Servizi di investimento e finanza sostenibile. Le conseguenze non volute della recente disciplina europea

In order to position the European Union as the global leader in the transition to a net-zero emission economy, the Commission decided to reorient capital markets towards sustainable growth through a new comprehensive regulatory framework. In this context, the amendments to the investment services regime, further specified by the guidelines elaborated by ESMA, plays a crucial role in increasing investors’ awareness of sustainable investments and empowering their decisions towards ESG goals. However, the EU lawmaker’s choices may lead to unintended consequences. Indeed. sustainable financial products present specific risks, which regulatory strategies fostering sustainable investments increase and concentrate. After highlighting the weaknesses of the current legal framework on sustainable finance, the paper provides possible solutions to avoid shifting the risks of transition onto final investors, by ensuring an adequate level of investor protection.