Sustainable development and competitiveness strategies in the banking sectors of European Union countries
Keywords:
ESG, taxonomy, development strategies, competitiveness, banks, UEAbstract
The aim of the study is to present the evolution of the development and competitiveness strategy in the EU banking sector under the implementation of sustainable development regulations and reporting obligations. The results of the analyses indicate that legal regulations have now and will have a significant impact on changes in the development and competitiveness strategy of the banking sectors in the EU. Due to the multidimensionality of ESG factors, banks are making changes in their processes, strategies, and business models thoroughly and in many areas. They incorporate ESG factors into existing risk management systems and organizational structures, strategies, and building competitive advantages. It is expected that there will be a reduction in the financial capacity of carbon-intensive activities and an increase in green projects. The CSRD and ESRS have a significant impact on the strategies for creating value and competitive advantage. Global leaders in sustainable banking are banking conglomerates from France, Germany, and the Netherlands, for example, transforming patterns into other banking sectors in the EU and beyond. The structure of the article consists of chapters concerning regulatory conditions for the development of sustainable banking in the EU, evolution of the operating strategy, the impact of the CSRD Directive and the ESRS guidelines on strategies for creating value and competitive advantages, as well as EBA milestones (roadmap) on the EU market.
Downloads
References
Dokumenty prawne
Directive [2022/2464/EU] of The European Parliament and of The Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting, https://eur-lex.
europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464.
Directive [2014/95/EU] of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups Text with EEA relevance, https://eur-lex.
europa.eu/legal-content/EN/ TXT/?uri= CELEX:32014L0095.
Dyrektywa CSDD [EC/2022/0071], https://www.europarl.europa.eu/RegData/ docs_autres_ institutions/ commission_europeenne/com/2022/0071/COM_COM (2022) 0071_EN.pdf (dostęp: 27.01.2024).
Dyrektywa PE i Rady [2022/2464/UE] z dnia 14 grudnia 2022 r. w sprawie zmiany rozporządzenia (UE) nr 537/2014, dyrektywy 2004/109/WE, dyrektywy 2006/43/WE oraz dyrektywy 2013/34/UE w odniesieniu do sprawozdawczości przedsiębiorstw w zakresie zrównoważonego
rozwoju.
Rozporządzenie PE i Rady [2019/2088/UE] z dnia 27 listopada 2019 r. w sprawie ujawniania informacji związanych ze zrównoważonym rozwojem w sektorze usług finansowych PE/87/2019/REV/1.
Rozporządzenie PE i Rady [2020/852/UE] z dnia 18 czerwca 2020 r. w sprawie ustanowienia ram ułatwiających zrównoważone inwestycje, zmieniające rozporządzenie (UE) 2019/2088.
Rozporządzenie wykonawcze Komisji [2022/245/UE] z dnia 30 listopada 2022 r. zmieniające wykonawcze standardy techniczne określone w rozporządzeniu wykonawczym (UE) 2021/637 w odniesieniu do ujawniania informacji na temat ryzyk z zakresu ochrony środowiska, polityki społecznej i ładu korporacyjnego.
Wydawnictwa zwarte
EBA (2021). Report on management and supervision of ESG risks for credit institutions and investment firms, no. EBA/REP/2021/18.
ECB (2022). Financial Stability Review, November. ESRB (2016), “Too late, too sudden: Transition to a low-carbon economy and systemic risk”, ASC Report, No. 6.
Gajdka, J., Brzeszczyński, J., Kulińska-Sadłocha, E., Marcinkowska, M. (2023). Aspekty ESG w działalności banków w Polsce – rozwój, stan obecny, perspektywy. Łódź: PAB.
Kosztowniak A. (2023a). System zarządzania ryzykiem ESG w sektorze bankowym krajów Unii Europejskiej. W: 30 lat w naukach społecznych. Nowe myśli i idea (s. 301–316), J. Wielgórska-Leszczyńska, M. Matusewicz. Warszawa: Oficyna Wydawnicza SGH.
IMF (2022). United Kingdom: Financial Sector Assessment Program Systemic Stress, and Climate-
Related Financial Risks: Implications for Balance Sheet Resilience, “FSAP Technical Note”, Washington, DC.
