No. 1021 - Corporate sustainable finance in recent years: insights from Italy
The paper analyses the characteristics of Italian firms that, between 2021 and 2024, undertook investment aimed at improving the energy efficiency of their operations or increasing the use or production of renewable energy ('environmentally sustainable' investment), with a particular focus on their financing. To this end, the study exploits data from the surveys on firms and credit carried out by Banca d'Italia.
During the period considered, just over one quarter of Italian firms - especially larger and financially sounder ones - implemented environmentally sustainable projects. These initiatives were financed mainly through internal funds (although smaller firms relied on bank credit more than others), while the use of market financing remained limited. The contribution of bank loans may have been affected by intermediaries' difficulties in incorporating information on these projects into creditworthiness assessment models.
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12 June 2026
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