Alternative finance and sustainability: the convergence between Minibonds and European Policy Instruments for energy efficiency

This thesis will study the alternative financing instruments, with a focus on minibonds, in supporting the energy transition of Small and Medium Enterprises in Italy, in line with European Union sustainability goals. The research aims to investigate how minibonds could contribute to financing energy efficiency investments, and how they can interact with European Union policies and funding programs dedicated to the green transition. After presenting the minibond and alternative financing market in Italy and the European programs and strategies for energy efficiency, it will be analyzed the concept of green finance and examined the regulatory and market conditions that could enable or limit the development of green minibonds. The final part will highlight the regulatory gaps, market barriers and informational challenges, offering some recommendation on how to strengthen the link between alternative finance and sustainability objectives. Overall, this work provides a theoretical analysis and aims to offer useful insights for SMEs and investors interested in promoting more sustainable and accessible sources of finance.