203 research outputs found
THE ROLE OF FINANCE IN ENVIRONMENTAL PROTECTION: A REPORT ON REGULATORS’ PERSPECTIVE
No full textJOURNAL MENU
THE ROLE OF FINANCE IN ENVIRONMENTAL PROTECTION: A REPORT ON REGULATORS’ PERSPECTIVE
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Vittorio Boscia, Valeria Stefanelli ORCID logo, Benedetta Coluccia, Federica De Leo ORCID logo
DOI:10.22495/rgcv9i4p3
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This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
In international contexts, a key role has been assigned to sustainable finance for the achievement of climate change mitigation objectives. In the context of environmental finance, this contribution focuses on the tool of green bonds, framing the regulators’ perspective and the principles of (self) regulation that describe the process of issuing, evaluating and reporting for the transparency and efficiency of the financial market. The previous studies, in fact, neglected the theme of the rules despite the numerous interventions of the institutions in this field and despite the fact that the theory of market efficiency underlines the crucial role of the rules for the protection of investors and the transparency of the market. In particular, knowing the regulatory framework makes possible to highlight the system of incentives and protections for issuers and investors in the segment of listing and trading of securities. From our analysis, it emerged that the current voluntary regulatory system is still far from ensuring an adequate level of transparency to investors. However, the report published by the EU Commission, containing the proposal to introduce common criteria for the issuance of green bonds in Europe, seems to promote greater protection for the underwriters, leaving more room for the development of green investments. The present study concerns a preliminary analysis, necessary for subsequent investigations aimed at evaluating the convenience of green bonds compared to other segments of bonds listed on the European market
Assicurare il futuro: il sistema obbligatorio contro i disastri naturali in Italia
No full textIl crescente impatto economico degli eventi naturali estremi in Italia e in Europa impone una riflessione sul ruolo delle politiche pubbliche e degli strumenti assicurativi nella gestione del rischio. Il nuovo sistema italiano di assicurazione obbligatoria per le imprese, introdotto con la Legge di Bilancio 2024, rappresenta una innovazione nel panorama nazionale. Questo articolo analizza le principali caratteristiche del provvedimento, ne discute le implicazioni economiche e istituzionali, e lo colloca nel
quadro più ampio delle esperienze internazionali in materia di gestione assicurativa dei disastri naturali
A theoretical tool for evaluating the circular maturity of agrifood companies
No full textThe global agricultural output needs to expand by 70% to meet food demand by 2050 (FAO, 2017). While increased agricultural output has helped maintain a balance between production and environmental protection, it also posed a substantial challenge to long-term food production and sustainability. Agri-food companies should be able to combine economic growth and environmental sustainability challenges (Agnusdei and Coluccia, 2022). A new food policy coherent with the goal of achieving sustainable food systems implies changing visions and radically revising the understanding of the system on which agricultural and food-related policies act (Galli et al., 2020). Recently, the EU launched the new Circular Economy Action Plan (2020) as a pillar of the European Green Deal, which opens a new perspective for the application of circular economy in the agri-food sector.
Because of various tangible and intangible advantages, the circular economy is the most revolutionary concept in the modern agri-food sector that could turn production methods into more accessible and practical solutions (Nordin et al., 2022). Although the circular economy concept is gaining traction and methods to assess companies’ circular economy- related aspects exist, there is no established assessment tool. An increasing number of scholars and practitioners have focused on the assessment of the progress of circular economy initiatives and, accordingly, on the development of performance measurement tools, that can support policy makers (Sacco et al., 2021). However, most of the approaches proposed to assess circularity provide only partial information, mainly focusing on the analysis of environmental sustainability performance. In many cases, it is not clear how metrics or indicators included in extant circular economy assessment methods have been selected. Beyond the attempts of measuring the firm’s performance circularity, what is lacking is an approach that can assess the circular maturity status of a company, considering the complexity and disruption of all circular economy principles.
In this context, the present study is aimed at developing a theoretical model to assess the circularity of the agri-food companies based on four dimensions in which circular actions could be implemented: operations, product and services, culture and organization, and environment.
According to Lacy et al. (2020), through these dimensions it is possible to detect the degree of maturity of a firm, understood as the extent to which it is implementing circular business models for all four dimensions. Necessarily, in order to reach an advanced level of transformation, companies will not have to dwell on just one dimension but will have to implement the new models on all of them in parallel.
