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With the publication in the Official Journal of Legislative Decree no. 125 of 6 September 2024, which took place on 10 September 2024, Italy implements the European Corporate Sustainability Reporting Directive (CSRD) 2022/2464/EU. This regulatory act, which will come into force on 25 September 2024, introduces the obligation of sustainability reporting for a wide range of companies operating in the national territory. With the aim of promoting transparency and responsibility of companies in the ESG (Environmental, Social and Governance) field. What is sustainability reporting? But what exactly is sustainability reporting? It is not simply a new bureaucratic requirement, but a real paradigm shift in corporate culture. Sustainability reporting (also called ESG reporting or sustainability reporting) includes all those reporting and reporting activities that illustrate the concrete commitment of companies in pursuing ESG objectives. Through this process, companies measure, communicate and take responsibility (accountability) for their actions towards internal and external stakeholders. The goal is to provide a clear and transparent picture of the company's social and environmental impact, highlighting not only the progress made, but also the critical issues still to be addressed on the path towards truly sustainable development. Sustainability reporting thus becomes a strategic tool for dialogue and building a relationship of trust with its stakeholders, demonstrating how the creation of economic value can and must go hand in hand with social well-being and environmental protection. And this regardless of the type of document actually drawn up by the company, in fact we also talk about sustainability reporting as a corporate reporting tool. Since when is sustainability reporting mandatory? The entry into force of the sustainability reporting obligation is not univocal, but follows a staggered calendar starting from 1 January 2024. The CSRD in fact provides for a gradual approach to allow companies to best adapt to the new provisions. From 1 January 2024 : the obligation concerns companies already subject to the Non-Financial Reporting Directive (NFRD). Specifically, this concerns: Large enterprises constituting public interest entities with more than 500 employees. Parent companies of a large group, classified as public interest entities, with more than 500 employees on a consolidated basis. From 1 January 2025 : the obligation extends to all large companies, i.e. those that exceed at least two of the following criteria: Total assets: 20 million euros. Net revenue: 40 million euros. Average number of employees: 250. From 1 January 2026 : it is the turn of listed small and medium-sized enterprises (SMEs), with the exception of microenterprises. From 1 January 2028 : the obligation also applies to non-EU companies with an annual turnover exceeding 150 million euros in the EU and which have an operational headquarters or a branch in the European Union, classified as a large enterprise or listed SME, with a net turnover exceeding 40 million euros in the previous financial year. Which companies are exempt from ESG reporting requirements? Although the CSRD outlines a rather broad scope of application, it is important to underline that not all companies are required to prepare sustainability reporting. The decree provides for some exemptions, in particular for companies that fall into one of the following categories: Large companies and listed SMEs are exempted from the obligation to report individually if the information required is already an integral part of the consolidated sustainability report prepared by the parent company, provided that the latter complies with the reporting standards adopted by the European Commission. Microenterprises, even if listed on regulated Italian or European markets, are not subject to the obligation of sustainability reporting. These are exceptions that aim to avoid excessive burdens for certain categories of companies, while maintaining the objective of promoting the culture of sustainability in the Italian business fabric. How to publish sustainability reporting Once the ESG report has been drawn up, in accordance with the provisions of the legislative decree, companies must make it public and easily accessible to all stakeholders. The publication must take place within the terms and in the manner provided for by Articles 2429 and 2435 of the Civil Code. The preferred channel for the dissemination of sustainability reporting is the company website. In this dedicated section, companies must publish both individual and consolidated reporting, if applicable, together with the compliance attestation report. If a company does not have its own website, it is required to provide a paper copy of the documentation to anyone who requests it. Individual Sustainability Reporting and Consolidated Sustainability Reporting: What are the differences? The legislative decree implementing the CSRD introduces two types of sustainability reporting: individual and consolidated. Both reports aim to provide a complete and transparent overview of the company's commitment to ESG, but they are aimed at different recipients and have some peculiarities. Individual sustainability reporting is a document that illustrates the ESG performance of a single legal entity, focusing on the strategies, objectives, implementation methods and results obtained at the individual company level. This document is mainly aimed at stakeholders such as employees, suppliers, customers and the local community, interested in knowing the direct impact of the company on their reference context. Consolidated sustainability reporting , on the other hand, provides a comprehensive overview of the ESG performance of a group of companies controlled by a single parent company. In this case, the objective is to provide an overall view of the group's commitment to sustainability, considering the interconnections and synergies between the various corporate entities. Consolidated reporting is primarily aimed at investors, financial analysts and institutions, who need an overall assessment of the group's commitment from an ESG perspective. The support of Italiano & Partners The introduction of the sustainability reporting requirement represents a fundamental step in the journey towards a more equitable, inclusive and environmentally friendly economy. Companies are called upon to take on a leading role in this epochal transition, not only by adapting to the new regulatory obligations, but by fully seizing the opportunities that a truly sustainable business approach can offer. Italiano & Partners , is at the side of companies to accompany them in this new challenge, offering support in drafting sustainability reporting and in identifying financing opportunities to realize their sustainable development projects. Do you want more information on sustainability reporting and contributions for companies that invest in ESG? Contact us

