Baicu, Claudia Gab iela; Poladian, Simona; Aluculesei, Alina-Ce asela; Cu că, So in-
Nicolae
A icle
Good p ac ices in sus ainabili y epo ing: E idence om
he Romanian banking sec o
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Baicu, Claudia Gab iela; Poladian, Simona; Aluculesei, Alina-Ce asela; Cu că,
So in-Nicolae (2025) : Good p ac ices in sus ainabili y epo ing: E idence om he Romanian
banking sec o , Am i ea u Economic, ISSN 2247-9104, The Bucha es Uni e si y o Economic
S udies, Bucha es , Vol. 27, Iss. 70, pp. 973-993,
h ps://doi.o g/10.24818/EA/2025/70/973
This Ve sion is a ailable a :
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Sus ainabili y Repo ing: Ca alys Fo O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 973
GOOD PRACTICES IN SUSTAINABILITY REPORTING.
EVIDENCE FROM THE ROMANIAN BANKING SECTOR
Claudia Gab iela Baicu1
*
, Simona Moagă -Poladian2,
Alina-Ce asela Aluculesei3 and So in-Nicolae Cu că4
1)2)3)4) Ins i u e o Wo ld Economy, Romanian Academy, Bucha es
Please ci e his a icle as:
Baicu, C.G., Moagă -Poladian, S., Aluculesei, A. C. and
Cu că, S.N., 2025. Good P ac ices in Sus ainabili y
Repo ing. E idence om he Romanian Banking Sec o .
Am i ea u Economic, 27(70), pp. 973-993.
DOI: h ps://doi.o g/10.24818/EA/2025/70/973
A icle His o y
Recei ed: 30 Ma ch 2025
Re ised: 2 May 2025
Accep ed: 10 June 2025
Abs ac
This a icle in es iga es good p ac ices in sus ainabili y epo ing in he Romanian banking
sec o . Since such a complex endea ou has no been ca ied ou in he inancial ield in
Romania, and he da a ega ding na ional epo ing is lacking, he me hodological app oach
combines quali a i e analysis o seconda y da a wi h he esul s o a su ey based on a
ques ionnai e. The documen s we e in es iga ed using he con en analysis me hod based
on p ede ined keywo ds and ocused on he sus ainabili y epo s published by he mos
impo an banks and he documen s hey dissemina ed in he public space. The ob ained
esul s we e supplemen ed by hose based on he ques ionnai e dis ibu ed among six
manage s om he coun y's banking ins i u ions and in e p e ed based on hema ic
analysis. The esea ch indings show ha less han hal o he banks in Romania, which
accoun o abou 80% o he ne asse s o c edi ins i u ions, publish annual sus ainabili y
epo s ollowing in e na ional epo ing s anda ds. The in o ma ion disclosed includes
good p ac ices ela ed o ca bon oo p in mi iga ion measu es, sus ainabili y go e nance,
en i onmen al isk managemen , and g een inance. The esul s o he in es iga ion e eal
ha , al hough g een loans ha e a numbe o ad an ages, g een inance in Romania aces
obs acles, including hose ela ed o he addi ional epo ing cos s. The a icle con ibu es o
a be e unde s anding and awa eness o he eal limi a ions in sus ainabili y epo ing and
suppo s he de elopmen o cohe en measu es o assis banking ins i u ions in imp o ing
he way hey communica e in o ma ion o he public.
Keywo ds: sus ainabili y epo ing, sus ainabili y, good epo ing p ac ices, g een inance,
Romanian banking sec o
JEL Classi ica ion: G21, G38, F64, Q56
*
Co esponding au ho , Claudia Gab iela Baicu – email: baicuclaudia70@yahoo. o.
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
AE
Good P ac ices in Sus ainabili y Repo ing.
E idence om he Romanian Banking Sec o
974 Am i ea u Economic
In oduc ion
Clima e change is an inc easingly discussed opic in he academic en i onmen , being a
cons an subjec o deba e on he agenda o de eloped coun ies. A pe manen conce n is i s
impac on socioeconomic de elopmen . The measu es o minimise he e ec s o clima e
change and inc ease sus ainabili y ha e in ensi ied since 2015, when wo documen s o
in e na ional signi icance we e adop ed. The i s was he 2030 Agenda o Sus ainable
De elopmen (Uni ed Na ions, 2015). The Pa is Ag eemen (UNFCCC, 2016) ollowed,
and a ew yea s la e , he Eu opean Union (EU) adop ed he Eu opean G een Deal
(Eu opean Commission, 2019).
