Soccorso.- 10. ESG Rating; Mario La Torre.- 11. Conclusions; Nadia Linciano, Claudia Guagliano and Paola Soccorso.