Starting from November 11, 2024, Italian companies will have the opportunity to access an important incentive: the Development Contracts for Sustainability . With a budget of 350 million euros from the PNRR, this new instrument aims to promote the sustainable transformation of production processes and support companies on their path towards energy efficiency and environmental protection. This program is part of the broader framework of Mission 1, Component 2, Investment 7 of the National Recovery and Resilience Plan, supported by the European Union MYTH. What are Sustainability Development Contracts? Development Contracts are a tool that allows companies of any size to implement large-scale investment programs, oriented towards growth and innovation. In particular, this new version "for Sustainability" is designed to incentivize projects dedicated to the reduction of CO₂ emissions, self-production of renewable energy and the circular economy. These interventions can be carried out both by individual companies and through collaborations between multiple companies, including business network structures. Types of Projects and Available Incentives Eligible projects must include eligible expenditure of at least 20 million euros and must fall within one of the following areas: Energy efficiency : interventions aimed at improving the company's energy consumption, reducing the environmental impact. Self-consumption and production of renewable energy : installation of systems for self-production from renewable sources, such as photovoltaic or renewable hydrogen. Circular economy and efficient use of resources : projects that promote the reuse of materials and the reduction of waste MIMIT . The incentives are structured in various forms, including subsidized financing , non-repayable grants and interest rate subsidies , which can cover up to 75% of eligible expenses, depending on the characteristics of the project and the location of the initiative. The amount of the incentives will be determined during the negotiation phase and defined according to the limits set by the legislation on State aid. Access Methods and Submission of Applications Applications must be submitted through the Invitalia portal, the body managing the Development Contracts. The chronological order of submission will be taken into consideration for the evaluation of the projects, and the necessary documentation will be made available in advance to allow companies to prepare as best as possible. Each project must include at least one significant environmental protection or energy efficiency intervention, with the possibility of adding related research, development and innovation projects. Advantages for Italian Companies and the Role of Italiano & Partners This measure represents a great opportunity for Italian companies willing to invest in sustainability and improve their competitiveness. Italiano & Partners offers specialized support to accompany companies in preparing funding applications, managing documentation and optimizing project strategies to meet the required criteria. Professional assistance is essential to navigate the complex bureaucratic requirements and maximize the chances of success. With the Sustainability Development Contracts, Italian companies will not only contribute to the ecological transition, but will also be able to strengthen their production structure, positioning themselves among the leaders in industrial sustainability. For further information or assistance, do not hesitate to contact Italiano & Partners .

In 2024, subsidized finance continues to be an essential tool for the growth of Italian companies, despite the decline in the number of calls compared to previous years. However, the reduction in the availability of subsidies has not slowed down the interest of companies, which continue to take advantage of contributions, tax credits and incentives to maintain competitiveness and modernize their structures. But what are the most requested subsidies in this changing scenario? The main concessions requested in 2024 From the data collected as of September 30, 2024, some key trends emerge in the incentives most requested by Italian companies. These include: New Sabatini The New Sabatini is confirmed as one of the most important measures to support investments in capital goods. Although the average amounts of requests are lower than in the past, this incentive still represents a fundamental piece for the innovation of the productive fabric. The measure covers approximately 20% of the requests submitted, reflecting a recovery in interest in the purchase of machinery and equipment by companies, albeit with a certain caution in the amounts invested. ZES Unica Tax Credit Launched to incentivize economic development in the Special Economic Zones (ZES) of Southern Italy, the ZES Unica tax credit has collected over 50% of the total requests for incentives. The new measure is generating great interest both for the tax benefits it offers and for the potential economic impact in the areas involved, confirming itself as a strategic tool for attracting investments in the regions of Southern Italy. Employment incentives Hiring incentives have seen a significant increase compared to 2023. Measures such as the Southern tax relief and the contribution exemption for young people and disadvantaged women have proven to be particularly effective, stimulating employment growth and strengthening human capital in strategic sectors. Regional Programs The subsidized finance programs managed by the Regions have become a crucial tool for businesses, especially in a context of reduction of national calls for tenders. These programs support local entrepreneurship and offer specific incentives, adapted to the economic development and employment needs of each territory. Training incentives Funds for skills training have also recorded a positive trend, with a particular focus on training 4.0. Among the most relevant measures is the New Skills Fund 2024, which offers contributions of up to 60% of the cost of labor, supporting internal training of companies. The MIT contributions for training in the road haulage sector also represent an important support for professional updating. Final Thoughts: Towards an Innovative and Sustainable Future The analysis of trends for 2024 highlights a varied and constantly evolving panorama. On the one hand, historical incentives such as the Nuova Sabatini remain fundamental for investments in capital goods, while new measures such as the ZES Unica tax credit offer strategic incentives aimed at the regions of Southern Italy. On the other hand, the growing attention towards training and technological innovation, stimulated by tools such as the New Skills Fund, confirms the importance of skills growth for companies that aim to maintain competitiveness and sustainability in the long term. With the support of Italiano & Partners, companies can navigate this complex context, identifying the most suitable financing opportunities and maximizing the impact of their investments. In a period in which the ability to adapt and innovation represent key elements for success, subsidized finance confirms itself as a fundamental resource for building the future of Italian entrepreneurship.