Rega ding he Sus ainable De elopmen Goals adop ed by he Uni ed Na ions, i should be
no ed ha hey ha e s imula ed he c ea ion o sus ainabili y epo ing amewo ks (KPMG,
2024). The sus ainabili y epo ing e e s o " he annual epo ing by companies on he
en i onmen al, social, and go e nance (ESG) impac s, isks, and oppo uni ies o hei
ac i i ies" (EFAA, 2023, p. 4). Acco ding o he s udy published by KPMG (2024) on
sus ainabili y, he Global Repo ing Ini ia i e (GRI) is he mos used s anda d; a he same
ime, he e has been an inc ease in he adop ion o he ecommenda ions o he Task Fo ce
on Clima e- ela ed Financial Disclosu e (TCFD). Al hough he e is an ongoing
in e na ional e o o s anda dise sus ainabili y epo ing, he e a e s ill di e ences,
especially ega ding egula ion; o example, wi hin he Eu opean Union (EU), co po a e
sus ainabili y epo ing s anda ds a e go e ned by Di ec i e 2022/2464 (2022).
In his con ex , o e he las decade, he e has been a no able de elopmen o signi ican
ini ia i es by in e na ional o ganisa ions, go e nmen s, cen al banks, and o he egula o y
au ho i ies aimed a encou aging inancial ins i u ions o suppo he ansi ion o a low-
ca bon economy and o in eg a e social and en i onmen al p inciples in o hei ac i i ies
(Kuma , P akash and Khan, 2020). One o he mos impo an measu es adop ed by banks
is eso ing o g een inance, h ough which banks di ec hei unds owa d p ojec s ha
p o ec he en i onmen (Chen e al., 2022). As poin ed ou by Choudhu y e al. (2013),
he e a e wo ca ego ies o s akeholde s ha exe p essu e on he implemen a ion o
sus ainable p ac ices in he sec o : compe i o s and co po a e consume s on he one hand
and s akeholde s and op managemen on he o he . In o de o ack banks' con ibu ion
and p og ess and o u he d i e compliance in his a ea, ESG disclosu e by banks has
become an inc easingly used p ac ice, including as a manda o y equi emen o egula o s
in he inancial sec o in many ju isdic ions (Dănilă e al., 2022).
Based on hese conside a ions, he main objec i e o he pape is o in es iga e
sus ainabili y epo ing p ac ices in he Romanian banking sec o . Acco ding o his
objec i e, he s udy aims o answe he ollowing wo esea ch ques ions:
Q1: Wha a e good p ac ices in sus ainabili y epo ing in he Romanian banking sec o ?
Q2: Wha a e he ends in g een inance in he Romanian banking sec o ha in luence
sus ainabili y epo ing?
Subo dina e o his objec i e a e in es iga ed (i) p ac ices ega ding ca bon oo p in
educ ion, en i onmen al isk managemen , and sus ainable go e nance, (ii) epo ing on
g een p oduc s, (iii) he ad an ages and challenges o g een inance. By answe ing hese
ques ions, he pape con ibu es o be e unde s anding and awa eness o sus ainabili y
epo ing impo ance and g een inance o bo h in es o s and banks cus ome s. In addi ion,
Sus ainabili y Repo ing: Ca alys Fo O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 975
he pape is expec ed o con ibu e o he li e a u e in he ield o g een inance, which
combines inance-speci ic elemen s wi h hose ela ed o he en i onmen , clima e change
and sus ainable de elopmen .
Al hough he impo ance o g een inance o sus ainable de elopmen is ecognised,
esea ch ocused on g een inance and sus ainabili y epo ing in he banking sec o s o
Cen al and Eas e n Eu opean coun ies, including Romania, is unde de eloped. As a
esul , he indings o his s udy a e ele an bo h a he na ional and Eu opean le els, wi h
he G een Deal being a p io i y o he Eu opean Commission, which aims o accele a e he
ansi ion om a linea economy o a ci cula economy.
