ESG Uptake
ESG risk management framework for the financial sector
Project objectives
ESG-UPTAKE is a project, funded by EU Commission DG-Reform and coordinated by Ca’ Foscari University of Venice, to strengthen the capacity EU Member States' National Competent Authorities (NCAs) to monitor and address ESG (Environmental, Social, and Governance) and climate risks in the financial sector.
Specifically, the project supports a selected group of 11 NCAs in identifying, monitoring, and assessing the impact of ESG risks on their supervised entities and the entire financial sector.
Funding and duration
The project is funded by the Directorate-General for Structural Reform Support (DG REFORM) of the European Commission with a total budget of about 4 million €.
Duration: September 1, 2023 - August 31, 2026.
Consortium
Ca’ Foscari University of Venice - Coordinator
Ca’ Foscari University of Venice is a public University with a national and international outstanding reputation for academic excellence in both teaching and research. The Department of Economics develops knowledge and understanding of economic phenomena dealing with the complexity of global market scenarios and exploring related social, juridical, ethical and environmental implications. Fondazione Università Ca’ Foscari (FCF) [ITA] collaborates on the project as an affiliated partner.
Vienna University of Economics and Business
The Vienna University of Economics and Busines (WU) is one of Europe’s largest, most modern universities of business and economics. The high quality of its research and teaching is confirmed by three of the most renowned international accreditations - EQUIS, AACSB and AMBA. WU provides space for contemplation and creativity and is a pioneer in research and teaching, all with the goal of increasing economic capability and social prosperity.
Leibniz Institute SAFE
The Leibniz Institute SAFE is a research institute dedicated to research and research-based policy advice in all areas of finance, with a special focus on Europe. Its research program includes six research areas: Financial Intermediation, Financial Markets, Household Finance, Money & Finance, Macro & Finance, and Law & Finance. With its international and interdisciplinary group of researchers, SAFE combines the methodological and professional competences for a broad range of topics related to financial markets and financial institutions.
Partner
Joint Research Centre
The Joint Research Centre (JRC) provides independent, evidence-based knowledge and science, supporting EU policies to positively impact society. The JRC works closely with research and policy organisations in the Member States, with the European institutions and agencies, and with scientific partners in Europe and internationally, including within the United Nations system.
National Competent Authorities (NCAs)
People @ Ca' Foscari
Faculty
Monica Billio, Full Professor of Econometrics, Department of Economics, Ca' Foscari University of Venice
Stefano Battiston, Full Professor of Economic Policy, Department of Economics, Ca’ Foscari University of Venice
Andrea Minto, Professor of Economic Law, Department of Economics, Ca' Foscari University of Venice
Adjunct professors
Andrea Berardi, Adjunct Professor in Economics and Finance, Department of Economics, Ca' Foscari University of Venice
Teresa Grava, Adjunct Professor in Economics and Finance, Department of Economics, Ca' Foscari University of Venice
Researchers
Giulio Bettio, Research Grant Holder, Department of Economics, Ca' Foscari University of Venice
Francesca Doni, Research Grant Holder, Department of Economics, Ca' Foscari University of Venice
Nicolò Galasso, Research Grant Holder, Department of Economics, Ca' Foscari University of Venice
Contact
Francesca Volo, Project manager, Department of Economics, Ca' Foscari University of Venice
T +39 041 234 6832
Expected Results
ESG-UPTAKE aims to facilitate the uptake and implementation of a risk-based supervisory approach to assess and mitigate ESG and climate risks. This approach is complemented by reporting systems, data, and methodologies based on best practices. This, in turn, will enhance NCAs' ability to manage ESG risks promptly and appropriately (including through ESG and climate stress-tests), assess and oversee compliance with ESG and climate-related disclosure and reporting requirements, thereby contributing to informing the adoption of appropriate supervisory responses.
Expected results include the production of detailed reports containing tailored proposals for an ESG and climate risk assessment and management framework, as well as the promotion of the adoption of a risk-based supervisory approach. Reporting systems, data, and methodologies compliant with best practices will be implemented.
Specifically, the expected outcomes of the academic consortium branch out in 3 phases over the life of the project, which include:
• Data mapping and enhancement by the identification of the data needed to effectively supervise the ESG and climate risks;
• Enhanced ESG supervisory framework through the specific development of а standardized framework for ESG and climate stress-tests for supervisory guidance;
• Addressing the insurance protection gap in Italy by understanding the drivers of insurance protection gap for natural catastrophes in Italy.
ESG-UPTAKE - ESG risk management framework for the financial sector.
Funded by the European Commission - Grant Agreement N° 101145727.
Last update: 23/04/2024