A Comparative Study of European Sustainable Finance Labels

128 Pages Posted: 25 Feb 2021

See all articles by Karina Megaeva

Karina Megaeva

University of Antwerp

Peter-Jan Engelen

Utrecht University - School of Economics; University of Antwerp

Luc Van Liedekerke

KU Leuven

Date Written: January 1, 2021


This comparative study offers a detailed overview of nine major SRI labels in Europe and compares them on a relative basis along different dimensions of sustainability. The six dimensions that we selected for our comparative study are: (i) eligibility criteria of the SRI label, (ii) structure and composition of the SRI label, (iii) transparency of the SRI label, (iv) governance of the SRI label, (v) stringency of the SRI label, and (vi) impact of the SRI label. The study covers the following sustainability labels: three Green Labels (the French Greenfin label, the Luxflag Climate Finance label, and the future EU Eco-label) and six ESG-focused Labels (the Austrian Umweltzeichen label, the Belgian Towards Sustainability label, the French ISR label, the German-speaking FNG label, the Luxflag ESG label and the Nordic Swan label). The study identifies the leading SRI labels per dimension.

Keywords: Sustainable finance, labels, SRI, CSR, ESG, eco-label, green, climate change, carbon impact

JEL Classification: G1, G23, M14, Q56

Suggested Citation

Megaeva, Karina and Engelen, Peter-Jan and Van Liedekerke, Luc, A Comparative Study of European Sustainable Finance Labels (January 1, 2021). Available at SSRN: https://ssrn.com/abstract=3790435 or http://dx.doi.org/10.2139/ssrn.3790435

Karina Megaeva

University of Antwerp ( email )

Prinsstraat 13
Antwerp, 2000

Peter-Jan Engelen (Contact Author)

Utrecht University - School of Economics ( email )

Kriekenpitplein 21-22
Adam Smith Building
Utrecht, 3584 EC

University of Antwerp

Luc Van Liedekerke

KU Leuven ( email )

Oude Markt 13
Leuven, Vlaams-Brabant 3000

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