Based on hese conside a ions, u he mo e, he pape is s uc u ed as ollows. Sec ion 1
e iews he li e a u e and sugges s he esea ch hypo heses. Sec ion 2 explains he me hods
used o achie e he esea ch objec i es. Sec ion 3 is dedica ed o p esen ing he esea ch
indings and discussions. The pape ends wi h some conclusions ha also highligh u u e
esea ch di ec ions.
1. Li e a u e e iew
The specialised li e a u e dedica ed o he implica ions o sus ainabili y on he banking
sys em is con inuously expanding and add esses he phenomenon om mul iple
pe spec i es. Howe e , he numbe o wo ks ha discuss bes p ac ices in sus ainabili y
epo ing by banks and o he inancial ins i u ions is ela i ely low (Akomea-F impongn e
al., 2021). Fu he mo e, whe e i is he subjec o esea ch, in gene al, he epo ing is
analysed desc ip i ely o symbolically, wi hou a c i ical assessmen o he quali y and
impac o hese p ac ices on inancial ins i u ions (Rajawa and Mahajan, 2024). The
publica ion o ESG in o ma ion by banks is o en p esen ed as a decisi e s ep owa ds
accoun abili y (Dănilă e al., 2022), bu he e is li le e idence ega ding he quali y and
compa abili y o hese epo ings ac oss ju isdic ions. Al hough egula o y au ho i ies ha e
p omo ed bo h ecommenda ions and manda o y measu es (Apos oaie, 2018; Bose e al.,
2017), he li e a u e does no adequa ely in es iga e how hese a e implemen ed in a
na ional o sec o al con ex , lea ing an a ea o ambigui y ega ding hei conc e e impac .
One explana ion is he di e en way in which such epo ing p ac ices a e unde s ood in
di e en ju isdic ions. Fo example, Kuma and P akash (2019), in a s udy conduc ed in
India, showed ha al hough Indian banks a e beginning o in eg a e sus ainabili y p ac ices,
hey s ill pay ela i ely li le a en ion o en i onmen al aspec s, wi h epo s ha a e
p edominan ly ocused on inancial inclusion and co po a e social esponsibili y. In his
con ex , his a icle co e s he gap in esea ch on sus ainabili y epo ing and g een inance
in he Romanian banking sec o and complemen s he s udies published by Dănilă e al.
(2022) and Baicu (2021).
Many s udies emphasise he impo ance o banks' in o ma ion p ac ices and hei ole in
achie ing en i onmen al goals (Bose e al., 2017). Banks need o demons a e anspa ency
o s akeholde s in o de o disclose he o ganisa ion’s pe o mance and en i onmen al isks.
Al hough, in many cases, he quali y o epo ing is poo (Sebas ião, Ta a es and Aze edo,
2024), sus ainabili y epo ing is seen as a managemen ool, wi h empi ical s udies
highligh ing ha many banks use i o p esen hei s a egies and disclose he policies
implemen ed in his sec o (Hossain e al., 2016).
AE
Good P ac ices in Sus ainabili y Repo ing.
E idence om he Romanian Banking Sec o
976 Am i ea u Economic
Banks adop eco- iendly p ac ices o mi iga e he isks o clima e change (Ba is on,
Da e mos and Monas e olo, 2021), con ibu ing bo h di ec ly and indi ec ly o he educ ion
o ca bon emissions (Wa d and Naude, 2018). A he in e na ional le el, hey ha e adop ed
a ious measu es, anging om eplacing en i onmen ally impac ul p ac ices o ocusing
on he design o g een p oduc s and in eg a ing clima e conside a ions in o isk analyses
(Menon, S eelakshmi and Shi das, 2017). Consequen ly, he impac o banks on he
en i onmen can be app oached om wo di e en pe spec i es, namely: (a) om he
iewpoin o banks seen as co po a ions ha di ec ly a ec he en i onmen h ough hei
ope a ions (pape consump ion, use o ossil uels o anspo a ion, e c.); (b) om he
pe spec i e o banks ha can di ec esou ces owa ds non-pollu ing in es men p ojec s
(P a ap, 2020; Mikliński, 2023). The mos commonly used in e nal banking p ac ices
highligh ed in he li e a u e include minimising pape and ene gy consump ion, ecycling,
eco- iendly anspo a ion, and ope a ing in g een buildings (Jayabal and Sounda ya,
2016). Empi ical s udies show ha in some eme ging coun ies, such as India (Sha ma and
Choubey, 2022) and Oman (Miah, Rahman and Mamoon, 2021), mo e han 50% o
comme cial banks ha e al eady in eg a ed in e nal g een p ac ices o educe hei ca bon
oo p in . Howe e , in many cases, such p ac ices ha e been adop ed as a esul o he need
o digi alisa ion and cos e iciency, and no due o he di ec en i onmen al conce ns o
manage s (Moș eanu, Faccia and Ca alie e, 2020).
