Giulio Mazzolini

European Banking Authority

20 avenue André Prothin CS 30154

One Canada Square, Canary Wharf

92927 Paris, La Défense CEDEX E14 5AA

France

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Sustainability Labels vs. Reality: How Climate-friendly are Green and ESG Funds?

ECB Working Paper No. 2025/3121

Number of pages: 57 Posted: 26 Sep 2025

Giulio Mazzolini, Dilyara Salakhova, Margherita Giuzio, Sujit Kapadia and Sujit Kapadia

European Banking Authority, Banque de France, European Central Bank (ECB) and Bank of EnglandEuropean Central Bank (ECB)

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