Jeremy Whannell

KPMG's Global Survey shows a major gap between ESG awareness and financial integration. While 72% of managers understand sustainability strategies, only 19% use advanced models to quantify impacts on EBITDA and enterprise value. Most firms fail to embed ESG risks into financial decisions, leaving sustainability largely at the reporting level rather than value creation.

ANSFISA has approved Italy's first hydrogen-powered train, the Alstom HMU214, for use on the Brescia–Iseo–Edolo line. Capable of 140 km/h, it uses hydrogen fuel cells and batteries instead of diesel or catenary power. The authorization, part of a process started in 2022, supports Italy's decarbonization goals under its recovery plan and requires trial operation before service.

Italy leads Europe in digital sustainability reporting tools for SMEs, according to EFRAG's second mapping of VSME platforms. The ecosystem is innovative but still maturing, with gaps in interoperability, standards alignment, and advanced features. Most platforms are privately developed, 60% are free, and Italy tops Europe with 25 initiatives surveyed.

ReLife Recycling, part of ReLife Group, has acquired Palcart's recycling operations in Verona, strengthening its presence in Northeast Italy and expanding the Oppeano hub. The move increases plant capacity, enhances technical expertise, and supports its circular economy strategy. The group processes nearly one million tons of waste annually across 24 Italian sites.

New Zealand is considering adopting IFRS S2 climate reporting standards, with the External Reporting Board proposing a long transition period. Companies would continue using current NZ standards until 2033. The change aims to improve global consistency, align with frameworks like Australia's, and enhance disclosure requirements, including emissions reporting using the GHG Protocol. Consultation runs until 2026.

Milione spa, parent of SAVE spa, secured €80 million EIB financing to boost Venice Airport's sustainability and efficiency. The deal aligns with its Ardian-Finint ownership restructuring, updated debt framework, and sustainability-linked bond. Funds will support electrification, digitalization, infrastructure upgrades, and resilience, aiding net-zero goals by 2030 while creating about 1,000 temporary jobs during construction phase.

ICSC successfully issued a €500 million social bond, three times oversubscribed with strong international and ESG investor participation. The bond supports sports, culture, student housing, and urban regeneration under its new sustainability framework. The move strengthens ICSC's capital markets presence, aligning with its strategy to fund social infrastructure and attract institutional investment focused on impact and long-term value.

The ECB has introduced a climate factor into its collateral framework, applying additional haircuts to corporate bonds exposed to transition risks. The measure treats climate risk as a financial risk, using forward-looking assessments of sector exposure, company emissions, and bond maturity. It aims to protect the Eurosystem from potential losses linked to climate shocks.

Italy's innovative startup ecosystem shrank in 2025 to 11,820 companies, down 19% from its 2021 peak. The sector is increasingly concentrated in Northern Italy, especially Lombardy, and dominated by IT, software, AI, and data analytics. Despite decline, startups are becoming more specialized, with future growth depending on investment, regional support, and broader sector participation.

UniCredit has provided €39.3 million financing to vexuvo to support four agrivoltaic plants totaling about 33 MW across Italy, advancing renewable growth and energy transition. In three years, vexuvo built a 3 GW pipeline spanning agrivoltaics and storage (BESS), secured authorizations, project sales, and tender wins, reinforcing its position as a dynamic leading national operator.