Conside ing he a o emen ioned, he ollowing hypo hesis is o mula ed:
H1: Repo ing in he Romanian banking sec o includes good p ac ices ela ed o
educing ca bon oo p in s, managing en i onmen al isk, and sus ainable go e nance.
In acco dance wi h hei main unc ion, banks y o combine business objec i es wi h
social and en i onmen al esponsibili y (Kuma , P akash and Khan, 2020). F om his
pe spec i e, banks a e adap ing hei p oduc s and se ices o en i onmen al equi emen s.
The new solu ions o e ed by banks include g een loans, g een ce i ica es o deposi , and
g een c edi ca ds (Rakić and Mi ic, 2012). Conside ing ha he main banking ac i i y is
lending, loans o g een pu chases o g een in es men p ojec s ha e he mos signi ican
impac on achie ing sus ainabili y goals (Mi o ic e al., 2023). These include loans o
sus ainable homes, elec ic ca s, g een in es men p ojec s (Rakić and Mi ic, 2012). Issuing
g een bonds is ano he inancing ool o he ansi ion o sus ainabili y (Gilch is , Yu and
Zhong, 2021).
Based on hese conside a ions, he ollowing hypo hesis is p esen ed:
H2: The sus ainabili y epo ing in he Romanian banking sec o includes in o ma ion
ega ding he po olio o g een p oduc s.
Las bu no leas , he e a e wo ks ha analyse he challenges aced by banks ega ding he
in eg a ion o ecological conside a ions in o hei business. These a e speci ic o banks,
clien s, egula o y au ho i ies, e c. Musya i e al. (2023) iden i y se e al ba ie s aced by
use s o g een banking echnology, including unc ional and psychological ba ie s. Niazi e
al. (2023) show ha he lack o in e nal capaci y and he absence o app op ia e guidelines
a e he main cons ain s o he g ow h o g een banking adop ion in Pakis an. The inc ease
in he le el o awa eness and accep ance o g een p oduc s and se ices by cus ome s is a
key ac o in hese ans o ma ions (Ellahi, Jillani and Zahid, 2021). Fu he mo e, banks in
India a oid imposing en i onmen al condi ions when p o iding inancing o co po a e
clien s due o he isk o losing hem (Choubey and Sha ma, 2021).
Sus ainabili y Repo ing: Ca alys Fo O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 977
As a esul o he abo e, he ollowing hypo hesis is s a ed:
H3: G een inance in he Romanian banking sec o p esen s ad an ages and
challenges.
The analysis o he specialised li e a u e shows ha sus ainabili y is a cen al heme on he
agenda o comme cial banks, bo h in e ms o measu es o educe hei own ca bon
oo p in and, especially, because o he c ucial ole hey play in inancing en i onmen ally
iendly p ojec s. Subo dina ed o hese wo dimensions, banks ha e s a ed o de elop a
se ies o sus ainable p ac ices, which a e e lec ed in hei ESG epo ing.
