The new European rules on corporate sustainability reporting and on the fight against greenwashing represent a great opportunity for the Italian economic system. The Italian Alliance for Sustainable Development (ASviS) is convinced of this and has dedicated a seminar to the issue with the Department of Law at the Roma Tre University , during which he presented nine proposals to support companies in the transformation and make the new legislation effective. The obligation of greater transparency and responsibility for the impact on people and the environment, in line with the new principles included in the Italian Constitution in 2022, it is recalled, requires companies to innovate production systems and governance models, with profound implications on their strategic choices, their investments and also on national economic policies.
"The Directive prohibiting greenwashing recently agreed between the European Parliament and the Council represents a further step forward towards a more sustainable economy and effectively integrates the legislation on the reporting obligations of companies, now also extended to medium-sized companies - states the scientific director of ASviS, Enrico Giovannini. "With the new rules, companies will have to accelerate the transition of production systems towards all-round sustainability and make citizens-consumers-savers, workers, managers and entrepreneurs increasingly aware of the consequences of their actions." "
The Regulation European Union on Environmental Taxonomy establishes the criteria valid for European Union law to determine whether an economic activity can qualify as "eco-sustainable" - states the Rector of the Roma Tre University Massimiliano Fiorucci - in order to identify the degree of eco-sustainability of the investments made in the activity itself and, therefore, the degree of eco-sustainability of the operations and financial products through which such investments are made".
In detail, the ASviS Policy Brief formulates nine proposals and recommendations addressed to Italian institutions to make the introduction of the new rules effective, minimizing costs for companies: speed up the adoption of European directives on sustainability reporting;
carefully define the sustainability information review/assurance system, the subjects authorized to carry out this function and the skills required of them;
support businesses, especially SMEs, in the transition process to the new reporting system;
strengthen the acculturation and training processes at all levels of the corporate and professional figures involved;
promote the flow of ESG data from companies to the banking and financial system;
facilitate impact finance by improving the quality of sustainability information;
accelerate the digitalisation of information and strengthen the quality and comparability of ESG ratings/scoring at European and international level;
contribute positively to the European and international processes of standardization of sustainability reporting;
encourage broader existmatic participation of civil society in the bodies responsible for defining the rules regarding sustainability information.
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