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Linklaters

ESG in Italy - Embracing sustainability

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ESG has grown as a central topic in the agendas of major organisations, worldwide as in Italy.

Linklaters advises the Joint Lead Managers on Europe’s first ever general purpose SDG linked bond

The discussions on such themes is indeed “hot”, but what are organisations really doing to this end? A practical response to such themes is not always easy to be found, as a lack of proper guidance makes it hard for companies to direct investments to specific ESG targets.

  • Is this lack going to jeopardise a real shift by decision makers in this direction?
  • What do good practices look like, and how do you achieve tangible results?

Our new interviews’ collection, which goes hand in hand with the Firm’s attention to embrace sustainability and recognise and address environmental, social and governance risks, tries to respond to all these questions. We interviewed major experts from major companies in the Italian landscape by asking where they are right now and where they are going.

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ESG
Episode 37
Francesco Lasaponara, Fondazione Lab00 ETS

Marco Visaggio, Co-Head of BD - Western Europe and Senior Business Development and Marketing Manager of Linklaters Italy, in a conversation with Francesco Lasaponara, President of Fondazione Lab00 ETS, on the SpesaSospesa.org initiative, the beneficiaries of the project and the related reduction of waste and environmental impact.

Episode 36
Francesco Maggi, Foresight Group

Benedetta Marino, member of the ESG working group of Linklaters Italy, talks with Francesco Maggi, Investment Director of Foresight Group, about the sustainability priorities of the Group and the main challenges and opportunities facing the finance sector.

Episode 35
Margaryta Hnatenko, Prologis

Francesco Calabria, Managing Associate, interviews Margaryta Hnatenko, Real Estate & Customer Experience Manager of Prologis, about their stance on ESG issues and the initiatives implemented to achieve Prologis’ sustainability goals.

Episode 34
Saverio Tridico, Nexi Group

Laura Le Masurier, member of the ESG working group of Linklaters Italy, in a conversation with Saverio Tridico, Director Corporate & External Affairs of Nexi Group, about the sustainability priorities of Nexi and the main opportunities and challenges of the digital payments industry in achieving net zero.

Episode 33
Claudio Spadacini, Energy Dome

Benedetta Marino, member of the ESG working group of Linklaters Italy, talks with Claudio Spadacini, Founder and CEO of Energy Dome, about the technology developed by the Company for long-term energy storage, the main obstacles for the implementation of storage systems in Italy and the possible solutions.

Episode 32
Katy Hogg and Laura Belardinelli, Galileo

Alessandro Gemmo, member of the ESG working group of Linklaters Italy, in a conversation with Katy Hogg, Chief Operating Office of Galileo, and Laura Belardinelli, General Counsel of Galileo, about the objectives and project opportunities of the Company, the differences between the Italian market and other European markets, and the growing interest in the development of battery storage and green hydrogen production systems.

Episode 31
Giampietro Nattino, NH Hotel Group/Minor Hotels

Francesco Calabria, Managing Associate, interviews Giampietro Nattino, Development Director Italy of NH Hotel Group/Minor Hotels, on the sustainability trends in the tourism sector, the increasing attention of customers to these topics and the main initiatives implemented by the group to achieve their sustainability goals.

Episode 30
Giovanna Furlanetto, Furla

Lucia Ciocarlan and Mara Ruberto, members of the ESG working group of Linklaters Italy, interview Giovanna Furlanetto, President of the Furla Foundation, on the initiatives taken to integrate ESG issues into Furla and future sustainability goals of the Company.

Episode 29
Michel Cohen, DentalPro

Benedetta Marino and Matteo Farneti, members of the ESG group of Linklaters Italia, spoke to Michel Cohen, Founder and CEO of DentalPro Group, about the initiatives undertaken by the company to pursue sustainability and corporate social responsibility objectives as well as initiatives related to reducing the environmental impact of their activities.

Episode 28
Armida Gigante, Medtronic

Lucia Ciocarlan and Paolo Bertolini, members of the ESG group of Linklaters Italy, spoke with Armida Gigante, Sustainability, Open Innovation & Stakeholder Experience Lead at Medtronic, about the company’s sustainability strategy and the involvement of employees in the implementation of sustainability priorities.

Episode 27
Anna Scavuzzo, City of Milan

Manuela Caccialanza spoke with Anna Scavuzzo, Vice Mayor of the City of Milan and in charge of the Food Policy, about the steps that led to adopt such a policy and about promoting a sustainable food system.

Episode 26
Emilio Calicchio, E.ON

Alessandro Tanno, Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, spoke to Emilio Calicchio, Digital Director at E.ON about digitization at the service of energy efficiency and the future for energy communities in Italy.

