Sustainable Finance and Fintech: Can Technology Contribute to Achieving Environmental Goals? A Preliminary Assessment of ‘Green FinTech'

40 Pages Posted: 14 Aug 2020 Last revised: 16 Sep 2020

See all articles by Eugenia Macchiavello

Eugenia Macchiavello

University of Genoa, Department of Law - Section of Business and Economic Law; Genoa Centre for Law and Finance

Michele Siri

University of Genoa - Law Department; European Banking Institute; EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law

Date Written: August 13, 2020

Abstract

The Fintech Action Plan (see now also Digital Finance Strategy) and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while they present certain common features and great potential when combined. In particular, Fintech appears able to respond to some shortcomings in the current sustainable finance framework (e.g. access to retail financing, ESG disclosure, verification and ratings, etc.). The relevance of the link between sustainability, finance and technology has also been evidenced by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on technology and sustainability. However, Fintech still raises per se relevant legal issues that need to be addressed to fulfil its promises and potential in the sustainable finance sector. The present paper aims at starting a debate about “Green Fintech” in order to effectively connect the two worlds and spur the research in such a new and promising area.

Keywords: Fintech, Sustainable finance, EcoLabel, blockchain, DLT, artificial intelligence, algorithms, big data, ESG factors, sustainability rating, sustainable development goals, transparency, non-financial disclosure, fiduciary duties, crowdfunding.

JEL Classification: G18, G10, G21, O33

Suggested Citation

Macchiavello, Eugenia and Siri, Michele, Sustainable Finance and Fintech: Can Technology Contribute to Achieving Environmental Goals? A Preliminary Assessment of ‘Green FinTech' (August 13, 2020). European Banking Institute Working Paper Series 2020 – no. 71, Available at SSRN: https://ssrn.com/abstract=3672989 or http://dx.doi.org/10.2139/ssrn.3672989

Eugenia Macchiavello (Contact Author)

University of Genoa, Department of Law - Section of Business and Economic Law ( email )

Via Balbi 22, 2nd floor
Genova, Genoa 16126
Italy

Genoa Centre for Law and Finance ( email )

Via Balbi, 22
16126 Genova
Italy

HOME PAGE: http://www.clfge.org/teams/eugenia-macchiavello/

Michele Siri

University of Genoa - Law Department ( email )

Genoa
Italy

HOME PAGE: http://unige.it/en/

European Banking Institute ( email )

Frankfurt
Germany

HOME PAGE: http://ebi-europa.eu/members/fellow-academic-members/

EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law ( email )

Italy

HOME PAGE: http://www.eusfil.eu

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