Leading companies and SMEs: the green transition requires a shared ecosystem of values ​​and operating models.

Euronext Sustainability Week 2025 concluded yesterday at Palazzo Mezzanotte, an event that brought together businesses, institutions, and investors to discuss the future of sustainable finance . After a series of roundtable discussions and workshops, the final event focused on sustainability across supply chains , understood as a platform for strategic collaboration between large companies and SMEs.

The topic is far from theoretical. Today , 90% of businesses globally are small and medium-sized enterprises (SMEs) , which employ 70% of the workforce. And indirect emissions generated by supply chains are up to eleven times higher than direct emissions from the company alone, as Guido Alfani , Partner at ERM, pointed out in the opening panel. It is therefore on this ground that a crucial part of the transition is played out: the ability of supply chain leaders to communicate objectives and standards and that of SMEs to embrace sustainability as a growth lever , not as a regulatory burden.

However, there are still barriers to overcome in this goal of supply chain engagement. Two of the most significant obstacles, Alfano continues, are SMEs' lack of knowledge about capital market access tools with advantageous solutions for those integrating sustainability into their business model—a factor that could significantly speed up processes—and the perception that implementing an ESG approach is a cost, not an investment.

Yet the transition , starting with the energy transition, cannot be addressed by a single actor , but requires a systemic approach involving large companies and SMEs. Rossano Francia , Head of Global Procurement at Eni Plenitude, emphasized this first: "The supply chain is an integral part of the transformation, an ecosystem in which large and small must move together," he explained. Plenitude, a benefit company of the Eni group, has incorporated this approach into its mission, setting concrete goals such as achieving climate neutrality by 2040 and increasing installed capacity from renewable sources to 15 GW by 2030, starting from the current 4.5. This path is based on a model that balances returns and investment, where sustainability also becomes a competitiveness factor, capable of attracting talent, stimulating innovation, and improving efficiency.

On the telco side, Laura Esposito , Head of Sustainability at TIM, emphasized that engaging the entire supplier ecosystem is crucial to achieving ESG objectives and strengthening competitiveness . "2024 was truly a year zero for TIM: with the industrial and organizational transformation and the adoption of new European standards, the supply chain has become a material factor to be monitored," she explained. "Over 90% of our emissions come from Scope 3, and more than 60% from purchasing. This is why we require partners to provide lower-impact products and services, include ESG criteria in contracts, and guide SMEs in capacity building and carbon footprint certification." Esposito emphasized that the CSRD represents a challenge, but also an opportunity to increase transparency and resilience : "TIM was the first telco in Europe to report according to these standards in a spin-off context. Today, the most challenging task is guiding a diverse supply chain, made up of large players and many SMEs, towards decarbonization, in a context where regulatory rules are not yet equal for everyone, transforming a risk into a competitive advantage."

Francesco Micheletti , VP Procurement Digitalization & Group Vendors Management at Fincantieri, also believes that competitiveness depends on the ability to support smaller partners . Hence the commitment to reducing bureaucracy, investing in training, and creating opportunities for direct discussion, such as roadshows at shipyards or annual CEO-to-CEO meetings, which foster transparency and shared strategies. This approach, based on true "supply chain welfare," strengthens cohesion and shared responsibility, transforming collaboration between large and small companies into a distinctive element of competitiveness. "Our Made in Italy brand is also the result of the last link in the chain," Micheletti emphasized.

In this scenario, banks are a strong ally , having the task of acting as a transmission belt between the objectives of large companies and the real capabilities of SMEs , emphasized Andrea Lo Giudice , VP ESG Advisory at UniCredit. Sustainability, he explained, is a driver of value: for small businesses, it means efficiency, resilience to external shocks, and cost reduction thanks to circular models; for supply chain leaders, however, it is strategic to engage sustainable suppliers to reduce risks and strengthen competitiveness. UniCredit supports this process with tools such as joining Eni's Open-es platform, as well as mini-bonds and basket bonds, which are veritable "training grounds" for the capital market. Even in M&A transactions, he added, ESG aspects are now crucial, as sustainability has become a fundamental criterion in strategic and market assessments.

The first roundtable discussion was concluded by Marta Testi , CEO of ELITE, who emphasized the topic of governance as a crucial factor for the sustainable growth of SMEs . Testi emphasized the importance of "coming out of the ivory tower and getting your hands dirty," working closely with SMEs to understand their reality and support them on their development paths . According to Testi, it is the supply chain leader who makes the difference: without adequate planning and a long-term vision, the weaknesses of SMEs can jeopardize the industrial plans of large groups. This requires listening, shared objectives, and concrete tools that transform the relationship between supplier and supply chain leader into a pact of sustainability and competitiveness. As an example, she cited Basket Bonds for renewable energy, a tool implemented with Eni, which have enabled numerous companies to access the capital markets. Among these is a family-run SME from Campania that, with ELITE's support, developed its first business plan, diversified its customer base, and reduced its dependence on a single client, thus opening up new growth opportunities.