Episode 25
Alan Gallicchio, Ecomate

Alessandro Tanno, Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, spoke to Alan Gallicchio, Founder of Ecomate about the recipe for a competitive ESG suite and the dynamic rating model developed by the company.

Episode 24
Lorenzo Rigatti, BlockInvest

Alessandro Tanno, Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, spoke to Lorenzo Rigatti, Founder and CEO of BlockInvest about the added value that blockchain technology can bring to the ESG invest process.

Episode 23
Giovanni Cartapani, Glac-UP

Alessandro Tanno, Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, spoke to Giovanni Cartapani, Founder of Glac-UP about the creation and mission of the first Italian start up for the safeguard and enhancement of alpine glaciers.

Episode 22
Anna Maria Pacini, DeA Capital Real Estate SGR S.p.A.

Francesco Calabria and Alessandro Rossi  spoke to Anna Maria Pacini, Head of ESG Management at DeA Capital Real Estate SGR S.p.A. about ESG parameters and their influence in the policies, investments and client relationship management for a lead player as DeA Capital Real Estate SGR S.p.A.

Episode 21
Duncan Burt, National Grid Group

Tessa Lee, partner and our Co-Head of the ESG group in Italy and Lucia Ciocarlan, Managing Associate and member of the ESG working group of Linklaters have interviewed Duncan Burt, the Chief Sustainability Officer at National Grid Group, about National Grid’s role as partner of COP26 and the challenges in connection with energy transition and decarbonisation.

Episode 20
Catriona Graham, British Consul General in Milan

Benedetta Marino and Alessandro Gemmo, managing associates and member of the ESG working group of Linklaters, have interviewed Catriona Graham, British Consul General in Milan and Director of the Department for International Trade in Italy on the challenges for governments during the negotiations and what a satisfactory outcome of COP26 might look like, as well as measures to be taken to support the energy transition of developing countries.

Episode 19
Marco Tonegutti, Boston Consulting Group 

Marco Visaggio, Co-Head of BD – Western Europe, and Alessandro Gemmo, member of the ESG working group at Linklaters spoke to Marco Tonegutti, Managing Director and Senior Partner Boston Consulting Group (BCG) about the role of BCG as consultancy partner of COP26 and the impact of the Race to Zero on economic operators.

Episode 18
Antonio Villafranca, ISPI

Alessandro Gemmo, Managing Associate, and Elisa Maria Volontè, associate and members of the ESG working group of Linklaters, have interviewed Antonio Villafranca – ISPI Director of Studies and Co-Head of the Europe and Global Governance Centre on ISPI's role as coordinator and chair of Think20 (T20) Italy during the Italian G20 presidency, the impact of climate change in the current geopolitical context and the possible outcomes of COP26.

Episode 17
Luca Lunari, BNP Paribas Italy

Lucia Ciocarlan, Managing Associate and member of the ESG working group of Linklaters, has interviewd Luca Lunari, Head of Export Finance Italy of BNP Paribas Italia, about the topic of sustainability in the export finance sector, its challenges and opportunities.

Episode 16
Enrico Lucciola, SACE

Benedetta Marino, managing associates and member of the ESG working group of Linklaters, has interviewed Enrico Lucciola, Head of Political Risks of SACE S.p.A., about SACE’s “Green Guarantee” (Garanzia Green), with a focus on the features of this product and its development in the Italian market.

Episode 15
Meg Nicolaysen, UK Export Finance

Tessa Lee, partner and our Co-Head of the ESG group in Italy, spoke with Meg Nicolaysen, Head of Climate Change at UK Export Finance about UK Export Finance’s new 2021 – 2024 Climate Change Strategy to continue supporting UK businesses whilst minimising its impact towards climate change.

Episode 14
Giulio Giannini, DS Smith

Paolo Bertolini, managing associate, and Mara Ruberto, associate and members of the ESG group at Linklaters, have interviewed Giulio Giannini, Responsabile Affari Legali e Compliance at DS Smith about “circular economy” and the challenges they are facing to achieve their sustainability goals.

Episode 13
Marusca Giacomini; Edoardo Vaquer; Chiara Montalbano, Microsoft Italia

Federica Barbero, Head of Employment and Incentives in Italy and Mara Ruberto, associate and members of the ESG working group of Linklaters, have interviewed Marusca Giacomini, HR Manager Italy – Switzerland – Austria, Edoardo Vaquer, Customer Success Account Manager e Sustainability Community Lead and Chiara Montalbano – HR Shared Services at Microsoft Italia about their Diversity & Inclusion strategy, with particular focus on disabled employees.

