In celebration of Euronext Sustainability Week 2025, we are proud to highlight how companies listed on our markets are leading the way toward a more sustainable, resilient and strategically autonomous Europe. 

This year, we explore how issuers are turning sustainability ambition into action, integrating ESG into their business models and helping shape the future of Europe. 

Empowering sustainable finance through corporate leadership 

The following Euronext-listed issuers embody what it means to lead by example in sustainability as they integrate ESG principles into their practices. This year we are pleased to feature the sustainability initiatives put forth by Enel, Veolia and AFYREN, who represent part of the larger community of Euronext-listed companies shaping the future through sustainable leadership across our markets. 

Enel: Aligning strategy with a double materiality assessment 

Italian energy leader Enel, listed on Euronext Milan, has developed a best-in-class double materiality assessment that aligns deeply with its strategic planning and stakeholder engagement. 

By analysing global ESG trends such as climate change, digital transformation and geopolitical instability, Enel identified key sustainability issues and conducted over 370 engagement initiatives such as surveys, focus groups, interviews and document analysis to ensure alignment with internal priorities and external expectations. The result is a robust set of environmental, social, governance and industry-specific topics evaluated across both impact materiality, which assess impacts on the environment and people, as well as financial materiality, which assess risks and opportunities (from the external environment) which may affect the Company’s financial position. 

This granular analysis supports the integration of sustainability into every level of governance and strategic decision-making. Enel’s priorities for 2024, such as resilient grids, climate change and supply chain responsibility, reflect a proactive approach that connects double materiality with action, risk management and long-term value creation. 

Veolia: Net Zero with credible ambition and proven implementation 

Veolia Environnement S.A., a leading French environmental services group listed on Euronext Paris, is setting a precedent in credible climate transition planning. 

In 2024, Veolia’s net zero trajectory was validated by the Science-Based Targets initiative (SBTi), and the company was awarded an advanced NZ-2 score by international rating agency Moody’s Ratings Net Zero Assessment, reflecting the group’s 1.5°C ambition and strong likelihood of achieving its targets. Veolia is committed to cutting scope 1 and 2 emissions by 50% and key scope 3 emissions by 30% by 2032, versus 2021. 

This progress is supported by targeted investments including €1.6 billion over ten years to exit coal in Europe and €85 million to increase the capture of methane at landfill sites in Latin America, along with the group’s efforts in reducing emission such as heat recovery and recycling plastics. 

Veolia also stands out in governance, with sustainability targets embedded into financial oversight and executive incentives. The top 550 executives are now measured against carbon reduction goals, with each business unit reporting on CO2 performance alongside financial budgets. With a tier 1 GHG governance score from Moody’s and a pragmatic approach to transition, Veolia is proving that decarbonisation is a pillar of strategic resilience and sustainability.  

Learn more in the group’s Veolia Climate Report 2024 and Veolia NZA report. 

AFYREN: Sustainability through circular innovation and CSRD progressive alignment 

AFYREN, a sustainable chemistry SME listed on Euronext Growth Paris, exemplifies how smaller industrial players can deliver measurable ESG impact by integrating circularity, responsible innovation and transparent governance. In 2024, the company voluntarily published its first sustainability report, aligning with the European Sustainability Reporting Standards (ESRS) despite not yet being subject to the CSRD.  

AFYREN has a clear strategy to strengthen its positive impact on the environment and society built around three strategic pillars: products & innovation, operations & governance, and employees & stakeholders. The company’s bio-based organic acids deliver an ~80% lower carbon footprint compared to petroleum-based alternatives, with a fully circular production process that generates zero industrial waste. Its only by-product is repurposed as fertiliser in organic farming. Sourcing is 100% regional, and the company aims to reduce 130,000 tonnes of CO2 annually across its value chain by scaling to three production units with optimised energy use and sustainable biomass inputs. In governance, CSR criteria are embedded into project management, while a progressive HR policy has supported fivefold workforce growth, 40% female leadership in top management, and a strong safety culture reflected in a TRIR of 3.56. 

Recognised with an 85/100 score from Ethifinance and a Silver Medal from EcoVadis, placing it in the top 15% of all companies and in the top 8% in its sector, AFYREN is using transparency and voluntary progressive CSRD alignment in order to achieve sustainability and regional impact. As a pioneer in the circular bioeconomy, it is helping define what responsible growth looks like for the next generation of ‘greentech’ leaders.  

Discover more about AYFREN’s vision for the regenerative industry based on a circular economy.  

Capital markets as catalysts for Europe’s sustainable future 

Euronext Sustainability Week provides a platform for discussions on sustainable finance, and this year we are pleased to highlight the leadership of listed companies embedding sustainability into their strategy, operations and governance. The companies featured here are just a few examples of how issuers across our markets are advancing real progress and demonstrating that ESG integration is a driver of resilience, performance and long-term impact. At Euronext, we are proud to support a growing community of issuers that are shaping a sustainable and competitive future for Europe. 

Visit our website to explore our ESG initiatives and discover more about the companies leading this transformation. 

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EU households hold over €33 trillion in financial assets, according to official European Commission estimates. However, a significant share remains in low-yield deposits rather than invested in capital markets, highlighting untapped potential for individuals to grow their savings while supporting economic growth and resilience.

As the leading pan-European capital market infrastructure, we care deeply about this disconnect. Empowering retail savers to become retail investors is essential in order to unlock the potential of the Savings and Investments Union (SIU) and achieve the Union’s long-standing goals of deeper, more integrated capital markets, broader financial inclusion and stronger funding for European companies.

While policymakers across the EU have already taken important steps, there is more work to be done. The Retail Investment Strategy (RIS) and ESMA’s recent Call for Evidence on retail participation are timely efforts to revisit and reframe the investor journey. As part of this debate, we are putting forward our views on the changes needed to ensure capital markets better serve Europe’s savers.

What needs to change?

• A more proportionate regulatory framework is imperative to simplify access.
  Current frameworks such as MiFID II and PRIIPs, while well-intentioned, introduce unnecessary complexity. We call on the European Commission and co-legislators to ensure that retail investors can access simple, low-risk instruments (such as senior corporate bonds) without being discouraged by excessive disclosure, testing and documentation requirements, by introducing targeted exemptions.
• European savings and investments accounts.
  National initiatives such as Sweden’s Investment Savings Account (ISK)  show the power of tax-incentivised, flexible and user-friendly investment schemes. We believe an EU-wide framework for simple savings and investments accounts (portable across borders, compatible with digital onboarding and connected to transparent multilateral trading venues) can significantly boost retail engagement.
• We must strengthen market-based pension solutions.
  Long-term saving is one of the most effective drivers of retail investor participation. Member States should promote (partially) funded pension systems, enhance cross-border portability of occupational schemes, and revitalise the Pan-European Personal Pension Product (PEPP) to make it a meaningful tool for retirement savings across the EU.

Who should act?

To make these changes a reality, we call on:

• The European Commission and co-legislators to use RIS negotiations to embed more proportionate rules, support EU-wide savings accounts and future-proof the PEPP.
• Member States, supported by the Commission, to adapt national pension systems, lead on financial education initiatives, and consider the introduction of ISK-like accounts.
• ESMA and national regulators to promote supervisory convergence and proportionality in retail-facing rules.
• Market participants, including ourselves, to drive cost-effective innovation and competition.

Read our full response to ESMA’s Call for Evidence.