Finanza sostenibile, addio? Il difficile bilanciamento tra mercati informati ed opacità sistemica alla luce del pacchetto Omnibus I

This article provides a critical evolutionary analysis of sustainability disclosure within EU financial markets law, reconstructing its function as an informational infrastructure essential to integrating climate objectives into the operation of the market economy. Building on a systematic examination of the existing regulatory framework, with particular reference to the SFDR, the Corporate Sustainability Reporting Directive and the EU Taxonomy Regulation, the paper investigates the economic and legal rationale underlying sustainability reporting obligations. These obligations are understood as instruments aimed at reducing information asymmetries, indirectly internalizing environmental externalities and mitigating systemic risks associated with the climate transition. The analysis then turns to the amendments introduced by the Omnibus I package, which are characterized as a form of selective informational deregulation capable of disrupting the coherence of the EU sustainable finance architecture. The paper argues that the relaxation of disclosure requirements, although formally justified by administrative simplification, risks undermining the allocative efficiency of financial markets, fostering structural greenwashing practices and weakening the credibility of the EU’s climate policy. In conclusion, the article offers a critical assessment of regulatory simplification through the lens of law and economics, reaffirming the centrality of sustainability disclosure as a cornerstone for a credible and stable climate transition.