Episode 12
Gianluca Gramegna, ERG

Federica Barbero, Head of Employment and Incentives in Italy and Lucia Ciocarlan, managing associate and members of the ESG working group of Linklaters, have interviewed Gianluca Gramegna, Head of Environment, Social & Governance at ERG S.p.A. about the Group’s new 2021-2025 ESG Plan.

Episode 11
Marta Schiraldi, Nestlé Group

Paolo Bertolini, managing associate and member of the ESG group at Linklaters, has interviewed Marta Schiraldi, Safety, Health, Environment and Sustainability Head of the Nestlé Group in Italy.

Episode 10
Daniele Guarnieri, Nestlé Group

Matteo Farneti, managing associate and member of the ESG group at Linklaters, has interviewed Daniele Guarnieri, Director of Legal Affairs and Compliance of the Nestlé Group in Italy.

Episode 9
Francesca Fiore, CONSOB

Marta Fusco, associate and member of the ESG working group of Linklaters, has interviewed Francesca Fiore, head of companies supervision and protection of shareholders’ rights at CONSOB.

Episode 8
Francesco Surace, Georgeson

Marta Fusco, associate and member of the ESG working group of Linklaters, has interviewed Francesco Surace, head of Corporate Governance in Italy of Georgeson

Episode 7
Sergio Molisani, SNAM

Laura Le Masurier and Marta Fusco, members of the ESG working group of Linklaters, interviewed Sergio Molisani, Finance, Insurance and Tax Director & Senior Vice President International Assets at SNAM S.p.A., on SNAM's strategy in the field of sustainable finance.

Episode 6
Francis Ravano, ERG

As sustainability-linked financing transactions gain momentum in the Italian market, Lucia Ciocarlan and Benedetta Marino, managing associates and members of the ESG working group of Linklaters, have interviewed Francis Ravano, Head of Structured Finance at ERG S.p.A., on aspects related to Key Performance Indicators used by ERG for such type of transactions and the benefits resulting from implementing sustainable finance solutions in general.

Episode 5
Federica Calvetti, Deutsche Bank

Laura le Masurier, managing associate and member of the ESG working group of Linklaters, has interviewed Federica Calvetti, Head of ESG in EMEA at Deutsche Bank, on the growing interest in sustainable finance.

Episode 4
Daniela Fiorentino, UNICEF

In view of the imminent legislative interventions that the EU institutions should adopt on sustainable corporate governance and supply chain due diligence, Lucia Ciocarlan, Managing Associate and member of the ESG working group of Linklaters, interviewed Daniela Fiorentino, partnership specialist of UNICEF, currently involved in some projects in Ghana.

Episode 3
Silvia Mazzanti, Save The Duck

Paolo Bertolini, Head of Public Law and member of the ESG working group of Linklaters, interviewed Silvia Mazzanti, product and sustainability manager of Save The Duck S.p.A., on their views on sustainable corporate governance and supply chain due diligence.

Episode 2
Roberta Casali, Tages Capital SGR

In light of the imminent entry into force of Regulation 2019/2088 (the "SFDR Regulation"), our Financial Regulation Managing Associate Samuele Manfredo Pio interviews Roberta Casali, Chair of the Board of Directors of Tages Capital SGR S.p.A., an Italian asset management company that manages infrastructure funds with a focus on renewable energies, currently the second largest photovoltaic operator in Italy.

Episode 1
Enrico Camerini, BlackRock

Linda Taylor, our Co-Head of the ESG group in Italy, in a conversation with Enrico Camerini, Director, Head of Institutional Clients of iShares Italia, BlackRock, explores the initiatives put in place by BlackRock and the direction of investments towards financial products with ESG characteristics.

ESG Italy

Episode 20
Ivan Mazzoleni, Flowe

Marta Fusco, member of the ESG working group of Linklaters Italy, talks with Ivan Mazzoleni, Cultural Energy Orchestrator of Flowe, about Flowe's main sustainability objectives and the initiatives put in place to achieve them, how they are involving their stakeholders to meet sustainability goals, and the main challenges in achieving net zero.

Episode 19
Giorgio Tomassetti, Octopus Energy

Alessandro Gemmo, member of the ESG working group of Linklaters Italy, talks with Giorgio Tomassetti, CEO of Octopus Energy, about the objectives of the Company and the role of technology in accelerating the energy transition.

