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European Taxonomy and Esg score: two sides of the same coin? A primer on the Italian case

Mario La Torre, Alessia Palma, Riccardo Santamaria, Mavie Cardi
December 2023 - n. 12
Keywords: Italian banking sector, European Taxonomy, Esg score
Jel codes: G21, G28, Q54, Q56, Q58

This paper offers an initial assessment of the Italian banking sector's alignment with the Eu Taxonomy Regulation. Our approach involves two aspects: firstly, an examination of the alignment of credit portfolios based on banks' Non-Financial Statements, and secondly, an exploration of the degree of coherence between banks' Esg scores and their adherence to Taxonomy criteria. Our analysis employs both descriptive and quantitative methods, utilizing a sample of significant Italian banks. The results indicate a need for greater consistency, underscoring a significant divergence between internal and external Esg assessments. This study paves the way for future research, particularly in the context of evolving sustainability disclosure requirements and their gradual implementation.

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