Studies and Research




The ongoing evolution of Sustainable Business:2023 Trends Report

The SustainAbility Institute by ERM Authors: Andrew Angle, Justin Nelson, Dia Rizakos

A report exploring the sustainability trends shaping the business agenda in 2023 and beyond

Connecting ESG, Capital Markets and CFOs

ERM Authors: Faisal Khan, James Stacey, Sam Sloman, Daniel Holod
The SustainAbility Institute by ERM Authors: Aiste Brackley, Andrew Angle

The report explores the evolving relationship between ESG, capital markets, and corporate finance. It argues that CFOs and corporate finance teams will play a critical role in integrating ESG risks and opportunities into corporate strategy and operations.

Over Two Years with the EU Taxonomy: An ERM Expert Briefing on its Impact on the Global Reporting Landscape

ERM Authors: Johann Weicht, Katja Görtz, Marina d’Engelbronner, Onur Durmus

The report addresses the challenges companies face in complying with the requirements of the new EU Taxonomy Regulation.

The divergence of ESG ratings for Italian listed companies: what are the differences between the various agencies?

Giancarlo Giudici - Department of Management Engineering of Politecnico di Milano
Eleonora Gioia – Politecnico di Milano
Banor SIM research team

The research reveals the need to understand what is really measured by the ESG rating agencies and the importance of standardisation and transparency in sustainability scoring.

Outlook- Sustainable bond volumes resilient in Q2 despite tighter financial conditions

Moody's ESG Solutions

The report highlights that the Q2 global sustainable bond volumes totaled $225 billion and were down 19% from the second quarter of last year, but up a modest 2% from Q1 2022. Aggregate volumes totaled $447 billion in the first half of the year, a 21% decrease from H1 2021 as debt issuance headwinds persisted. Despite challenging financing conditions so far this year, sustainable bond volumes are down less than the broader market and represented 15% of global total issuance in the second quarter, the highest quarterly share on record. The sustainable bond market is therefore proving resilient and we are maintaining our expectations of around $1 trillion issuance for all of 2022. Please see below for the full summary of the report.

Morningstar’s Guide to the SFDR


The EU’s Sustainable Finance Disclosure Regulation (SFDR) raises the bar for investment products by setting strict minimum-disclosure standards to prevent greenwashing. Managers must disclose how ESG risks are considered in their investment process.

Investing in times of climate change  

H. Bioy, E. Stuart

The Morningstar Sustainability Rating™ for funds allows investors to understand how the companies in their portfolios are managing their ESG risks relative to their peers.

Morningstar’s Guide to ESG Screening

Morningstar - Sustainalytics

ESG screening is a way of not only mitigating investor risk (as far as possible), but a method of aligning funds with investor objectives and ethical motivations. Many investors care about ESG issues and want to invest in a way that reflects their views.

Sharpening the Tools of the ESG Investor  

H. Bioy, T. Fulop, J. Hale, H. Kelly, D. Kemp, D. Morrow, A. Pettit,
M. Sargis, A. Szapiro

This report compiles Morningstar perspectives on the tools and policies that could help maximize the potential of ESG investing.

Morningstar European Sustainable Fund Flows  

H. Bioy, E. Stuart, S. Jmili, A. Pettit

In the first quarter of 2021, European sustainable fund flows went up by almost 18% compared with the last quarter of 2020, continuing the strong recovery after the meltdown in the first quarter of last year caused by the coronavirus pandemic.

Controversy Risk Assessment: 2020 Snapshot


The reports provides insights on controversy risks and key trends identified in 2020. It demonstrates the continued exposure of the banks sector to governance controversies as well as the high exposure that the tech sectors face with regards to ESG controversies.

8 years of Minibond: the Cerved Rating Agency review and outlook

Stefano Angelini, Marco Romeo, Cristian Parretta, Milovan Milovic, Andrea Cincinnati

The study describes the development and trend of the so-called minibond market from their time to date with a specific focus on the sustainable finance market in Europe and Italy and on the opportunities for SMEs

Green is the new gold

Updated pdf version
First pdf version

Intermonte Research Team

Research into the implications of approval of the Next Generation EU plan for listed Italian companies, with in-depth analysis of the predicted impact in terms of investment, including for individual sectors.

Le strategie di comunicazione delle mid e small cap quotate su Borsa Italiana in ambito ESG: un'analisi di benchmarking

Intermonte e Politecnico di Milano

The research analyses a significant sample of listed Italian SMEs to evaluate quality and comprehensiveness of information available to ESG investors. Its aim is also to raise awareness among SMEs on the importance of making ESG information available and to highlight critical issues that still exist

Alla ricerca del Sense of Purpose per un impatto sostenibile ed esponenziale”, Maggio  2020

 BDO Italia & Nextea

Study conducted on 40 companies listed on the FTSE MIB: it analyzes the structural behavior towards sustainability (Sense of Purpose) and innovation, both in organizational and technological terms (Exponentiality).