Episode 18
Paolo Vanoni, Alperia

Lucia Ciocarlan, member of the ESG working group of Linklaters Italy, discusses with Paolo Vanoni, Director Corporate Strategy of Alperia, about the initiatives taken by the Company for offsetting CO2 emissions and the strategies to mitigate the impact of the energy crisis, and the rising energy prices on the achievement of net zero targets to continue the energy transition.

Episode 17
Luca De Gaetano, Plastic Free

Samuele Manfredo Pio, member of the ESG working group of Linklaters Italy, in a conversation with Luca De Gaetano, President and Founder of Plastic Free, about the urgency to address the problem of plastic pollution and the main projects and initiatives they are carrying on to face it.

Episode 16
Federico Mallia, Dirac

Alessandro Tanno, Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, speaks to Federico Mallia, CEO and Co-Founder of Dirac, about the 'Albero' project, the nanotechnology behind it and how this technology can increase the sustainability scores of buildings, in particular for those from the hospitality sector.

Episode 15
Roberto Gavazzi, Boffi | DePadova

Benedetta Marino, member of the ESG working group of Linklaters Italy, talks with Roberto Gavazzi, CEO Boffi | DePadova about the meaning of sustainability in relation to a furniture product and the challenges of the future that a company operating in the design sector will have to face.

Episode 14
Walter Mariotti, Domus

Marta Fusco, member of the ESG working group of Linklaters Italy, interviews Walter Mariotti, Editorial Director of Domus, on the main initiatives taken by design companies to implement their ESG objectives and the changes to be expected in terms of sustainability strategies and management models driven by regulation and consumer expectations.

Episode 13
Angelo Trocchia, Safilo Group

Marta Fusco, member of the ESG working group of Linklaters Italy, interviews Angelo Trocchia, CEO, on the main initiatives taken by Safilo Group to implement its ESG objectives and the challenges that the ESG "journey" is posing.

Episode 12
Maria Sole Ferragamo, SO-LE Studio

Samuele Manfredo Pio, member of the ESG working group of Linklaters Italy, talks with Maria Sole Ferragamo Creative Director and Founder, about sustainability, 'upcycling' and how SO-LE Studio's business model could be replicable in the fashion industry.

Episode 11
Franco Mantero, Mantero Seta S.p.A.

Benedetta Marino, member of the ESG working group of Linklaters Italy, in a chat with Franco Mantero, Chairman of the Board, on sustainability, heritage and craftsmanship excellence in the textile sector.

Episode 10
Eleonora Giada Pessina, Pirelli & C.

Lucia Ciocarlan and Matteo Bencic, members of the ESG working group of Linklaters Italy, spoke to Eleonora Giada Pessina, Group Sustainability Officer of Pirelli & C. S.p.A., about the importance of sustainability for the Group and how it is fully integrated into its vision and strategies for growth, in all business areas and in all management decisions, everywhere in the world.

Episode 9
Tomaso Carraro and Camilla Marchiori, Gruppo Carraro

Marta Fusco, member of the ESG working group of Linklaters Italy, spoke to Tomaso Carraro, Vice Chairman & Chief CSR Officer, and Camilla Marchiori, CSR Development Manager of Gruppo Carraro, about the organization of Corporate Social Responsibility in Carraro and the issues and obstacles a company may face in introducing a CSR management model.

Episode 8
Fabio Ranghino, Ambienta

Alessandro Tanno Practice Coordinator of Fintech and Digital Transformation Group of Linklaters Italy, spoke to Fabio Ranghino, Partner and Head of Strategy & Sustainability of Ambienta about ESG financial products and sustainability as a driver of innovation in finance.

Episode 7
Carlo Vanini, Cushman & Wakefield

Gabriele Lopez and Francesco Macrì spoke to Carlo Vanini, Head of Capital Markets Italy at Cushman & Wakefield, about ESG trends in the Italian real estate market providing an overview of the current situation and some forecasts for the near future.

Episode 6
Linklaters Perspective

Federico Barbero, Head of Employment and Incentives in Italy, has interviewed Alexandra Beidas, Global Head of Employment and Incentives in London, Feriel Aliouchouche, Managing Associate Employment and Incentives in Paris and Laure de Panafieu, Head of Employment and Incentives in Singapore.

Episode 5
Piero Munari; Margherita Sacerdoti, Italian Investor Relations Association

Marta Fusco, associate and member of the ESG working group of Linklaters, has interviewed Piero Munari, Chairman of the Italian Investor Relations Association, and Margherita Sacerdoti, board member of the Italian Investor Relations Association.

Episode 4
Roberta Marracino, UniCredit

Federico Barbero, head of Employment and Incentives in Italy of Linklaters, has interviewed Roberta Marracino, Head of Group ESG Strategy and Impact Banking at UniCredit.

