‚SMEs and the climate and environmental transition‘ – Speech at the Confindustria Conference ‚Finance and ESG Disclosure‘

In his recent speech at the Confindustria event, Paolo Angelini, Deputy Governor of the Bank of Italy, emphasized the growing importance of sustainability in the business world, with a particular focus on small and medium-sized enterprises (SMEs).
Angelini highlighted the global shift toward sustainable production and consumption driven by the scientific consensus on climate change and changes in consumer behavior. He also stressed the financial sector’s increasing focus on sustainability due to regulatory and customer pressures.
European legislation is leading the way in sustainability, with regulations affecting both financial and non-financial companies. Upcoming directives like the Corporate Sustainability Due Diligence Directive (CSDDD) will indirectly impact SMEs through value chain mechanisms.
Angelini encouraged companies, including SMEs, to proactively engage with sustainability by breaking down the transition into manageable parts and assessing the value of sustainability reporting. He also emphasized the importance of transition planning and collaboration between companies and financial intermediaries.
In conclusion, Angelini urged SMEs not to overlook sustainability as it can be a competitive advantage. Collaboration and the exchange of sustainability information are crucial for navigating the evolving business landscape successfully.