Financing the Future: Report of the Italian National Dialogue on Sustainable Finance

This report provides an expert synthesis of Italy’s efforts to integrate sustainable development principles within its financial system, reflecting the outcome of a comprehensive national policy dialogue. It delivers a detailed assessment of current practices and progress regarding the alignment of banking, capital markets, insurance, and institutional investment with environmental, social, and governance factors. The analysis highlights both Italy’s dynamism—such as the increase in sustainable lending, the growth of responsible investment assets, and advancements in stock market disclosure—and persistent structural challenges, including unpriced environmental externalities and barriers for small and medium enterprises seeking green finance. The document identifies eighteen concrete policy and market options grouped in areas including policy frameworks, financial innovation, market infrastructure, and knowledge building, targeting improved risk analysis, reporting, public-private capital mobilization, and capacity development. The report concludes with strategic recommendations for maintaining momentum, leveraging Italy’s position in international sustainable finance, and the establishment of a national observatory.