included in the calculation of scope 3 emissions of the large companies they sell intermediate products to. large companies will therefore tend to transmit down their value chain the pressure to adopt more sustainable production models ; the csddd could contribute to this trend, for the reasons mentioned in the previous paragraph. the bank of italy actively worked on this issue during the italian presidency of the g20. see visco ( 2021 ), “ the g20 presidency program on sustainable finance ”, speech delivered at the omfif sustainable policy institute symposium on 30 september 2021. these considerations suggest a few conclusions. first, sectoral data, albeit useful for many purposes, should be interpreted and used with caution by intermediaries in their investment and financing choices, and by the supervisory authority for its control activities. this conclusion is supported by microdata - based evidence which confirms that important heterogeneities exist within sectors and subsectors. 14 european regulation could at least refer to more granular sectoral classifications. 15 second, there is a strong need for data at the individual company level for the purpose of providing credit and planning investment. finally, committing to ambitious sustainability investment and adopting reporting practices is in the very interest of smes, at least the more dynamic and forward - looking ones. various private initiatives have been launched in europe to set up information platforms on the environmental sustainability of non - financial companies. 16 however, smes seem reluctant to join, due to the high costs for data collection and processing and lack of standardisation. 17 therefore, actions at national level could be considered. the newly established sustainability coordination table promoted by the ministry of economy and finance, which involves the ministry of environment and energy security as well as the supervisory authorities ( bank of italy, consob, covip and ivass ) could launch initiatives involving intermediaries, non - financial companies and their associations, among others. similar initiatives have already been launched in other countries. 18 for example, the experimental database built by accetturo et al. ( 2022 ), " credit supply and green investments ", mimeo, shows that among companies belonging to the high - emission sectors according to the eu definition, those that are investing to improve their sustainability performance are about 10 percent of the total ; this share falls to 4 percent among companies in other sectors. this evidence suggests that among high - emission companies there is a greater awareness and willingness to tackle environmental issues. furthermore, there is considerable heterogeneity across the

studies, volume 35 ( 11 ), pp. 4859 – 4901, 2022. see p. angelini, ‘ portfolio decarbonisation strategies : questions and suggestions ’, banca d ’ italia, questioni di economia e finanza ( occasional papers ) 840, 2024 ; and f. ferriani, a. gazzani and f. natoli, ‘ flight to climatic safety : local natural disasters and global portfolio flows ’, banca d ’ italia, temi di discussione ( working papers ) 1420, 2024. see c. brunetti, b. dennis, g. kotta, c. norris, c. shin and i. zer, ‘ climate risk networks and banks ’ exposures ’, mimeo, 2024 ; and m. a. aiello, ‘ climate supervisory shocks and bank lending : empirical evidence from microdata ’, banca d ’ italia, temi di discussione ( working papers ) 1465, 2024. the markets in crypto - assets regulation ( micar ) introduced a harmonized framework across the european union for the issuance and offering to the public of crypto - assets and the provision of services involving crypto - assets. it aims to reduce regulatory uncertainty in digital assets markets and foster sustainable innovation in the financial sector by establishing a uniform regulatory environment for the following types of crypto - assets : i ) electronic money tokens ( e - money tokens - emts ), which purport to maintain a stable value by referencing the value of one official currency ; ii ) asset - referenced tokens ( arts ), which purport to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies ; iii ) crypto - assets other than emts and arts. the rules on the issuance, public offering, and admission to trading of arts and emts have been in force since 30 june, while the remaining provisions will be fully applicable by the end of this year. operational resilience act ( dora ) 8 and the review of the alternative investment fund directive ( aifmd2 ). 9 much work remains to be done on climate risk, and more generally on esg issues, including on new forward - looking analytical tools and methodologies for designing sound climate – related stress testing models aimed at assessing the resilience of the financial system over short and very long horizons. 10