Episode 3
Nicole della Vedova, Enel

Linda Taylor, our co-head of Italian ESG practice, interviews Nicole della Vedova, Head of Corporate Finance, Enel. The interview focuses on Enel’s journey in the sustainable finance market and on sustainability-linked bonds.

Episode 2
Giulia Genuardi, Enel

Paolo Bertolini, our head of public law, interviews Giulia Genuardi, Head of Sustainability Planning and Performance Management, Enel. The interview, conducted in Italian, focuses on the hardship of balancing social/environmental aspects with commercial needs and the relevance of circular economy.

Episode 1
Giovanna Giusti del Giardino, Mediobanca Group

Paolo Bertolini, our head of public law, interviews Giovanna Giusti del Giardino, Head of Group Sustainability, Mediobanca Group. The interview, conducted in Italian, focuses on human rights, environment and sustainability and aims to cover, in a nutshell, what Mediobanca is doing to such extent.

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What’s on the horizon - legal and regulatory developments

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Coming months

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March 2022

EBA publishes report on developing a sustainable securitisation framework
  • On 2 March 2022 EBA published a report providing an overview of the recent developments and challenges of introducing sustainability to the securitisation market and explores how the EU green bond standard could be implemented for securitisation, as well as whether a potential dedicated framework for sustainable securitisation should be introduced.
Taxonomy Complementary Delegated Act on nuclear and gas (CDA) adopted
  • On 9 March 2022 the Commission formally adopted the EU taxonomy Complementary Climate Delegated Act. The CDA provides for strict additional criteria subject to which certain nuclear and gas activities can be classified as transitional activities to those already covered by the Climate Delegated Act. Transitional activities are those that cannot yet be replaced by technologically and economically feasible low-carbon alternatives, but which contribute to climate change mitigation and have the potential to play a significant role in the transition to a climate-neutral economy, subject to strict conditions. The act will enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of four months of its notification to them. Once the scrutiny period is over and if neither the Council nor the European Parliament object, the Complementary DA will enter into force and apply from 1 January 2023.

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February 2022

Brown and Social Taxonomies: Platform on Sustainable Finance publishes final report 
  • On 24 February 2022 the Platform on Sustainable Finance published its final report for the Commission, proposing a structure for a social taxonomy within the present EU legislative environment on sustainable finance and sustainable governance.

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January 2022

Taxonomy Delegated Act on Transparency of undertakings in non-financial statements 
  • On 1 January 2022 the Taxonomy Delegated Act on Transparency of undertaking in non-financial statements entered into force. 
EBA delivered final report on ITS on prudential disclosures on ESG risks in accordance with Article 449a CRR
  • On 24 January 2022 EBA published its final report on the Implementing Technical Standards (ITS) on Pillar 3 disclosures on ESG risks, proposing comparable quantitative disclosures on climate-change-related transition and physical risks, including information on exposures towards carbon-related assets and assets subject to chronic and acute climate change events.

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December 2021

Brown and Social Taxonomies: Commission to publish report on the provisions required to extend taxonomy
  • Article 26 of the Taxonomy Regulation requires the Commission to publish, by end December 2021, a report describing the provisions necessary to extend the scope of the Taxonomy Regulation beyond environmentally sustainable economic activities. 
Taxonomy draft Delegated Acts
  • The European Commission is required to publish draft Delegated Acts specifying technical standards on social and employee matters, human rights, anti-corruption / bribery matters by 31 December 2021.
EU Taxonomy Climate Delegated Act – end of scrutiny period and publication
  • The EU Taxonomy Climate Delegated Act, formally adopted by the EU Commission in June 2021and was published in the OJEU on 9 December 2021 and applies as of 1 January 2022.
Taxonomy Delegated Act on Transparency of undertakings in non-financial statements: published and Q&A
  • On 8 December 2021 the Delegated Act was published in the OJEU. It is effective starting from 1 January 2022. On 21 December 2021 the Commission adopted a Q&A on Taxonomy eligibility reporting and the general legal interpretation of Article 8 of the Delegated Act.

