arbiter
JournalsAccount

Integrating climate considerations into EU stock exchange listing regimes: reform pathways and the potential role of the Capital Markets Union

Luca Verzobio

Capital Markets Law Journal2026https://doi.org/10.1093/cmlj/kmag002article
ABDC A
Weight
0.50

Abstract

This paper explores the extent to which current EU and Member State stock exchange listing regimes can adequately address the financial risks associated with climate change, particularly in relation to the admission of climate-exposed companies, such as fossil fuel enterprises, to public capital markets. While investor protection remains a core objective of EU capital markets regulation, existing listing and prospectus requirements often fail to ensure meaningful disclosure of climate-related risks or condition market access on adopting Paris-aligned transition strategies. Through comparative analysis of the Italian and German frameworks, the study reveals the fragmented and discretionary nature of national competent authorities’ powers, which limits their effectiveness in addressing climate-related financial risks. The paper further examines ESMA’s evolving mandate concerning ESG risks and considers its potential role within a reformed, centralised listing authority. It argues for EU-level legislative reform to establish binding, harmonised listing standards, including mandatory sustainability disclosures and credible transition planning requirements at the time of listing. Against the backdrop of the Capital Markets Union, the creation of a single EU listing authority, ideally situated within ESMA, is proposed as a key institutional reform to ensure regulatory consistency, enhance investor protection, and support the EU’s broader climate commitments.

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1093/cmlj/kmag002

Or copy a formatted citation

@article{luca2026,
  title        = {{Integrating climate considerations into EU stock exchange listing regimes: reform pathways and the potential role of the Capital Markets Union}},
  author       = {Luca Verzobio},
  journal      = {Capital Markets Law Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/cmlj/kmag002},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

Integrating climate considerations into EU stock exchange listing regimes: reform pathways and the potential role of the Capital Markets Union

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.