2. Me hodology
G een inance is a esponse o he banking sec o o he need o adap o he new eali y
imposed by he sus ainable economy. In his con ex , in addi ion o banks' adap a ion o
ma ke ends h ough he ypes o lending, epo ing on sus ainable p ac ices has become a
eali y ha can indica e a company's commi men o sus ainabili y. In o de o see o wha
ex en he banks ope a ing in Romania ha e included en i onmen al conside a ions in hei
ac i i y and g een p oduc s in hei po olio, he p esen esea ch s a s wi h he quali a i e
analysis o he sus ainabili y epo s published by he main banks in he sec o . Conside ing
he limi a ions o quali a i e analysis o sus ainabili y epo s, which p o ide only a
syn he ic o e iew o g een inance, i ing in o he pa e n o specialised epo ing, we
comple ed he esea ch by analysing domain-speci ic documen s (p ess eleases,
announcemen s on he websi e o banks, e c.) and by applying a ques ionnai e dis ibu ed o
ep esen a i es o op managemen in he Romanian banking sec o .
Conside ing ha he subjec add essed is unde explo ed in he specialised li e a u e in
Eas e n Eu opean coun ies, and he exis ing in o ma ion is p edominan ly quali a i e, he
wo esea ch me hods we e deemed app op ia e o ob ain a comp ehensi e pic u e o he
epo ing on sus ainabili y in he inancial sec o in Romania. The complex me hodological
app oach, by combining he wo quali a i e me hods, aims o complemen he in o ma ion
ob ained om he analysis o ele an documen s ha banks cons an ly publish wi h he
pe inen opinion o ep esen a i es o ce ain banking ins i u ions. In his way, he
complexi y and ele ance o he esul s ha e been enhanced, bo h o he academic
en i onmen and o s akeholde s in e es ed in aspec s ela ed o sus ainabili y epo ing.
Fu he mo e, he o iginali y o he esea ch is highligh ed by a de ailed analysis o he daily
p ac ices in sus ainabili y epo ing in a ield ha is a ely add essed om his pe spec i e
and om he posi ion aken by ep esen a i es o managemen om he na ional banking
sec o . The design o he esea ch is de ailed in Table no. 1.
Table no. 1. Resea ch Design
Resea ch Ques ion
Resea ch objec i es
Me hod
Q1: Wha a e he good
p ac ices in sus ainabili y
epo ing in he
Romanian banking
sec o ?
i)Analysis o epo ing on
ca bon oo p in educ ion
p ac ices
ii)Analysis o epo ing on
sus ainabili y go e nance and
en i onmen al isk
managemen
Con en analysis by heme.
The keywo ds used in he analysis we e:
g een p ac ices, sus ainable p ac ices,
ca bon oo p in , sus ainabili y
go e nance, en i onmen al isk
managemen , g een inance, g een loan,
sus ainabili y.
AE
Good P ac ices in Sus ainabili y Repo ing.
E idence om he Romanian Banking Sec o
978 Am i ea u Economic
Resea ch Ques ion
Resea ch objec i es
Me hod
Q2: Wha a e he ends
in g een inance in he
Romanian banking
sec o ha in luence
sus ainabili y epo ing?
i)Analysis o epo ing on
g een inance
ii)In es iga ion o he o e o
g een banking p oduc s
iii)Iden i ying ba ie s o g een
inance
Con en analysis by heme.
The keywo ds used in he analysis we e:
g een p ac ices, sus ainable p ac ices,
g een inance, g een loan, g een bond,
g een p oduc s, g een accoun s/deposi s,
sus ainabili y.
Ques ionnai e (sel -adminis e ed)
dis ibu ed among he managemen s a
o he Romanian banking sys em
The i s esea ch ques ion aimed o in es iga e he good p ac ices p omo ed by he se en
mos impo an banks ope a ing on he Romanian ma ke . The selec ion c i e ion o he
banks in he s udy was he sha e held in he ne asse s o he c edi ins i u ions, he banks
being chosen as ep esen a i e o he inancial ac i i y in Romania. Toge he , hese se en
banks hold a sha e o a ound 80% o he ne asse s o all c edi ins i u ions, which is
ele an o he na ional banking sec o . Consequen ly, he selec ed banks we e: Banca
T ansil ania (20.15% in ne asse s, end-2023), Banca Come cială Română (BCR)
(13.44%), CEC Bank (10.41%), BRD G oupe Socié é Géné ale (BRD) (10.13%), ING
Bank N.V, Ams e dam – Bucha es B anch (he eina e e e ed o as ING Bank România)
(8.93%), Rai eisen Bank (8.73%), UniC edi Bank (8.43%) (BNR, 2024).