The keynote speech by Luca Ferrais , Head of the Sustainable Finance and International Affairs Unit (MEF), offered a broader perspective, placing the debate within a macroeconomic and regulatory perspective . "Adverse climate events and legal rulings demonstrate that sustainability is no longer optional, but a driver of competitiveness." Ferrais recalled the experience of the Sustainable Finance Roundtable, which promotes voluntary dialogue between banks and SMEs, and announced the launch of free, modular training courses to disseminate basic ESG skills. Among the priorities identified is the development of datasets on environmental risks (from hydrogeological instability to forest fires to seismic risk) to help companies better assess their operating environment and make more informed decisions.

The second roundtable, moderated by Luca Tavano , Head of Mid & Small Caps at Borsa Italiana, explored tools for sustainable growth for SMEs . Massimo Pasquali , Head of Corporates at Banco BPM, a bank that also serves approximately 420,000 SMEs in Italy, 20,000 of which are smaller, often the most exposed to market volatility, commented. To help them grow, Banco BPM has provided 1,600 dedicated managers, training sessions, and tools such as ESG questionnaires , essential for companies that do not yet have a sustainability report. However, the entrepreneur's vision makes the difference: if sustainability is perceived as a cost, it becomes a brake, while if it is considered an investment, it opens up opportunities for growth, reputation, and access to credit. "Knowing that an entrepreneur is aware of ESG risks, including and especially physical ones, is reassuring and crucial for granting credit," observed Pasquali, reiterating that only a shared approach between companies, banks, and supply chain leaders can make the sustainable transition truly effective.

A virtuous example of this is ICOP, a Benefit Corporation among the leading European operators in the microtunneling and special foundation sectors, which debuted on Euronext Growth Milan in the summer of 2024. Giacomo Petrucco , IR & Board Member of ICOP, described his company's transformation journey , with the creation of a committee of young talents and a horizontal governance structure populated by engineers, a sign that sustainability must be integrated into technical as well as communication processes.

Governance remains a key issue , reiterated Cesare Nonnis Marzano , CEO of SosteniAbilita, also emphasizing how farsighted corporate leadership is aware that, despite the easing of regulatory pressure following the Omnibus package, the exemption for many SMEs from European sustainability reporting regulations such as CSRD and CSDD does not address the issue from a perspective of real growth and competitiveness. Many SMEs will still find themselves having to provide data and information along the supply chain. "The process is irreversible; we must abandon our obsession with regulation and accelerate," he declared, citing some numbers: "While 50% of large companies already have operational tools in place, among SMEs the percentage drops to 25% due to a lack of dedicated resources and internal expertise ." For this reason, the drivers of change will be supply chain leaders, financial institutions, and private capital, but the evolution will not be linear; cultural obstacles, from CEOs' fear of losing control to their perception of costs, still weigh too heavily. “For this reason,” he concluded, “a gradual approach is needed with SMEs, one that concretely demonstrates the long-term benefits of sustainable management.”

Andrea Rumiz, Director of South Pole, emphasized the urgency of decarbonization , noting that Italy must contribute to global warming and that SMEs play a crucial role in this process. Therefore, it is essential to provide them with concrete tools, such as the software developed in collaboration with Intesa Sanpaolo that allows companies to calculate their carbon footprint, identify emissions hotspots, and map out reduction trajectories, along with practical suggestions for reducing consumption. These tools, combined with capacity-building activities, help SMEs not only reduce their environmental impact but also become more competitive : improving ratings, attracting new talent, and better responding to market demands. "Companies need to be made to perceive the rewards of sustainability," Rumiz observed, citing international examples such as Starbucks, which, following the launch of its compostable cup, changed its supplier selection criteria, demonstrating how even small changes can generate tangible benefits.

The day's conclusions were drawn by Patrizia Celia , Head of Large Caps Italy at Borsa Italiana, who reiterated that sustainability can no longer be viewed solely in terms of compliance but must be considered a competitive factor in its own right. According to Celia, who reviewed the Sustainability Week that took place at Palazzo Mezzanotte from September 4th to 11th, the task of large companies is to assume the responsibility of supporting smaller suppliers, while for SMEs, the transition represents an opportunity to strengthen resilience and credibility in the market . Banks and institutions, for their part, must make simple tools and training available to foster a cohesive ecosystem. "Only with a systemic approach, based on proximity and mutual trust, can the supply chain transform from a weak link into a strategic lever for the country's competitiveness and sustainable growth," she concluded.