This model is a useful tool to understand the extent to which companies are implementing circular business models across different dimensions, and thus where they are still lacking. Moreover, it represents a method to classify the companies according to the degree of implementation of circular economy actions, from a state where they have just started the transition (emerging) to the accomplishment of it (ultimate). These levels present a progression associated with the stage of consolidation of the circular economy practices adopted by the organization. The more professional the management, the more consolidated the practices adopted tend to be. Each level of maturity demands the formalization of a set of practices that contribute positively to making the companies sustainable.
In conclusion, the framework developed in the study allows for establishing the degree of maturity of agri-food companies which is crucial for calibrating strategies designed to introduce circular economy models
How are smart city policies progressing in Italy? Insights from SDG indicators
No full textWith the rise of global urbanization, cities encounter considerable socioeconomic and environmental challenges embodied in the 17 Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda for Sustainable Development. Therefore, the crucial importance of urban planning cannot be underestimated in pursuing sustainable development. Among urban sustainability efforts, the smart city has emerged as a crucial paradigm for integrating innovation and sustainability to enhance urban living and achieve SDGs. The study aims to classify the Italian regional capital cities based on their progress in smart cities-related SDGs to understand the key implementation strategies, define the gaps between cities and identify priorities for action. For cluster analysis, 34 indicators related to SDG 9 (Industry, Innovation, and Infrastructure) and SDG 11 (Sustainable Cities and Communities) were considered. The main results reveal significant variability in performance across Italian cities, suggesting that they are at different stages of development in achieving SDGs 9 and 11. Northern Italian cities outperform their southern counterparts in industry, innovation and infrastructure. Larger cities often suffer from more serious and structural problems in urban sustainability. This study guides policy by pinpointing effective strategies and gaps across Italian cities, enhancing collaborative efforts and best practice sharing. It also informs SDG progress assessments, directing investments and prioritizing development needs, thus advancing smart city policies and urban sustainability
A multi-level tool to support the circular economy decision-making process in agrifood entrepreneurship
No full textAbstract
Purpose–Thepresentstudyisaimedatdevelopingamulti-levelframework for assessing circularity in agrifood industries by providingthe user witha step-by-step approachandselectinga customizedset of indicators capable of accurately assessing the circular economy (CE) level.
Design/methodology/approach– The framework is composed of four stages. In the first stage, a CE theoretical model based on operations, product and services, culture, organization and ecosystem criteria has been implemented and adaptedto the agri-food sector. In the second stage, users are required to collect a set of
indicators capable of measuring each criterion. In the third stage, a weight is assigned to each indicator using analytical hierarchy process (AHP). Lastly, a geometric multi-criteria decision-making (MCDM) model, called axial distance-based aggregated measurement (ADAM) model, is used to normalize, assess and aggregate the results andproducefinalscoresforthedifferentalternativesto berankedbasedontheirfinalcircularityscores.
Findings– The model can be a useful tool to support corporate decisions in the CE, making entrepreneurs aware of their starting level. It indicates the extent to which companies are implementing circular business models across different dimensions and, thus, where they are still lacking.
Originality/value– Beyond the attempts to measure the circularity of corporate performance from a purely environmental perspective, the study adopts a holistic view, considering the complexity and disruption of all the principles of the CE
A regional analysis of Italian well-being within the framework of social related SDGs
No full textItaly is characterized by a considerable regional diversity, from a social, cultural and economic point of view. The quality of life can vary greatly between different regions of the country. Therefore, understanding the specificities of each region is crucial for implementing public policies able to promote economic and social development, ensuring a fair distribution of resources and improving the quality of life of citizens. The report of the Stiglitz-Sen-Fitoussi Commission has raised fundamental questions about GDP as a limited measure of economic and social well-being. On the other hand, the Sustainable Development Goals (SDGs) proposed by the United Nations aim at covering a wide range of interconnected issues that affect human well-being and the sustainability of the planet. ISTAT
h the 372 statistical measures connected to the 17 SDGs for each Italian regions are monitored. Prioritizing the wellbeing-related SDGs based on local specific circumstances is essential for regions to identify local-specific levels of progress, features and needs. From this perspective, this study aims to classify the Italian regions, based on their wellbeing- related SDGs progress, in order to understand the key challenges, define the gaps between regions and identify priorities for action. A three-step methodological approach based on principal component analysis (PCA), cluster analysis and ANOVA is used. Four clusters emerged from the analysis, showing that the level of wellbeing is a discriminating factor for the grouping of regions. The study findings can have practical implications, because they can support regional policymakers to adopt the measures needed to accelerate the process towards more
