Shadow Banking & Sustainable Finance: asymmetries between the banking and non-banking sectors

This thesis examines the interaction between the shadow banking system and sustainable finance, focusing on regulatory asymmetries within the European context. After reconstructing the theoretical framework of shadow banking (its actors, mechanisms, and systemic risks) the work analyzes the key regulatory instruments of sustainable finance (SFDR, EU Taxonomy, Green Deal). It then investigates the role of non-bank intermediaries in the ESG transition, through the analysis of ESG ETFs, green securitizations, and a case study on BlackRock. A regulatory comparison between the banking and non-banking sectors highlights existing gaps and arbitrage risks. The thesis concludes with policy recommendations aimed at building a more coherent and harmonized regulatory framework.