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November 2021

SFDR RTS: Commission to adopt 13 RTS bundled in a single Delegated Act.
  • By means of Commission's letter of 8 July 2021, sent to the Chair of the European Parliament's ECON Committee and the president of the Council of the EU's Ecofin Council, the Commission  noted that it has not been able to adopt the RTS submitted on 4 February 2021 by the European Supervisory Authorities (ESAs) within the usual three month period given their length and technical detail and that the ESAs are currently developing six additional draft RTS which were not submitted to the Commission by the original deadline of 1 June 2021. As a result, the Commission plans to bundle all 13 of the RTS in a single delegated act and defer the dates of application.
Taxonomy Delegated Act on Transparency of undertakings in non-financial statements: end of scrutiny period
  • The Delegated Act under Article 8 of the Taxonomy Regulation was adopted by the Commission on 6 July and has been subject to a 4-month scrutiny period until 7 November (which can be extended by another 2 months).
ESAP: Commission adopted legislative proposal
  • The European Commission’s proposal for a regulation on the establishment of a European single access point (ESAP) for financial and non-financial company information was released on 25 November 2021. The proposals will be subject to the EU’s ordinary legislative procedure, so the next step is for the European Parliament and the Council to negotiate a final legislative text on the basis of the proposals. The proposals envisage the first submissions to ESAP being phased-in between 2024 – 2026.
SFDR RTS: Commission to postpone the date of application of the 13 RTS bundled in a single Delegated Act
  • By means of Commission's letter of 29 November 2021, sent to the Chair of the European Parliament's ECON Committee and the president of the Council of the EU's Ecofin Council, the Commission noted that due to the length and technical detail of the 13 RTS and to facilitate the smooth implementation of the delegated act by product manufacturers, financial advisers and supervisors, it would be necessary to defer the date of application of the delegated act to 1 January 2023.

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October 2021

Sustainable Corporate Governance: Commission to adopt legislative proposal
  • The European Commission’s proposal for a directive on sustainable corporate governance, originally expected in June, was expected to be released on 27 October 2021. It was postponed again and is now expected to be released during the first quarter of 2022. 
    This initiative aims to improve the EU regulatory framework on company law and corporate governance. It would enable companies to focus on long-term sustainable value creation rather than short-term benefits. It aims to better align the interests of companies, their shareholders, managers, stakeholders and society. It would help companies to better manage sustainability-related matters in their own operations and value chains as regards social and human rights, climate change, environment, etc.
     

NGEU Green Bonds Framework:  Commission successfully issues first green bond
  • Following the adoption of the framework, the Commission proceeded with the first NGEU bond issuance on 12 October 2021, raising €12 billion to be used exclusively for green and sustainable investments across the EU.

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September 2021

Commission adopted Next Generation EU (“NGEU”) Green Bonds Framework
  • The Commission seeks to raise up to 30% of the NGEU funds through the issuance of NGEU green bonds and use the proceeds to finance green policies. To be able to issue NGEU green bonds, on 7 September 2021 the Commission adopted its NGEU Green Bond framework.

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August 2021

Delegated Acts on ESG preferences under MiFID, UCITS and AIFMD
  • On 2 August 2021 the Delegated Acts on ESG preferences under MIFID, UCITS and AIFMD were published on the Official Journal of the European Union.

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July 2021

EU Green Bond Standard: Commission proposal
  • The European Commission published its legislative proposal for a Regulation on a European green bond standard on 6 July 2021. This proposal is part of the broader European Commission agenda on sustainable finance and was published together with the Renewed Sustainable Finance Strategy.
Renewed Sustainable Finance Strategy
  • The European Commission adopted the Renewed Sustainable Finance Strategy on 6 July 2021.
Taxonomy DA on Transparency of undertakings in non-financial statements
  • The Delegated Act under Article 8 of the EU Taxonomy Regulation was adopted by the Commission on 6 July 2021 and the scrutiny period of 4 months began on the same date. Article 8(1) of the Taxonomy Regulation stipulates that any financial and non-financial undertaking in the scope of the NFRD is required to report the extent to which its activities are associated with economic activities that qualify as environmentally sustainable under the Taxonomy Regulation (“Taxonomy-aligned economic activities”).
Brown and Social Taxonomies: Commission launched a consultation on two reports
  • On 12 July 2021 the Platform on Sustainable Finance (PSF) published (i) a draft report on Taxonomy extension options linked to environmental objectives and (ii) a draft report on social Taxonomy. The first draft report focuses on supporting the environmental transition by recommending further clarity on (i) activities that are significantly harmful to environmental sustainability and (ii) activities that have no significant impact on it. The aim is to support transitions in areas of “significant harm” to a level that does not cause significant harm, although not yet reaching “green performance”. The second draft report focuses on the importance to identify economic activities that contribute to advancing social objectives by building a social taxonomy. Consultation were open until 6 September 2021.
Carbon Border Adjustment Mechanism (“CBAM”): Commission adopts proposal
  • On 14 July 2021 the Commission adopted a proposal for a new CBAM, which will put a carbon price on imports of a targeted selection of products to prevent the risk that emission reduction efforts of the Union are offset by increasing emissions outside the Union (a “carbon leakage”).
Commission answers ESAs questions on SFDR application
  • On 14 July 2021 the Commission submitted its reply to the questions posed by the ESAs on SFDR application. The Q&A is available on the ESAs websites.

