Information as a Driver of Sustainable Finance

Claudia Guagliano (), Nadia Linciano () and Paola Soccorso ()
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Claudia Guagliano: European Securities and Markets Authority
Nadia Linciano: Commissione Nazionale per le Società e la Borsa
Paola Soccorso: Commissione Nazionale per le Società e la Borsa

Chapter Chapter 3 in Information as a Driver of Sustainable Finance, 2022, pp 39-73 from Palgrave Macmillan

Abstract: Abstract The development of sustainable finance builds on an efficient ecosystem of sustainability-related information. The incorporation into market prices of sustainability-related risks and opportunities is essential to efficiently channel resources to sustainable projects and to mitigate the risk of abrupt repricing of financial assets exposed to climate changes as well as the risk of a misvaluation of sustainable assets. To this end, availability of high-quality data and information is fundamental. However, this is only a necessary although not a sufficient precondition, as markets seem to be still unable to correctly price sustainability regardless of the information available. It is therefore key to understand the roots of market inefficiencies and whether they can be removed with adequate policy actions, starting from a reflection on the need to switch to an asset pricing paradigm alternative to the efficient market hypothesis.

Date: 2022
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DOI: 10.1007/978-3-030-93768-3_3

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