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  • Studio Paci

📈 Optimization of ESG Risk Management in the Eurozone and Italy


🌍 Improvements in the Eurozone and in Italy.

Businesses in the euro area, including Italy, have shown improvements in ESG (Environmental, Social, Governance) risk management. This was revealed in the Consob report, which analyzed the Sustainalytics ESG risk score from 2019 to 2022, assessing corporate exposure to various ESG risk factors.


🏭 High-Risk Sectors

It has been noticed that utilities and energy-producing companies have a higher ESG risk exposure compared to those in the manufacturing and financial sectors.


📊 Analysis of ESG Stock Indexes

The global ESG stock indexes, like Stoxx Global ESG Leaders and MSCI World ESG, exhibit a substantial degree of correlation in their performance. Nevertheless, this correlation fluctuates over time and is influenced by market volatility.


💹The "Greenium" in the Eurozone

The "greenium" indicator, which measures the sustainability-related risk premium of companies, has shown significant volatility, especially during periods of financial stress.


🇮🇹 Focus sull'Italia

In Italy, ESG risk scores are in line with those in the Euro area. In the Italian financial sector, the exposure to ESG risks is higher compared to the corporate sector.


🏢 Assessment of Italian Companies

The Consob (Commissione Nazionale per le Società e la Borsa, National Commission for Companies and the Stock Exchange) has divided Italian companies based on their ESG sustainability scores using cluster analysis techniques. It has been observed that companies with higher scores differ from others primarily in terms of size and liquidity.


📉 Obbligazioni ESG in Italia

The analysis has shown that approximately 12% of ESG bonds are not included in Borsa Italiana's "Green and Social bonds" list, highlighting discrepancies in sustainability classifications.


🌟 Sustainable Funds Classification

The sustainable open-end funds available for sale in Italy have been classified according to Morningstar's criteria. Most of these funds have an above-average sustainability rating and fall into the category of Article 8 of the SFDR Regulation.


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