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June 2021

Publication of the third CONSOB Report on the non-financial reporting of Italian listed companies
  • On 11 June 2021 CONSOB has published its third report on the analysis of the non-financial reporting of Italian listed companies, following the application of Legislative Decree no. 254 of 30 December 2016 transposing the NFRD in Italy.

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May 2021

Voluntary regime for the publication of the Non-Financial Statement (NFS): publication of the results of the CONSOB consultation
  • CONSOB has published on its website a summary report dated 11 May 2021 on the results of the call for evidence launched on 1 September 2020 on the voluntary regime for the publication of the NFS.

    The report may represent a useful source of information for non-obliged companies wishing to approach non-financial information as well as for the national legislator with regard to the application of the voluntary regime provided under national law (i.e., Legislative Decree no. 254 of 30 December 2016), and to the European negotiations regarding the review of the NFRD.

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April 2021

EIOPA issues Opinion on the supervision of the use of climate change risk scenarios in the ORSA
  • EIOPA has issued an Opinion on the supervision of the use of climate change scenarios in insurers' Own Risk and Solvency Assessment (EIOPA-BoS-21-127 - 19 April 2021). The Opinion is addressed to national supervisory authorities and sets out EIOPA's expectations on the supervision of the integration of climate change risk scenarios by insurers in their ORSA.
2019-2020 European Delegation Law
  • Law no. 53 of 22 April 2021 (the “2019-2020 European Delegation Law”) was approved by the Italian Parliament and published in the Italian Official Gazette no. 97 of 23 April 2021. The law entered into force on 8 May 2021.

    The 2019-2020 European Delegation Law mandates the Italian Government to implement a set of European directives, including directive (EU) 2018/2001 on the promotion of the use of energy from renewable sources, directive (EU) 2019/883 on port reception facilities for the delivery of waste from ships, directive (EU) 2019/904 on the reduction of the impact of certain plastic products on the environment, directive (EU) 2019/944 on common rules for the internal market for electricity, directive (EU) 2019/1152 on transparent and predictable working conditions in the European Union, directive (EU) 2019/1161 amending Directive 2009/33/EC on the promotion of clean and energy-efficient road transport vehicles.
Sustainable Finance Package
  • On 21 April 2021 the European Commission adopted an ambitious and comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union. The package is comprised of: (i) the EU Taxonomy Climate Delegated Act, (ii) a proposal for a Corporate Sustainability Reporting Directive (CSRD) and (iii) six amending Delegated Acts on fiduciary duties, investment and insurance advice.
EU Taxonomy Climate Delegated Act
  • The EU Taxonomy Climate Delegated Act aims to support sustainable investment by making it clearer which economic activities most contribute to meeting the EU's environmental objectives. The College of Commissioners reached a political agreement on the text of the Delegated Act on 21 April 2021.
Commission’s review of the NFRD (Directive (EU) 2014/95)
  • The Directive – which amends accounting directive 2013/34/EU - lays down the rules on disclosure of non-financial and diversity information by large companies which were required to include non-financial statements in their annual reports from 2018 onwards.

    As part of the Sustainable Finance Package, the Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD. The proposal:

    • - extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises);

    - requires the audit (assurance) of reported information;

    - introduces more detailed reporting requirements, and a requirement to report according to mandatory EU sustainability reporting standards;

    - requires companies to digitally ‘tag’ the reported information, so it is machine readable and feeds into the European single access point envisaged in the capital markets union action plan.

    The next step is for the European Parliament, and the Member States in the Council, to negotiate a final legislative text on the basis of the Commission's proposal.

Delegated Acts on ESG preferences under MiFID, UCITS and AIFMD

    As part of the Sustainable Finance Package of 21 April 2021, the Commission adopted six amending Delegated Acts on fiduciary duties, investment and insurance advice that will ensure that financial firms, e.g. advisers, asset managers or insurers, include sustainability in their procedures and their investment advice to clients:

- on investment and insurance advice: when an adviser assesses a client's suitability for an investment, they now need to discuss the client's sustainability preferences.

