Revised ESRS: the discussion shifts to materiality, PMI, Scope 3, and international interoperability
La ESRS review (European Sustainability Reporting Standards) is entering an increasingly concrete phase. Following the Omnibus package and the simplification process initiated by the European Commission, the debate is no longer simply about reducing disclosure requirements, but rather the quality of the new framework: how clear, proportionate, and useful it will be for businesses, investors, and stakeholders.
In this comparison the position of the fits inOIC (Italian Accounting Body), which asked the Commission greater coherence on some critical points: materiality assessment, information along the value chain, Scope 3 emissions, and the reporting scope of SMEs. This is a key topic because simplification must not result in new operational ambiguities. Companies, especially those indirectly involved in information requests from large clients, need clear criteria for what data to collect, at what level of detail, and to what extent along the supply chain.
A second front concerns theinternational interoperability. NBIM (Norges Bank Investment Management), manager of the Norwegian sovereign wealth fund, has called for the ESRS revised allow companies to prepare a single compatible report even with the ISSB standards (International Sustainability Standards Board). The request reflects a concrete need: to avoid duplication between European frameworks and global standards, especially for companies exposed to international markets and investors.
The Eurosif he lifted comments on the review, with particular attention to the risk that some exemptions could reduce the transparency of the assets managed and increase the risk of greenwashing. The point, once again, is to find a equilibrium between burden relief e reliability of information.
For businesses, the message is clear: ESRS will probably be more slender, but no less relevantData quality, traceability of information along the supply chain, consistency between reporting and corporate strategy, and the ability to communicate with international standards will remain crucial. Simplification reduces formality, but increases the importance of robust, understandable, and truly marketable ESG reporting.
Climate Resilience: Adaptation Enters Credit Models and Industrial Plans
Climate sustainability is changing perspective. For years, the main focus has been on mitigation, that is, the reduction of greenhouse gas emissions. Today, however, growing attention is also being paid toadaptation: the ability of companies to prepare for the physical effects of climate change, such as extreme events, heat waves, droughts, floods, operational disruptions and infrastructure damage.
The issue is no longer just about environmental management, but enter directly in risk models, in the industrial plans and in financial assessmentsBanks, insurance companies and investors are starting to consider climate resilience as an indicator of the solidity of the company: it is not enough to declare decarbonisation objectives, it is necessary to demonstrate to know how to protect activities, factories, suppliers and production continuity from climate impacts.
For companies, this change of perspective has concrete consequences. increased exposure to physical risks unmanaged can engrave on insurance costs, On 'credit access, on the evaluation of investment plans and on the ability to ensure continuity for customers. On the contrary, companies that integrate adaptation in their decision-making processes can improve il dialogue with banks and stakeholders, reduce operational vulnerabilities and strengthen its reliability in the medium to long term.
However, adaptation requires a structured approach. This means map the most exposed assets and processes, assess vulnerability of the supply chain, estimate the possible economic impacts of climate events and define prevention and response measures. In many cases, this may mean investing in more resilient infrastructure, monitoring systems, business continuity plans, efficient water and energy management, and updated insurance coverage.
The key point is that the climate resilience is becoming one components of business strategyFor companies, it's not just about protecting themselves from future risks, but also about demonstrating to the market greater planning, risk management, and industrial continuity capabilities. In an increasingly unstable climate, adapting becomes a key factor in competitiveness.
ESG Bonds and the Cost of Capital: When Sustainability Reduces the Cost of Financing
Sustainability is becoming increasingly relevant even in the cost of capital. According to a new Sustainable Finance Notebook published by Consob, ESG bonds issued from Italian companies allow, on average, of obtain financing under more advantageous conditions compared to comparable traditional titles.
The central data is the so-called greenium, That is, the differential di return between bonds be sustainable e conventional bondsthat Consob study, based on over 3.300 bonds outstanding as of June 2025, finds that at the issuance stage sustainable bonds present a average yield lower by about one percentage point compared to traditional bonds. For the company, this it translates into a concrete advantage: lower interest to pay and then a lowest cost of financing.
The benefit appears more evident in the corporate sector, where the connection between capital raising and sustainable investments is more direct and verifiable. market It seems to reward above all those issuers who are able to demonstrate clearly theuse of funds , consistency between instruments financial, strategy corporate e goals ESG.
