La inversión sostenible como integradora de los aspectos sociolaborales, ambientales y de gobernanza en el mercado financiero: productos, medición y normativa en Europa

María Ángeles Fernández Izquierdo; María Jesús Muñoz Torres; Juana María Rivera Lirio; Idoya Ferrero Ferrero; Elena Escrig Olmedo

doi:10.51302/rtss.2022.3267

Authors

María Ángeles Fernández Izquierdo Catedrática de Economía Financiera y Contabilidad. Universitat Jaume I (Castelló, España) https://orcid.org/0000-0001-5048-956X
María Jesús Muñoz Torres Catedrática de Economía Financiera y Contabilidad. Universitat Jaume I (Castelló, España) https://orcid.org/0000-0002-7500-0617
Juana María Rivera Lirio Profesora titular en el Departamento de Finanzas y Contabilidad. Universitat Jaume I (Castelló, España) https://orcid.org/0000-0002-8434-6222
Idoya Ferrero Ferrero Profesora titular en el Departamento de Finanzas y Contabilidad. Universitat Jaume I (Castelló, España) https://orcid.org/0000-0002-0964-9223
Elena Escrig Olmedo Profesora titular en el Departamento de Finanzas y Contabilidad. Universitat Jaume I (Castelló, España) https://orcid.org/0000-0001-9135-1276

DOI:

https://doi.org/10.51302/rtss.2022.3267

Keywords:

sustainable investment, environmental, socio-labor and governance investment criteria, sustainable investment products, green bonds, sustainable investment funds, sustainability rating agencies, sustainability stock indexes, European regulations on sustainable finance

Abstract

Sustainable investing has become one of the hottest topics for the business community, financial markets and society in recent years. More and more investors are seeking to stimulate economic recovery in a more sustainable way, amplifying this momentum with investment with environmental, socio-labor and governance (ESG) criteria.

That is why, in this paper, we are going to address sustainable investment in Europe, focusing on describing the products and the different types of investment that the financial market offers as investment instruments. Moreover, we are going to discuss about the measurement and evaluation of ESG criteria, since the interest in investing in sustainability is creating a great demand for ESG data, ratings and classifications, which generates a proliferation of sustainability agencies and stock indices. Finally, we will analyze the recent European legislation and the outstanding role it is having in promoting sustainable investment.

In the final considerations, we will highlight some aspects that are currently controversial, in relation to the new sustainable investment products, the new sustainability measurement models and the recent regulations, as well as recommendations on the need for greater coherence in European sustainable finance.

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