ANALISI DELLE DIFFERENZE TRA FINANZA ETICA E FINANZA SOSTENIBILE IN EUROPA

The topic covered in this thesis is an in-depth study on ethical finance and in particular on the main differences between ethical finance and the so-called "sustainable" finance. There is an analysis of some points of the Sustainable Finance Agenda of the European Union (in particular the Regulation 2019/2088 of the European Parliament of 27 November 2019 relating to the information on sustainability in the financial services sector and on the final report on the "taxonomy EU "of sustainable economic activities). Finance that is properly defined as "ethical" is treated from the point of view of some of the most active credit institutions operating today in Italy in the world of ethical finance, such as Banca Etica and MAG4 Piemonte, the section of the financial cooperative of mutual self-management called MAG situated in Piedmont. The reasons that prompted me to deal with this issue are many. For example, I strongly believe in the phrase "pecunia olet", a concept that takes up a famous phrase of the Roman emperor Vespasian "pecunia non olet" which translated means "money has no smell"; the reinterpretation that eliminates the negation is strongly linked to ethical finance because it pushes not to stop only at the search for profit, but also to analyze the way and the means with which it was achieved and jointly to ask whether these are in line with the ethics and morals principles that should be the basis of every investment. In addition, the partial lack of importance given to the topic, both at the level of school teaching and through the various media, prompted me to investigate independently these topics that have aroused a strong interest in me.