Ecolabel: from sustainable product certification to financial product certification

Abstract

The thesis “ Ecolabel: from sustainable product certification to financial product certificationeco-label” focuses its attention on the European in its ecological and financial variant. This tool, used by European policies to achieve environmental objectives, is primarily aimed at the citizen and through a non-taxing legal action (soft law) educates the same to the awareness of the need to safeguard the environment by adhering to a model of guided sustainable development. from the circular economy. The chapters of the thesis describe both the frameworks within which the path is developed and the steps of the same path that from the sustainable product ecolabel (ecological quality certification of a good or service) lead to the financial ecolabel (ecological quality certification of a financial product) trying to identify the common elements between the two certifications and the possible synergies in favor of a development of circular sustainability. Therefore, the path begins, in the first chapter, in which the problem of managing the scarcity of resources is identified, the theoretical framework is built that offers the solution with the application of the decoupling theory that is the background to the conception of weak sustainable development and passing from the circular economy it reconciles the management of the scarcity of resources with the economic development of the general system. This solution is adopted by the environmental policies of the European Union. However, this will not be enough to solve the problem of conserving resources and while maintaining the economic model of circularity, it is hoped that the transition to strong sustainable development is achieved through a policy of sufficient consumption. The second chapter focuses its attention on the product policy adopted by the EU on the basis that a production of the product carried out in compliance with the phases of its life cycle can lead to an efficient saving of resources. At this juncture the need arises to certify the quality of the product at an ecological level with a label recognized throughout the European territory: the EU eco-label. It is aimed at the consumer and offers the latter certain and reliable information on the ecological quality of the product for an informed choice. The link between consumer ecolabel and information immediately emerges, which does not escape the regulatory regularization of the European legislator [1]. The third chapter focuses on the eco-label of sustainable product and describes the construction procedure according to EU Regulation n.66 / 10. In constructing the content of the eco-label, the importance of determining the criteria is highlighted. The choice of these includes or excludes a product or a service from ecological certification and can facilitate support for the circular economy for the achievement of the environmental objectives of EU policies. In the chapter, then, we focus on the Italian case since Italy is the only EU country where the legislator has made the inclusion of CAMs mandatory in terms of purchasing policy, in particular public purchases, minimum environmental criteria, in public procurement. CAMs represent the technical specifications that determine the characteristics of the procurement object and can also be proven through ecological product certifications. In this case, the legislative input is evident in favor of the diffusion of the eco-label and consequently of the sensitivity towards the purchase of ecological products which indirectly goes towards achieving the objectives of European environmental policies. The fourth chapter outlines the legal-economic framework within which the financial eco-label originates. The latter is part of an already well-established legislation, the choice of the criteria that characterize its content follows the same procedure provided for in Regulation no. 66/10 for the product eco-label, the figure of the saver is defined according to art. . 4 of Directive 2014/65 / EU , the information on ecolabel certified financial products, to be provided to the saver so that he can make informed decisions about the investment of his money, has been further revised with the EU Regulation 2019/2088. Even in the case of the financial eco-label, the same elements characterizing the product eco-label emerge: the criteria, the saver, the information. Therefore, the financial eco-label is aimed at the saver by proposing pre-assembled financial products (funds) that invest in economic activities aimed at sustainable development and information, from the companies or companies that issue the investment securities, on how to use the money to support of ecological and circular economic activities for a conscious investment choice. Finally, the fifth chapter analyzes the environmental policies of France [2], as a precursor country of legal situations relating to the sustainable and financial product ecolabel subsequently adopted also by the EU. Regarding the product eco-label, France already had its own quality label before the EU eco-label and it preceded the EU also in determining the environmental one. Regarding the financial ecolabel, France after the Loi de transition énergétique pour la croissance verte in August 2015 has established with a specific decree the TEEC or Greenfin for financial products together with a specificframework reference. Furthermore, from the analysis of the French legislation on eco-labels it emerges that for their concrete application they also concern: criteria, the consumer / saver, information. Finally, a transversal reflection in the chapters and at the end of this path highlights the interconnection between the elements that characterize the two labels (criteria, consumer / saver, information), the consequent synergy of action between the two labels capable of acting on the development of a sustainable and circular economy and the need for legislative input in order to determine the effects of product and financial ecolabels.

________________________________________ [1] See, by way of example, Article 169 of the TCFUE which promotes the right to information and education of consumers as well as their right to organize for the protection of their interests. The art. 2 of EU Regulation no. 254/2014 of the European Parliament and of the Council of 26 February 2014 relating to a multiannual program for consumer protection for the period 2014-2020 in which the general objective of the program is: to give greater power to consumers and place them at the heart of the internal market, as part of an overall strategy for one smart, sustainable and inclusive growth while also promoting their right to information, education and their organization for protect their interests. The Consumer Agenda which in the 2020 version clearly explains the consumer's active role in the green transition [2] The reference to France is dictated by the experience conducted in France at the Crideau - Center de Recherches Interdisciplinaires en Droit de l'Environnement , de l'Aménagement et de dell'Urbanisme - Universitè de Limoges during which I conducted studies regarding European environmental legislation compared with that of other states and I deepened the French environmental legislation which shows a solid legislative tradition on environmental issues.