An important point is that It's not enough to just apply a “green” label to the titleAccording to Consob, the issuer's overall ESG profile also counts: companies with medium-high ESG ratings They tend to benefit from better conditions also on conventional emissions, because they are perceived as more solid, better governed e less exposed to risks transitional, regulatory and reputational.
The financial market is moving in the same direction as well. banking sideThe 2026-2029 Business Plan of Intesa Sanpaolo provides that the 30% of new disbursements a medium-long term is intended to sustainable financing, for more 110 billion euros, of which approximately 87 billion for the green transition and 25 billion for social impact initiatives.
For businesses, the message is clear: the sustainability it doesn't just affect reputation, but it can influence directly access to capital and the cost of debtTo benefit from these opportunities, however, credible projects, solid data, measurable objectives, and an ESG strategy consistent with the business model are required.
SBTi and engagement: from net zero targets to verifiable results
The climate transition is entering a more mature phase. With the new 2026-2030 strategy, the SBTi (Science Based Targets initiative) aims to strengthen its role: not only support companies in defining climate objectives consistent with science, but help them turn those targets into results concrete, measurable and verifiable.
The change of perspective is important. In recent years many companies have defined goals di reduction of emissions and net zero plans, ma market, investors and stakeholder they ask increasingly evidence of actual progressThe issue is no longer just "having a target," but demonstrating how the company is reducing its emissions, what actions it has initiated, and how much this process is integrated into the industrial strategy.
The new SBTi roadmap insists on this very step: more practical standards, instruments more close to operational needs of businesses, major data transparency is better measuring results. The goal is reduce fragmentation between frameworks climate and make it easier for companies compare your performance, identify critical areas and accelerate the most effective interventions.
The same trend also emerges from the investors' side. The experience of the Forum for Sustainable Finance in fact it shows how commitment, that is, the structured dialogue between investors and issuers on ESG themes, is becoming one increasingly used tool To push for clear objectives, transparent roadmaps, and measurable progress. In the monitoring conducted during Borsa Italiana's Sustainability Week, the companies involved show signs of progress: CDP (Carbon Disclosure Project) membership remains high, climate adaptation strategies and formalized decarbonization plans are increasing, while companies with validated SBTi targets have increased from 22% to 35% in one year.
For businesses, the impacts are both positive and challenging. On the one hand, a credible climate path It can strengthen reputation, improve dialogue with investors and clients, reduce transition risks, and support access to sustainable finance. On the other hand, pressure on data quality increases, on the governance internal and on ability to connect goals climate, investments, processes production and supply chain.
The theme fits into a broader context: the sustainable transition is no longer just an environmental agenda, but a lever for competitiveness in a world marked by geopolitical instability, energy dependence, resource scarcity, and industrial transformation.
For companies, the priority is to move from general declarations to operational plans: defining internal responsibilities, strengthening emissions monitoring, linking targets to investments, and communicating progress transparently. To be credible, net zero must become part of daily business management.
Gender equality in SMEs: from a social issue to an organizational and competitive lever
La gender equality is taking on a role increasingly relevant also in the SMEs. It is no longer just a theme of social responsability, but a factor that affects internal organization, attraction of the talents, business climate, reputation and quality of the governance.
In this context the convention "Gender equality in business: where are we now?”, promoted in Vicenza by the INHUB Association in collaboration with UNI, with the contribution of Banca Generali. The meeting took stock of theevolution of inclusive culture in Italian companies and on the status of application of UNI/PdR 125:2022, the reference practice that defines criteria, indicators and tools for certifying gender equality.
for SMEs, value of certification it is not just in formal recognitionThe process requires working on specific areas: culture and strategy, governance, human resources management processes, growth opportunities, pay equity, parenting, and work-life balance. In other words, pushes companies to transform the principle of equality in processes, responsibility e goals measurable.
The experience presented by Banca Generali confirms that the the topic can be addressed with practical tools: internal policies, training, welfare corporate, monitoring gaps, support for female leadership e management involvementFor smaller businesses, the point is not to replicate complex models, but to identify actions proportionate to one's structure and capable of generate real improvements.
- impacts for businesses they are both interior is externalInternally, a more inclusive organization can improve motivation, the retention, development of the skills e quality of work. Towards the market, however, gender equality can strengthen positioning of the company towards customers, banks, investors and supply chain partners, who are increasingly attentive to the social dimension of sustainability.
For SMEs, therefore, gender equality should not be viewed as a separate business obligation, but as a path to organizational growth. Starting with data, policies, and concrete practices can help build more equitable, attractive, and competitive work environments.
