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SRI: An Insight on the Evolution of Its Definition and a Focus on the European ESG Regulation

In: ESG Integration and SRI Strategies in the EU

Author

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  • Maria Cristina Quirici

    (University of Pisa)

Abstract

This chapter analyses the evolution of the definition of SRI through a literature review. It will examine how the concept has developed from “Ethical Finance” to “Socially” and “Sustainable Responsible Investment” and highlights the main features of this approach to financial investment, which involves research, analysis, and selection of investments based not only on traditional economic and financial considerations, but also on environmental, social, and corporate governance criteria (ESG criteria). The author also intends to emphasize how this concept has been incorporated into recent European ESG Regulatory Frameworks, specifically the EU Taxonomy (852/2020/EU), which has realized the Action N.1 of the EC Action Plan on Financing Sustainable Growth, issued in March 2018, and the Sustainable Finance Disclosure Regulation (2088/2019/EU). Both regulations aim to increase the disclosure in sustainable activities by Financial Market Participants (MFPs). Additionally, the author considers the proposal presented in literature of a new possible “Classification Scheme” for sustainable investments. The analysis will show the necessity of implementing measures to achieve complete alignment between the various definitions related to the concept of “sustainable investment” in all the considered EU regulations. This alignment would help MFPs to avoid the risk of “greenwashing” as well.

Suggested Citation

  • Maria Cristina Quirici, 2023. "SRI: An Insight on the Evolution of Its Definition and a Focus on the European ESG Regulation," Palgrave Studies in Impact Finance, in: Luca Spataro & Maria Cristina Quirici & Gabriella Iermano (ed.), ESG Integration and SRI Strategies in the EU, chapter 0, pages 67-85, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-36457-0_4
    DOI: 10.1007/978-3-031-36457-0_4
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