The desc ip i e analysis o he sus ainabili y epo s was ca ied ou using he me hod o
con en analysis by heme, in es iga ing he desc ip ion ha each bank included in he s udy
exposes in e ms o sus ainable p ac ices. Fo his, aspec s such as he p esence o g een
lending ins umen s, ac ions aimed a educing he ca bon oo p in , and he p esen a ion o
conc e e examples o hei wo k we e included. Taking in o accoun he speci ics o his
esea ch me hod and he s yle o each banking uni o epo he ac i i y on en i onmen al
p o ec ion, he analysis o he epo s was made acco ding o he keywo ds men ioned in
Table no. 1 oge he wi h hei de i a i es (plu al o ms, declina ions). The keywo ds we e
chosen based on he li e a u e and he de ini ion o sus ainabili y epo ing p o ided by he
Eu opean Fede a ion o Accoun an s and Audi o s o small and medium-sized en e p ises
(EFAA, 2023). A o al o 14 epo s ela ed o he yea s 2021-2024 we e in es iga ed, and
he in e p e a ion o he esul s was pe o med manually by analysing he con en o he
ph ases con aining one o mo e o he speci ied keywo ds.
In o de o answe he second ques ion, he analysis o sus ainable p ac ices in Romanian
banks was ex ended o p ess eleases and in o ma ion on banks' websi es. As he s udy o
seconda y da a published in he banks' epo s and in o ma ion ma e ials canno p esen in
de ail he si ua ion o g een lending in Romania, we ex ended he analysis by applying a
ques ionnai e o he managemen le el o i e banks in he coun y. The ques ionnai e was
dis ibu ed be ween Ma ch and Ap il 2024 among he op-managemen o en banks in
Romania. O hese, i e banks esponded posi i ely o he eques o pa icipa e in he
esea ch. One o hese banks was ep esen ed by wo esponden s who p o ided answe s
sepa a ely. Al hough he sample size included in he s udy is small, in he con ex o his
s udy, i is ele an , conside ing he p o ile o he esponden s. Fu he mo e, he esul s
ob ained om he ques ionnai es complemen hose ob ained om he con en analysis o
he documen s published by he inancial ins i u ions in Romania included in he esea ch.
Sus ainabili y Repo ing: Ca alys Fo O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 979
The banks’ ep esen a i es we e selec ed using p o essional connec ions in he Romanian
banking sec o o he esea ch eam membe s. The inclusion c i e ion o esponden s was
he posi ion held in he bank, a ge ing esponden s wi h a managemen posi ion and a leas
15 yea s o expe ience in he banking ield. The ques ionnai e was applied o espec he
anonymi y o he esponden s, who we e in o med abou he pu pose o he esea ch, and
hei pa icipa ion was olun a y. In his ega d, he banks included in his pa o he s udy
we e anonymised, u he being p esen ed as Bank 1, Bank 2, e c. In o de o ensu e ha he
ob ained esul s a e compa able and ha he ques ions a e ele an , he ques ionnai e was
based on p e ious scien i ic app oaches a he in e na ional le el and was adap ed om he
empla e used by Sha ma and Choubey (2022) and he CNSM (2021), aking in o accoun
he speci ics o he banking sec o in Romania. The ques ions we e asked in Romanian o
acili a e a uni o m unde s anding o academic and echnical e minology, and he a e age
du a ion o answe he ques ionnai e was 45 minu es.
The ques ionnai e consis ed o 20 ques ions. The i s pa o he ques ionnai e co e s 14
ques ions ega ding: he in eg a ion o en i onmen al ac o s in o co po a e go e nance and
isk managemen , g een p oduc s, ca bon oo p in mi iga ion p ac ices, g een social
esponsibili y ac i i ies, bene i s o g een loans, de e minan s o g een loans, ba ie s o
g een loans de elopmen , measu es o p omo e g een inance. The second pa e lec s
in o ma ion on he p o ile o he pa icipan s: senio i y in he banking sec o , gende , age,
educa ion, depa men in which hey wo k, and job posi ion (Table no. 2). The
in e p e a ion o he ques ionnai e esul s was ca ied ou aking in o accoun he small
numbe o esponden s. Thus, he in e p e a ion was conduc ed using hema ic con en
analysis, based on he ques ions we o mula ed, and ocused on iden i ying aspec s ela ed
o g een inance in Romania.
