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Emerging trends in sustainable investments and cryptoasset markets - 2023

Emerging trends in sustainable investments and cryptoasset markets




The Report analyses the emerging trends in sustainable investments and in the markets of cryptoassets, also with regard to the developments that can affect the achievement of CONSOB remit.


Sustainable investments
The Sustainalytics company-level ESG risk score measures firms’ exposure to ESG risks (i.e., climate changes, carbon footprint, transition risks, safety in the workplace, governance transparency, management remuneration policies). In the euro area it registers a decreasing trend from December 2019 to December 2022, and it remains approximately stable in 2023, showing that firms are increasingly improving their abilities in managing sustainability-related risks. Moreover, utility and energy sectors exposure to ESG risks tends to be higher compared to the exposure of industrial and financial sectors. ... more


Cryptocurrencies continue to be characterised by highly volatile prices. As of September 2023, bitcoin's annualised return was only slightly higher than returns of other non-digital assets while showing far greater volatility. The cybersecurity of applications underlying cryptocurrencies remains a critical issue. ... more


The Report was prepared by:

The authors wish to thank Gaetano Finiguerra for his useful hints to the definition of the Report. The authors wish also to thank Lucia Alessi, Elisa Ossola. and Roberto Panzica (European Commission, Joint Research Centre, Italy) for providing greenium index time series, and ESMA Investor Research working group (IRWG) for the insightful comments on sustainable investment section. The opinions expressed in this Report are the authors' personal views and are in no way binding on CONSOB.  

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