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Erschienen in:
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2023 | OriginalPaper | Buchkapitel

4. SRI: An Insight on the Evolution of Its Definition and a Focus on the European ESG Regulation

verfasst von : Maria Cristina Quirici

Erschienen in: ESG Integration and SRI Strategies in the EU

Verlag: Springer Nature Switzerland

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Abstract

This chapter analyses the evolution of the definition of SRI through a literature review. It will examine how the concept has developed from “Ethical Finance” to “Socially” and “Sustainable Responsible Investment” and highlights the main features of this approach to financial investment, which involves research, analysis, and selection of investments based not only on traditional economic and financial considerations, but also on environmental, social, and corporate governance criteria (ESG criteria). The author also intends to emphasize how this concept has been incorporated into recent European ESG Regulatory Frameworks, specifically the EU Taxonomy (852/2020/EU), which has realized the Action N.1 of the EC Action Plan on Financing Sustainable Growth, issued in March 2018, and the Sustainable Finance Disclosure Regulation (2088/2019/EU). Both regulations aim to increase the disclosure in sustainable activities by Financial Market Participants (MFPs). Additionally, the author considers the proposal presented in literature of a new possible “Classification Scheme” for sustainable investments. The analysis will show the necessity of implementing measures to achieve complete alignment between the various definitions related to the concept of “sustainable investment” in all the considered EU regulations. This alignment would help MFPs to avoid the risk of “greenwashing” as well.

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Vorheriges Kapitel The Performance of Socially Responsible Investing: A Review
Nächstes Kapitel Attractiveness of Sustainable Business and Investments: An Ethical, Legal or a Financial Issue?
Fußnoten
1
The Brundtland Report, drafted in 1987 by the World Commission on the Environment and Development chaired by the Norwegian G.H. Brundtland, was entitled “Our Common Future” and became famous because it contains the first definition of the “Responsible Development”, that can reconcile economic development with the safeguarding of social and environmental balances (Brundtland, 1987).
 
2
In June 2018 the EC set up a Technical Expert Group on Sustainable Finance (EU TEG) which produced a Final report on Taxonomy for Sustainable Activities in June 2019. Later, in line with the Taxonomy Regulation (2020/852/EU, art. 20), the EC set up a new permanent expert group, the Platform on Sustainable Finance, or Technical Working Group (TWG), replacing TEG, to assist the EC in developing its sustainable finance policies The TWG started its work on the 16th of October 2020.
 
3
On the 21th of April 2021, the EU published the EU Taxonomy Climate Delegated Acts, a revised version of the technical criteria first launched in 2020, including the insights received from the EU countries, while on the 30th of March 2022 the Platform on Sustainable Finance presented to the EC its final Report, concerning the other four environmental objectives (from 3 to six), composed by Part A: Methodological Report and by Part B: Technical Annex, where the Part B drafted technical screening criteria for economic activities “taxonomy-aligned” (Platform on Sustainable Finance, 2022).
 
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Metadaten
Titel
SRI: An Insight on the Evolution of Its Definition and a Focus on the European ESG Regulation
verfasst von
Maria Cristina Quirici
Copyright-Jahr
2023
Buch
ESG Integration and SRI Strategies in the EU

Print ISBN: 978-3-031-36456-3

Electronic ISBN: 978-3-031-36457-0

Copyright-Jahr: 2023

DOI
https://doi.org/10.1007/978-3-031-36457-0_4