ESG and Financial Markets: Does Sustainable Finance Constitute a Revolution of the Logics of Financial Markets?

October 2021

Abstract

At the international level, the Paris Agreement adopted in 2016 under the United Nations Framework Convention on Climate Change seeks to strengthen the response to climate change by, inter alia, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. At the EU level, in its communication of 8 March 2018, the Commission published its action plan on financing sustainable growth (the 2018 Action Plan), launching an ambitious and comprehensive strategy on sustainable finance. One of the objectives set out in that action plan is to reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth. Furthermore, with the adoption of the European Green Deal in December 2019 there has been an acceleration in the policies for a sustainable and green economy. On 17 September 2020 the Commission presented on its 2030 climate target plan, with an increased emissions reduction target of 55% by 2030 as compared to 1990 and underlined that the financial sector has a key role to play in reaching those goals. The EU has taken major steps to build a sustainable finance ecosystem (the Sustainable Finance Disclosure Regulation; the Non-Financial Reporting Directive, the EU Taxonomy Regulation) and is putting forward further legislativ e initiatives to strengthen the legal framework for a sustainable finance. Namely, on 6 July 2021 the Commission published its new Strategy for Financing the Transition. Building on the 2018 Action Plan, the Strategy provides an extension and deepening of the measures adopted and proposes action in four number of areas: transition finance, inclusiveness, resilience and contribution of the financial system and global ambition.

Author

Silvia Morlino

Senior Legal Counsel, European primary bank, Italy

Professional Experience 12/10/2015 ? Current Senior Legal Counsel European primary bank Banking and finance contracts and regulatory analysis. 15/5/2012 ? 30/06/2017 Studio Legale Tributario in associazione con EY (nuova denominazione di Ernst & Young) Executive Director dello studio legale per diritto bancario, finanziario e societario 07/12/2010 ? 30/4/2012 Bird & Bird Studio Legale – Banking and Finance Department Of Counsel 01/10/1997 ? 06/12/2010 Allen & Overy Studio Legale – International Capital Markets Department (ICM) Dal 2006 Senior Associate 27/03/2006 ? 11/07/2006 Allen & Overy (London Office) - Derivatives and Structured Finance (DSF) Senior Associate 18/07/2005 ? 17/03/2006 Deutsche Bank AG, London Branch – Legal Department (in secondment) Legal Assistance to Debt Capital Markets 03/05/2005 ? 15/07/2005 Allen & Overy (London Office) - Derivatives and Structured Finance (DSF) Associate Education 2002 Admitted to the Italian Bar 18/01/2000 ? 15/12/2002 PhD in Law and Economics, University of Rome "La Sapienza" PhD Thesis: "International Financial Regulation" - Supervisor: Prof. Sabino Cassese 10/01/2002 ? 23/12/2002 Visiting Researcher, Harvard Law School, Cambridge (MA), US Research for my PhD – Supervisor: Prof. Hal S. Scott Attended courses: - International Finance - Corporate Finance - Securities Regulation - Law and Economics - International Law 21/09/1998 ? 10/09/1999 Master of Laws, London School of Economics and Political Science (LSE), London (UK) Master of Laws with merit Attended Courses: - Regulation of Financial Markets - Legal aspects of International Finance - Law of the European Internal Market - UK and EC Competition Law 01/09/1995 ? 30/06/1996 Specialization Course in Administrative Law, University of Rome "La Sapienza" Subject: "Public Utilities and European Law" - Thesis on "Liberalization of the Gas Market" 01/11/1992 ? 18/06/1997 Degree in Law, University of Rome "La Sapienza" Final grades: 110/110 cum laude Thesis on "European Union Regulation of Companies" – Supervisor: Prof. Sabino Cassese 01/09/1995 ? 30/06/1996 Undergraduate Course in Law, University of Kingston (UK) - Erasmus Programme Attended Courses: - Contract law - Law of torts - Company law - Public law 21/09/1998 ? 10/09/1999 Chevening Scholarship for Master of Laws - British Council Foreign and Commonwealth Office

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ESG and Financial Markets: Does Sustainable Finance Constitute a Revolution of the Logics of Financial Markets?

Abstract

Author

Company

European primary bank

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