US vs EU: The Divergences in ESG Investments

The Salone del Risparmio 2025 opens with a reflection on the new global geopolitical context, profoundly changed compared to recent decades. Political scientist Chiara Tintori, who spoke at the meeting "US vs EU: what future for ESG investments?", outlined a complex picture, where the end of a unipolar world order, the deterioration of international law, and an increasing clash between superpowers are taking shape. In this scenario, sustainability and international cooperation face a climate of instability and mistrust. The disengagement of the United States from international agreements, such as the Paris Agreements, and the cancellation of already initiated green policies raise questions about the future of sustainable finance. Critical thinking and awareness become fundamental tools for analyzing reality, distinguishing facts from rhetoric, and making informed choices even in the economic field.

The new political course of the United States, inaugurated by Donald Trump's second term, has had a strong impact on ESG strategies. Andrea Cincinnati Cini, Head of ESG at Cerved Rating Agency, noted how the US exit from the Paris Agreements and the blockage of green investments in the infrastructure sector (estimated at 380 billion dollars) represent clear signals of a policy oriented towards environmental disengagement. However, the demand for ESG investments has not exhausted but has shifted elsewhere. In particular, there is an increasing flow of capital towards Europe, where sustainable assets have reached 60% of managed funds, confirming Europe's leadership role in this field. This dynamic highlights how sustainability remains an attraction lever even in unstable geopolitical contexts.

Paola Mungo, Scientific Coordinator of the Master's in Finance and ESG Investments at ALTIS, highlighted how Europe is undergoing a phase of consolidation in the sustainable finance sector. In the first months of 2025, about 50% of European retail investors declared their intention to allocate a significant portion of their portfolio to ESG investments. This data confirms a growing awareness and trust in sustainable products, also thanks to a more developed regulatory framework. European regulation, through tools like MIFID, supports an investor profiling that includes sustainability as a key element, while financial education is configured as a necessary condition for responsible growth of the sector. Innovation in the financial sector is essential to keep the market attractive, with solutions that promote accessibility and transparency.

Matteo Pedrini, Director at ALTIS, emphasized that rapid and unpredictable changes in international policies, from tariffs to strategic alliances, hinder the formulation of stable evaluations, especially for capital-intensive sectors. The United States, once a benchmark market, is losing attractiveness in favor of emerging areas such as Africa, which today offers interesting growth prospects. However, for many companies, sustainability now represents a competitive value integrated into the company mission. Consumers continue to show interest in eco-friendly products, and investors keep rewarding environmentally-conscious companies. In this context, analytical tools like those proposed by ESMA for fund labeling are crucial to ensure the credibility of ESG investments and avoid the phenomenon of greenwashing.

The European Union has set itself the goal of becoming the first continent to achieve zero climate impact by 2050, and has reiterated its strategy of transforming the economy towards sustainability. However, new priorities related to security and rearmament are emerging, which in some cases divert resources from the Green Deal and welfare. In this context, the role of politics becomes essential in ensuring that the ecological transition does not increase social inequalities, but rather reduces them. The virtuous case of Slovenia was cited, the first European country to link sovereign debt issuance to the achievement of climate goals. Europe's weight in the global ESG market is significant: according to recent data, 84% of sustainable assets are concentrated in the European continent, compared to 11% in the United States.

This article was created as part of the project "Biodiversity services EU expansion" (CUP: E43D22000480009) supported by the Lombardy Region call "PR FESR 2021-2027 – INTERNATIONALIZATION LINE 21-27", aimed at supporting the internationalization of Italian companies. 3Bee is the naturetech company that develops innovative technologies for the monitoring, protection, and regeneration of biodiversity, supporting companies in defining customized climate strategies based on the analysis of their impacts and dependencies on nature. With a consolidated portfolio in Italy, Germany, and France and significant partnerships, 3Bee continues its expansion in international markets to create a concrete impact through technology.