This chapter addresses the topic of the challenges that sustainable fi-nance is currently facing under the spotlight of the criticism and the scrutiny sur-rounding ESG investing, as it does not create a meaningful impact on environmen-tal and societal challenges. In the transition towards a sustainable economy the fi-nancial sector plays a key role, and the UN Sustainable Development Goals (SDGs) represent a meaningful framework to assess its contribution to a just socie-ty. A new phase of sustainable finance is required; rooted in the concept of double materiality the new sustainable finance cannot but be a “finance for impact. © 2024 selection and editorial matter, Cristiano Busco, Costanza Consolandi, Irma Malafronte, Fabrizio Sammarco, Elisabetta Scognamiglio; individual chapters, the contributors.