Table no. 2. Responden 's p o ile
Bank
Responden 's p o ile
Bank 1
Male, wo king in he banking sys em o o e 20 yea s, mas e 's deg ees, e ail g oup
manage
Bank 1
Female, wo king in he banking sys em o o e 20 yea s, mas e 's deg ees, di ec o ,
sus ainabili y depa men
Bank 2
Male, wo king in he banking sys em o o e 20 yea s, mas e 's deg ees, head o
sus ainabili y managemen , s a egy depa men
Bank 3
Female, wo king in he banking sys em o o e 20 yea s, mas e 's deg ees, manage
Bank 4
Male, wo king in he banking sys em o 15-20 yea s, PhD s udies, di ec o , e ail
depa men
Bank 5
Female, wo king in he banking sys em o 15-20 yea s, mas e 's deg ee, senio cus ome
ela ionship manage , co po a e depa men
3. Resul s and discussions
In Romania, a se ies o ini ia i es on sus ainable de elopmen ha e been launched, in line
wi h he global and Eu opean agenda. Among hem is he Na ional Sus ainable
De elopmen S a egy o Romania 2030 ha p o ides o inc eased e o s o achie e he
ansi ion o a "g een" economy (Romania’s Sus ainable De elopmen S a egy 2030,
2018). Agains his backg ound, in ecen yea s, he Romanian au ho i ies' conce ns o
p omo ing sus ainable inance and clima e isk managemen in he inancial sec o ha e
in ensi ied. Also no ewo hy a e he ini ia i es o Banca Națională a României (BNR) and
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Good P ac ices in Sus ainabili y Repo ing.
E idence om he Romanian Banking Sec o
980 Am i ea u Economic
Asociația Română a Băncilo (ARB) ha in ol e joining in e na ional alliances in he ield.
The eby, he BNR joined he Ne wo k o Cen al Banks and Supe iso s o G eening he
Financial Sys em (NGFS) in 2020 (BNR, 2021). In line wi h his ac ion, he ARB joined
he Ne -Ze o Banking Alliance (NZBA), whose membe s ha e exp essed hei commi men
o align po olios acco ding o he en i onmen al objec i es indica ed by he Pa is
Ag eemen (ARB, 2023). I is also wo h men ioning ha , in 2020, he s ock exchange in
Bucha es (Bu sa de Valo i Bucu eș i, BVB) launched a p ojec in pa ne ship wi h
Sus ainaly ics on he Romanian capi al ma ke , which, h ough ESG isk a ings es ablished
by Sus ainaly ics, aims o p omo e sus ainable in es men s (BVB, 2020). La e , in 2022,
he BVB, suppo ed by he Eu opean Bank o Recons uc ion and De elopmen (EBRD),
published a guide on non- inancial epo ing o local issue s acco ding o ESG s anda ds
(BVB, 2022). In u n, Au o i a ea de Sup a eghe e Financia ă (ASF), he au ho i y in
cha ge o supe ising he ac i i y o non-banking inancial companies, has ini ia ed some
ac ions ela ed o sus ainabili y (ASF, 2023).
3.1. Good p ac ices in sus ainabili y epo ing in he Romanian banking sec o
The con en analysis o he sus ainabili y epo s published by he banks included in his
s udy p o ides a de ailed pic u e o he good p ac ices on en i onmen al epo ing in he
Romanian banking sec o . Thus, among he banks analysed, Rai eisen Bank, Banca
T ansil ania Financial G oup, and BRD publish epo s on sus ainable p ac ices, wi h a
leas wo annual edi ions o he epo ing. The Sus ainabili y Repo 2023 published by
Rai eisen Bank ep esen s he bank's i een h sus ainabili y epo , being p epa ed
acco ding o he GRI 2021 S anda ds (Rai eisen Bank, 2024). Banca T ansil ania Financial
G oup has also adhe ed o he GRI s anda ds, he 2023 epo being he ou h sus ainabili y
epo i has published. I should be no ed ha he epo was audi ed on ce ain indica o s
(G upul Financia Banca T ansil ania, 2024). A he same ime, bo h epo s comply wi h
bo h he in e nal egula ions on he ma e – he BNR O de no. 7/2016, he O de o he
Minis y o Public Finance 3456/2018 -, as well as he EU Regula ion on Taxonomy
(Regula ion 852/2020) (Rai eisen Bank, 2024; G upul Financia Banca T ansil ania, 2024).
