Sustainable Finance Disclosure Regulations as a Tool for Change of City Environment

The sustainability paradigm, already central at the international level with the 2030 Agenda and at the EU level with the new policies of the European Union, has acquired increasing importance in the business choices of companies, which also consider the social and environmental dimensions in the definition of corporate strategies. By investigating the dimensions constituting ESG factors (Environment, Social, Governance) and considering the national and international regulatory framework on sustainability-related issues, the main benefits deriving from the integration of the three ESG components into business logic are highlighted. To understand how the factors of the acronym have guided the socio-economic activities of companies, it is necessary to frame the innovations introduced by the legislation in the field of CSR (Corporate Social Responsibility), which lead to new challenges and objectives in terms of sustainability reporting. Outlining the state of the art of international and national legislation in this regard, allows us to define the degree of diffusion and progress of non-financial disclosure in the context of corporate strategies as well as the main related reporting standards. This work aims to analyze, from a theoretical-conceptual point of view, ESG criteria, underlining their interconnection with the new nonfinancial disclosure system, considering the expansion of the set of information to be reported established by the Corporate Sustainability Reporting Directive with the introduction of new ad hoc sustainability reporting standards such as the ESRS (European Sustainability Reporting Standards).