The Jean Monnet Centre of Excellence on European Union Sustainable Finance and Law (EUSFiL), located at the Department of Company law of the University of Genoa, aims at establishing a Centre of studies focused on the sustainable finance field, with particular referring to the recent reform of the EU financial system.

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The need for a transition to a circular and sustainable economic system has never been so urgent. States, financial institutions, ONGs, companies, professionals and the civil society are together required to quickly find solutions to cope with the challenges posed by climate change and the current and future detrimental effects of human business activities on the environment. 

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Since the launch of the EU Sustainable Development Strategy in 2001, the EU Commission has committed to contributing to the promotion of sustainable development in key cross-sectoral projects, by intervening in all environmental, social and governance (ESG) areas. In March 2018, based on the Final Report published by the High-Level Expert Group on Sustainable Finance (HLEG), the Commission adopted the Action Plan “Financing Sustainable Growth” (‘Action Plan’), which establishes a plan setting out strategic recommendations for a financial system that supports sustainable investments. Since then, the Commission - supported by the European Supervisory Authorities - has been developing a new regulatory framework for financial institutions in order to promote sustainable finance. In December 2019, the European Commission presented the EU Green Deal, the most ambitious package of measures that should enable European citizens and businesses to benefit from sustainable green transition, which is going to implement additional reforms to the financial sector.

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Given the complexity of the financial system and of its policy and regulatory framework, there is no single lever to achieve these ambitions and ‘switch’ the financial system to sustainability. Improving the contribution of the financial system to sustainable and inclusive growth requires a comprehensive review, the identification of areas where changes are needed, and the development of specific recommendations in these areas. 

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EUSFiL fully intercepts the HLEG’s cross-cutting recommendations as well as the EU Commission key actions that include investigating alternative approaches to current practices for long-term investment portfolios and developing ‘Sustainable Finance Compacts’ with leading countries to promote sustainable finance policy reform at the international level.

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The Centre will engage in research, education, and publication that broadens inquiry, dialogue, and debate beyond traditional academic boundaries, bridging the gap between theory and practice. 

 

EUSFiL also aims to contribute to the achievement of UN Sustainable Development Goals, with particular reference to SDG 8.10 (strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all).

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