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This deliverable is a research, an original and systematic investigation undertaken to increase existing knowledge and understanding of the unknown to establish facts and principles concerning Ethical and Sustainable Finance in Europe.

This output is very strategic to understand better the role of the Bank and finance and the role of social and ethical finance.

Finance is neither good nor bad. It is a tool to achieve an end, which can be speculative (causing negative externalities) or it can be more collective and supportive of the general well-being of the many (in which case it will cause positive externalities). The problem is that today ‘Finance’ has lost its core role, as a means to support and promote economic activities and has invaded the social and democratic spheres.

The goal of this Output is twofold:

  • Understanding what Ethical Finance is and to compare for the first, ethical and sustainable banks in Europe.
  • Understanding why ethics awareness is important in financial issue and how bank choices can influence differents aspects of our real economy

It is an in-depth analysis of:

  • Ethic finance meaning
  • Sustainability finance meeting
  • Mapping specific ethic Banks in Europe
  • Collect case studies and Best practices in Europe concerning ethic and sustainability finance

This Output will contribute to creating an online library of Financial Ethics Case Studies and Best Practices.



This document is part of the project ”Financial Literacy for Inclusion” Financed by the Erasmus plus program. The document serves as a comprehensive research effort, presenting an original and systematic investigation aimed at advancing our understanding of ethical and sustainable finance in the European context. Within these pages lies a valuable resource for gaining deeper insights into the role of banking and finance, and the complex interplay between social and ethical finance. Finance, which is inherently neutral, functions as a tool with the potential to either generate speculative outcomes that result in negative externalities, or to promote collective well-being that results in positive externalities. The current dilemma is that ’finance’ has strayed from its fundamental purpose - to support and catalyse economic endeavour - and has instead infiltrated the social and democratic spheres. This research has a twofold objective: 1. Uncover the essence of ethical finance, while conducting a groundbreaking comparison of ethical and sustainable banks across Europe. 2. To highlight the importance of ethical awareness in financial matters and to explain how the choices made by financial institutions can significantly influence various facets of our tangible economy.

Together, the project consortium has undertaken an in-depth analysis of ethical and sustainable finance in Europe, based on the following priorities • Clarifying the meaning of ethical finance. • Explaining the concept of sustainable finance. • Creating a comprehensive map of distinctive ethical banks across Europe, based on common criteria. • Curate a collection of case studies and examples from Europe that highlight ethical and sustainable finance. The document is thoughtfully organised into 6 sections, each providing a snapshot of a particular country. Each country snapshot carefully addresses seven key dimensions: • Deconstructing the term ethical finance to identify any localised definitions. • Unpack the essence of sustainable finance. • Delve into the meticulous mapping of Europe’s different ethical banks, underpinned by consistent criteria. • Scrutinise national legislation on sustainable finance and ethics. • A dive into the world of the Sustainable Finance Disclosure Regulation (SFDR). • Case studies and/or Best practices in Europe concerning ethic and sustainability finance. • Relevant Bibliography on the Topic of Ethic Finance.

In essence, this document is a comprehensive exploration designed to enhance our understanding of ethical and sustainable finance in Europe, bringing together a wealth of insights and analysis to promote a deeper understanding of its implications and potential transformations.

Ethical and Sustainable Finance in Europe

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The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein


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