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Integrating Double Materiality Into the Criteria of European Sustainable Finance Labels

Author

Listed:
  • Nathalie Lévy

    (IRJI - Institut de recherche juridique interdisciplinaire - UT - Université de Tours)

  • Derick Moukoumia

    (Derick Patrimoine)

Abstract

The integration of double materiality—combining financial and impact perspectives—has become pivotal in the European regulatory framework for sustainable finance labels (SFDR, CSRD, Taxonomy). Yet, its operational implementation remains inconsistent due to divergent national approaches, conceptual ambiguities, and a lack of standardization. This systematic review analyses how impact measurement mechanisms—such as Principal Adverse Impacts (PAI), green share, and sectoral exclusions—are applied, and highlights risks linked to regulatory fragmentation, transparency gaps, and comparability challenges. The findings reveal significant heterogeneity affecting the credibility and effectiveness of these labels. Reinforcing harmonization, standardized criteria, and oversight is recommended to ensure double materiality is meaningfully embedded in sustainable finance labeling. This study offers a valuable framework for policymakers, researchers, and practitioners working to strengthen the role of labels in supporting the transition to a sustainable economy.

Suggested Citation

  • Nathalie Lévy & Derick Moukoumia, 2025. "Integrating Double Materiality Into the Criteria of European Sustainable Finance Labels," Post-Print hal-05268263, HAL.
    • Handle: RePEc:hal:journl:hal-05268263
    DOI: 10.4018/979-8-3693-9551-6.ch009
    as

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