- on fiduciary duties: the amendments clarify the obligations of a financial firm when assessing its sustainability risks, such as the impact of floods on the value of investments;

- on investment and insurance product oversight and governance: manufacturers of financial products and financial advisers will need to consider sustainability factors when designing their financial products

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March 2021

CONSOB warning notice and Q&A on the disclosures obligations on sustainability in the financial services sector
  • On 4 March 2021, CONSOB published: (i) a warning notice concerning the SFDR, whereby it called upon FMPs and FAs to incorporate a description of the measures taken and the controls carried out to comply with the provisions of the SFDR into periodic reports submitted to CONSOB pursuant to Resolution no. 17297/2010; and (ii) the first version of its Q&A on the SFDR.
The Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088)
  • Most provisions of the Sustainable Finance Disclosure Regulation entered into force on 10 March 2021.

    The Regulation lays down sustainability disclosure obligations for manufacturers of financial products and financial advisers toward end-investors. In addition, the co-legislators added disclosure obligations as regards adverse impacts on sustainability matters at entity and financial products levels, i.e. whether financial market participants and financial advisers consider negative externalities on environment and social justice of the investment decisions/advice and, if so, how this is reflected at the product level.
Bank of Italy statement on the disclosures obligations on sustainability in the financial services sector
  • On 17 March 2021, the Bank of Italy published a statement on the SFDR where it shared the view taken by the ESAs in their Joint Supervisory Statement of 25 February 2021 on the early compliance with the level 2 provisions during the interim period from 10 March 2021 (i.e., the date of application of the SFDR) until the entry into force of the RTS.
Joint consultation on taxonomy-related sustainability disclosures
  • On 17 March 2021, the ESAs published a consultation paper with an updated version of the draft SFDR RTS (updated from the version included in the previous 4 February SFDR Final Report) – but this time to include Level 2 provisions proposed under the Taxonomy Regulation regarding disclosures of financial products investing in economic activities that contribute to an environmental investment objective.
European Parliament’s letter to the Commission on the ESAs draft RTS
  • On 17 March the European Parliament ECON Committee sent a letter to the Commission on the ESAs draft RTS raising a number of concerns and inviting the Commission to amend the RTS.

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February 2021

ESAs delivered draft RTS under SFDR to the Commission
  • On 4 February 2021, the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) delivered to the European Commission the Final Report, including the draft Regulatory Technical Standards (RTS), on the content, methodologies and presentation of disclosures under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR).
European Commission’s consultation on sustainable corporate governance
  • In October 2020, the European Commission launched a consultation on sustainable corporate governance which ended on 8 February 2021.     
Discussion Paper on management and supervision of ESG risks for credit institutions and investment firms (EBA/DP/2020/03)
  • The EBA’s consultation on its Discussion Paper on management and supervision of ESG risks for credit institutions and investment firms ended on 3 February 2021. The Discussion Paper provides a comprehensive proposal on how ESG factors and ESG risks could be included in the regulatory and supervisory framework for credit institutions and investment firms.
Joint ESA Supervisory Statement on the application of the Sustainable Finance Disclosure Regulation
  • On 25 February, the ESAs published a Joint supervisory statement on the effective and consistent application and national supervision of SFDR. The ESAs recommend the draft RTS be used as a reference when applying the provisions of the SFDR in the interim period between the application of SFDR as of 10 March 2021 and the application of the RTS at a later date.

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January 2021

The EU's new Conflict Minerals Regulation
  • On 1 January 2021 a new law came into full force across the EU – the Conflict Minerals Regulation. It aims to help stem the trade in four minerals – tin, tantalum, tungsten and gold – which sometimes finance armed conflict or are mined using forced labour.
Letter to EU commission on priority issues relating to SFDR application
  • On 7 January 2021 the ESAs sent a letter to the EU Commission requesting urgent clarifications on certain priority questions pertaining to the SFRD to facilitate an orderly application of the regulation from 10 March 2021.
Transposition of the SHRD II in Italy
  • The implementation of Directive EU 2017/828 (“SHRD II”) in Italy took place first with Legislative Decree no. 49 of 10 May 2019 and then with Legislative Decree no. 84 of 14 July 2020. At a secondary law level, in 2019 and 2020 CONSOB and, for certain aspects, the Bank of Italy launched market consultations, now closed, on proposed changes to their existing regulations regarding, in particular, remuneration’s transparency, asset managers and shareholders’ activism as well as shareholders’ identification, transmission of information and exercise of rights of listed companies’ shareholders. These changes have started to be effective gradually during 2021.
New Corporate Governance Code
  • In January 2020 the new Corporate Governance Code was approved. It applies to listed companies adopting the code from the first financial year starting after 31 December 2020, while the relevant disclosure shall be provided in the corporate governance report to be published during 2022.

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