ICMA - new principles for sustainability-linked bonds

Andrew Carey, Sukhvir Basran,
Annalisa Feliciani

An analysis about the new Sustainability-Linked Bond Principles (the SLPs) released by ICMA

Who will shape a better future? Responsible investing after Covid-19
Responsible investing paper 2020


Adrie Heinsbroek Principal Responsible Investing, NN Investment Partners;

Joseph Stiglitz Nobel laureate, Professor of Economics, Columbia University;

Cary Krosinsky Lecturer in the Practice of Management, Yale School of Management

Covid-19 has affected every aspect of human life, in every corner of the globe. This report will look at the role responsible investing can play

in shaping a recovery that leads to a fairer society and a better

environment for future generations

Putting sustainability to the test: ESG outperformance amid volatility.

Fidelity International

The securities of companies with better Fidelity International sustainability ratings have outperformed those with poorer ratings, so far this year.

ESG ratings and market performance: a study of Stoxx Europe 600 index stocks

Giancarlo Giudici - Dipartimento di Ingegneria Gestionale del Politecnico di Milano          Matteo Bonaventura Banor SIM

An analysis of market returns shows that Stoxx Europe 600’ stocks belonging to the quartile of companies with the highest ESG ratings are the ones that perform best and show a higher growth in earnings and better margins.

The relationship between ESG ratings and the yield spread of bonds on the European markets

Giancarlo Giudici - Dipartimento di Ingegneria Gestionale del Politecnico di Milano          Matteo Bonaventura e Leonardo Isella - Politecnico di Milano                                    Team di Ricerca - Banor SIM

This research has demonstrated that the European bond market, especially in more recent years, also considers the ESG rating of an issuer as a parameter that impacts the expected yield.

The dynamics of ESG ratings and the return on bonds listed in Europe

Giancarlo Giudici - Dipartimento di Ingegneria Gestionale del Politecnico di Milano          Andrea Annese e Marco Corradini - Politecnico di Milano                                                       Team di Ricerca - Banor SIM

The research's objective was to answer a specific question about the quarterly trend of ESG ratings and their possible relationship with corporate bond returns. 

Italian Champions for Sustainability (CSR Report - December 2020)

Equita Research Team

Environment and social as drivers and catalysts to support sustainable development plans: the report analyses different areas, from the analysis of ESG funds’ performance and inflows to the impacts of the initiatives launched by European institutions (SURE, Recovery fund…)

The Climate Risk Perception of The Companies Listed on FTSE MIB 2020

Carbonsink                                                      Fondazione Eni Enrico Mattei

In the new edition with FEEM we have decided to update the methodology to align it with the TCFD scheme and the European Directives, to understand which steps are still necessary to achieve the climate objectives of the Paris Agreement.

The Climate Risk Perception of The Companies Listed on FTSE MIB 2019


The report was created with the aim of providing an intuitive tool for evaluating climate-related information, and understanding how companies face the challenges related to climate change.

Eyes on the prize: Unlocking the ESG premium in private markets

ERM Authors: Michael Arvard, Sarah Bailey, Rosie Brown, Andrew Budsock, Sarah Corrigan, Oliver Racher, Michael Wong, Jaideep Das, Sabine Hoefnagel, Freddie Hospedales, Andrew Radcliff, Walt Shill

Report summarizes the vision of over 50 PE companies operating worldwide, revealing how ESG represents an opportunity for value creation and investment in the next 3-5 years and outlining a set of actions that PE firms should adopt to be successful.

ESG monitoring, reporting and dialogue in private equity

PRI Authors: Natasha Buckley,Jake Goodman
ERM authors: Yvonne Halsey, Tim van der Weide, Jerome Rathle, Marc Williams, Rosie Brown, Juliana Littlejohn, Oliver Moore, Guy Roberts,Jaideep Das

In partnership with the PRI, the world’s leading proponent of responsible investment, ERM created guidance on ESG monitoring, reporting and dialogue in PE.

Addressing the Challenges of the Low-Carbon Energy Transition

ERM Authors: Francesco Belfiore, Kevin Kinsella

Response to climate change is a priority issue on any political, economic and social agenda, and deeply influencing the way the businesses are interacting with societies.

Report Non-financial Information as a Driver of Transformation

Angela Ciavarella, Nadia Linciano (CONSOB) e Livia Piermattei (Methodos - the Change Management Company and Nedcommunity), in cooperazione con Simona Cosma e Paola Schwizer (Nedcommunity).

In questa prospettiva il Rapporto esamina, per il secondo anno consecutivo, le modalità attraverso cui le società italiane con azioni ordinarie quotate sull’MTA hanno dato attuazione al d.lgs. 254/2016 in materia di rendicontazione non finanziaria.


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