Las bu no leas , he BRD's 2023 sus ainabili y epo is he second edi ion based on GRI
s anda ds and acco ding o EU and na ional legisla ion (BRD, 2024a).
In he case o o he analysed banks, he ac i i ies in Romania in he ield o sus ainabili y
a e included in he epo s p epa ed a he g oup le el, which co e he ac ions aken a he
in e na ional le el. This is he case, o example, o he UniC edi g oup, which p esen s he
p og ess in he ield bo h in he annual epo (UniC edi , 2024a) and in a numbe o
speci ic epo s, such as hose on TCFD ini ia i es (UniC edi , 2023), and g een bonds
(UniC edi , 2024b). Simila ly, he E s e G oup, o which BCR is a pa , published he 2024
Clima e Repo , which includes e e ences o he BCR's launch o he Sus ainabili y
Academy (E s e G oup, 2024).
3.1.1. Repo ing on p ac ices o educe he ca bon oo p in
The analysis o he sus ainabili y epo s shows ha some o he i s speci ic ac ions o
educe he ca bon oo p in aken by banks aimed a limi ing he consump ion o esou ces
and educing he nega i e impac on he en i onmen as a esul o he ac i i ies hey ca y
ou . In his con ex , measu es we e aken o inc ease sus ainabili y in he ope a ion o bank
Sus ainabili y Repo ing: Ca alys Fo O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 987
inancial sec o in Eas e n Eu ope, highligh ing he pa icula i ies o Romania, a coun y o
in e es , conside ing i s socioeconomic pas . Las bu no leas , i may se e as a s a ing
poin ega ding he policies and measu es likely o imp o e g een inance in he Romanian
banking sec o .
The pape highligh s he mos impo an aspec s ega ding sus ainabili y epo ing in he
inancial sec o and add esses a mixed me hodology o p o ide a iew as complex as
possible o subjec ma e . Howe e , he esea ch has se e al limi a ions. This s udy only
e lec s he en i onmen al dimension o he non- inancial epo ing o he mos impo an
banks in Romania. The e o e, he social componen o non- inancial epo ing could be
analysed in u u e esea ch. Ano he limi a ion o he s udy is he es ic ion o he
in es iga ion o he inancial ield ep esen ed only by banking ins i u ions in Romania. Fo
a b oade pic u e o he analysed phenomenon, he in es iga ion could be ex ended o o he
ins i u ions, including non-banking inancial ins i u ions in Romania. The limi ed numbe
o esponden s and he lack o compa abili y wi h o he coun ies a e also some limi a ions
o his s udy. Taking in o accoun he esul s ob ained and he inc eased in e es in he
analysis o sus ainabili y epo ing a he in e na ional le el, a use ul s ep o u u e
esea ch is he inclusion o ci il socie y ep esen a i es in consul a ions on he opic o
g een inance. In his way, he epo ing om banking ins i u ions and, implici ly, hei
o e ings o clien s ega ding g een p oduc s would be aligned wi h cus ome expec a ions,
ha ing a g ea e impac and u ili y han a p esen . Fu u e esea ch di ec ions could also
include in es iga ing he pe cep ion o banking clien s, bo h indi iduals and legal en i ies,
and hei le el o awa eness ega ding he impo ance o g een inance and sus ainabili y
epo ing.
Acknowledgemen
A pa o his pape is based on some esul s o he con ibu ion o he au ho s Claudia
Gab iela Baicu and Simona Moagă -Poladian o he s udy G een inance in Romania in he
con ex o Eu opean Ini ia i es and p og ams. Analysis o he cu en s a e and measu es
o imp o emen . Coo dina ed by D . Claudia Gab iela Baicu, he Romanian Academy, he
Na ional Ins i u e o Economic Resea ch "Cos in C. Ki i escu", he Ins i u e o Wo ld
Economy, Bucha es 2023.
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