Tra principi generali e standards internazionali di soft law: la disciplina europea sulla finanza sostenibile e l’inizio di una nuova stagione per il ‘Brussels effect’?

The new EU sustainable finance legal framework has been designed by introducing some innovative general principles while also referring to well-known international soft law standards. Among the new principles are the double materiality principle, the concept of substantial contribution to environmental objectives and the do not significant harm principle. On the other hand, several references are made to the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the International Bill of Human Rights, thereby making those soft law principles part of the framework. With this peculiar legislative technique, the system aims at favouring the transition toward net-zero relying upon the key contribution of the financial sector, while influencing the legal framework of other jurisdictions around the world, through the so-called ‘Brussels effect’.