FINANCIAL SYSTEM AND SUSTAINABLE DEVELOPMENT: TOWARDS A NEW MODEL OF FINANCE

The digital, ecological and sustainable transition that is currently taking place in Europe, indicates a particular process of transition from a previous system to a new one that is able to embed different logics to pursue several interests, both individual and of the entire community. In this context, the financial market is called to play a central role in supporting this transformation, creating new instruments which are set to modify its traditional structures as well as those of the production system in general. The European institutions intend to carry out this transition funding it through private resources, offering companies and investors a series of new tools for this purpose. In fact, in order to finance their sustainable and responsible investments (SRI), companies in the Eurozone can take advantage of particular instruments, regulated and offered by the new legislation adopted in the field, such as green bonds, social bonds and green loans. These are the main techniques related to the so called corporate sustainable finance that can be used to achieve the objectives defined by ESG factors. However, the effectiveness of these new tools requires the adoption of harmonised and shared definitions and classifications regarding sustainability in the context of financial processes, higher market transparency, higher quality, quantity and comparability of data on environmental and social risks. Our intention is to analize the role played by new financial instruments with regard to new sustainable principles to assess both positive effects on the structure of companies and the market in general and several critical implications which, despite the original setting, are gradually arising