La finance sustainable loses its charm. In 2022 the interest of Italians in the investments be sustainable is slightly down, even if in the future "green finance" retains its attraction, so much so that a large part is willing to evaluate a reorientation of their securities portfolio in favor of sustainable products over the next two years. Among the factors that most induce prudence is the risk of greenwashing, the desire to induce their potential customers to believe that a brand is much more committed to environmental protection than it really is. A phenomenon now at the center of the attention of international regulators.
These are some of the main results highlighted today, Tuesday 7 February, during a conference in Consob in Rome on the theme “Sustainable investments. Knowledge, attitudes and choices of Italian investors”, which explored sustainability issues in the eighth Consob Report on the investment choices of Italian households, presented on 26 January.
How Italians' interest in sustainable finance has changed
In a context of economic and geopolitical uncertainty, characterized by high inflation and the war in Ukraine, 15% of Italians - according to a survey conducted between June and July 2022 on a sample of 1.436 respondents - say they are interested in investing in sustainable financial institutions (those that stand out for their commitment to the protection of the environment, workers' rights and the values of good corporate governance) even at the cost of accepting lower returns than those expected from other forms of investment. In 2021 the corresponding figure was 17%. 48% of the interviewees (57% in 2021) declare themselves willing to invest in ESG financial products (Environment, Social, Governance) only on condition that the returns are equal to or even higher than those offered by unsustainable investments. On the other hand, 17% declare that they have no interest in sustainable finance against 13% a year earlier.
The attention is greater among the women, the young, wealthy and financially literate investors. However, the survey shows that Italians' knowledge of the world of sustainable finance is still rather limited.
Despite the decline recorded in 2022, the "green" in finance does not lose its appeal. 57% of those interviewed are inclined to change their investment choices in the next two years, strengthening the sustainability component.
Draw perceived fears and risks: greenwashing
“The data reveals that greenwashing, understood as misleading claims about the actual sustainability characteristics of products, is among the fears and risks perceived by investors – he observed Clare Moscow, Consob Commissioner -. It is a phenomenon that can undermine trust”. For this reason, he added, "the fight against greenwashing is a global priority and is on the agenda of international regulators". But not just greenwashing. A deterrent to choosing sustainable investments is also the lack of the necessary knowledge, underlined Commissioner Mosca.