equitable levels of wellbeing
Agricultural Insurance in the DOCG Area of Conegliano—Valdobbiadene: An Assessment of Policy Measures
No full textAgricultural insurance stands prominant in the protection of crop products. In Italy, the increasing occurrence of extreme weather events has had an important impact on the crop insurance market’s dynamics by lowering insurance companies propensity to take on climate risks. In this context, the main aim of the study is to focus on an economic assessment of the demand for insurance in the Controlled and Guaranteed Designation of Origin (DOCG) area of Conegliano-Valdobbiadene, exploiting the economic effects of public contributions for the three main subjects involved in the market: winegrowers, public stakeholders, and insurance companies. The results showed that the more favorable conditions laid down in the Omnibus Regulation in favor of producers do not appear justified in the area investigated. As regards the goodness of public intervention, the overall positivity of the Indicator Efficiency Subsidies (IES) underlines the relative efficiency of the subsidized contribution. As for the insurance companies, the financial equilibrium appears precarious, closed between falling tariffs and increasing quotas in consideration of the feared climate change
Smart cities policies for urban development: Systematic insight into public value creation
No full textPublic ownership and ESG policies: implications for firm productivity in local transportation
No full textPRIORITIZING CIRCULAR STRATEGIES IN THE AGRI-FOOD SECTOR: A MULTI-CRITERIA DECISION MAKING (MCDM) APPROACH
No full textThere is growing consensus on the need of a gradual transition to a more sustainable economic growth. Global warming, pollution and the rapid absorption of natural resources require swift and immediate action to limit and reverse their impact on the environment. The circular economy (CE), when incorporated into various business models across a variety of sectors and at different levels, represents a straightforward approach to overcoming these global challenges (Hornain, 2021; United Nations, 2019). A growing interest in CE can be highlighted in the EU policy looking for developing guidelines to support CE strategies on the national level. Since 2015, the European Commission has launched a Circular Economy Action Plan (European Commission, 2015) to stimulate Europe’s transition towards a more circular economy, to boost global competitiveness and to foster sustainable economic growth. The application of CE principles in the agri-food sector appears to be an important and necessary change to transform society and face future challenges (European Commission, 2021). The increasing global food demand, in fact, is forcing operators and policy makers to identify effective new strategies for production, distribution, and consumption (Accorsi et al., 2019).
Beyond the attempts of measuring the firm’s performance circularity, what is lacking is an approach that can assess the circularity status in a holistic vision, considering the complexity and disruption of all circular economy principles. Literature shows that advanced research and data availability on CE assessment tools and indicators are lacking (Rocchi et al., 2021; Elia et al., 2017).
In this context, a step-by-step approach has been used to select a customized set of indicators capable of accurately assessing the level of CE in agrifood sector both at macro, meso and micro level. This has made it possible to prioritize the circular economy strategies proposed in the literature and based on four orientations: Operations, Product and. Services, Culture and Organization and Ecosystem.
The research design is composed of four stages. In the first stage, through the analysis of the literature, a theoretical model which provides a holistic vision of the circular economy has been implemented and adapted to agri-food sector. In the second stage, a set of indicators capable of measuring each sub- criterion has been collected. In third stage, a weight is assigned to each indicator using Analytical Hierarchy Process (AHP), which is a pairwise comparison methodology. Lastly, a geometric Multi Criteria Decision Method (MCDM), called Axial Distance-based Aggregated Measurement (ADAM) model is used to normalize, assess, and aggregate the results and produce final scores for the different alternatives to be ranked based on their final circularity scores.
The results showed that the "circular and organization" orientation is the one with the best score in terms of circularity. This emphasizes the importance of considering the circular economy part of the corporate organizational strategy and not to relegate it to the sustainability of processes. The company that sets long-term circularity goals manages to be a circular organization over time. Initiatives in this area aim to develop time targets to support the circular vision and mobilize the necessary resources that can help business units prioritize and implement circular initiatives. Recognizing that established internal ways of doing business are likely to impede circular decision-making and at speed and be a barrier for further uptake, it is important to make the circular economy a central element in the ways of working and in the structure of the company, by incorporating the circularity in policies, processes, and procedures.
The framework implemented in this study could be useful tool to understand the extent to which companies are implementing circular business models across different dimensions, and thus where they are still lacking, allowing to guide environmental policies
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