OECD (2017). The Economic Consequences of Climate Change, “OECD Publishing”, Paris.
WEF (2024). The Global Risks 19th Edition, Insight Report, World Economic Forum, Geneva.
Artykuły naukowe
Adrian, T., Grippa, P., Gross, M., Haksar, V., Krznar, I., Lepore, C., Lipinsky, F., Oura, H., Lamichhane, S., Panagiotopoulos, A. (2022). Approaches to Climate Risk Analysis in FSAPs, IMF Staff Climate Notes, 5.
Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., Visentin G. (2017), A Climate stresstest of the financial system, Nature Climate Change, 7 (4), s. 283–288.
Coleton, A., Brucart, M. F., Gutierrez, P., Le Tennier, F., Moor, C. (2020). Sustainable Finance: Market Practices, EBA Staff Paper Series, 6.
Giuzio, M., Krušec, D., Levels, A., Melo, A. S., Mikkonen, K., Radulova, P. (2019). Climate change and financial stability, Financial Stability Review, 1.
Kalkuhl, M., Wenz, L. (2020). The Impact of Climate Conditions on Economic Production. Evidence from a Global Panel of Regions, Journal of Environmental Economics and Management, 103 (C).
Kim, J., Panton, A. J., Schwerhoff, G. (2024). Energy Security and the Green Transformation, IMF, “Working Paper”, no. 2024/006, January.
Kosztowniak, A. (2023b). Climate Policy Relevant Sectors in the Polish commercial banks, Central European Review of Economics & Finance, 42 (1), s. 50–70. DOI: 10.24136/ceref. 2023.004.
Monasterolo, I., Battiston, S. (2020). Assessing Forward-Looking Climate Risks in Financial Portfolios: A Science-Based Approach for Investors and Supervisors; NGFS Occasional Paper. Case Studies of Environmental Risk Analysis Methodologies, s. 52–72.
Monasterolo, I. (2020). Climate change and the financial system, Annual Review of Resource Economics, 12, s. 299–320.
Xu, Y., Ramanathan, V., Victor, D. (2018). Global warming will happen faster than we think, Nature, 564 (7734), s. 30–32. DOI: 10.1038/d41586-018-07586–5.
Yang, Y., Huang, Ch., Zhang, Y. (2023). Decomposing Climate Risks in Stock Markets, IMF Working Paper, 23/141, June.
Materiały internetowe
Battiston, S., Jakubik, P., Monasterelo, I., Riahi, K., Ruijven, B. (2019), Climate Risk Assessment of Sovereign Bonds’ Portfolio of European Insurers. W: EIOPA Financial Stability Report, December, https://pure.iiasa.ac.at/id/eprint/16238/ (dostęp: 27.01.2024).
EBA (2024). EBA Roadmap on Strengthening The Prudential Framework. Implementation Timeline of EBA Mandates Under EU Banking Package (CRD–CRR), https://www.eba.europa.eu/sites/default/files/2023–12/9dc534e8-8a3d-438f-88e3bc86e623d99e/EBA%20 Roadmap%20
on%20strengthening%20the% 20 prudential% 20framework_1.pdf (dostęp: 27.01.2024).
EBC (2024). ECB steps up climate work with focus on green transition, climate and naturerelated risks, https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240130~afa3d90e07.en.html (dostęp: 27.01.204).
EC (2018). Komunikat Komisji. Plan działania: finansowanie zrównoważonego wzrostu gospodarczego,
COM (2018) 97 final, 8.03.2018, https://eur-lex.europa.eu/legal-content/PL/TXT/HTML/?uri=CELEX:52018DC0097 (dostęp: 27.01.2024).
EC (2024a). What is the European Green Deal?, https://www.consilium.europa.eu/en/policies/green-deal/?ref=blog.energyelephant.com (dostęp: 27.01.2024).
EC (2024b). https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/overview-sustainable-finance_en (dostęp: 27.01.2024).
EIU (2017). The road to action. Financial regulation addressing climate change, 2017, https://impact.economist.com/perspectives/financial-services/road-action-financial-regulationaddressing-climate-change (dostęp: 27.01.2024).
England, J. (2023). The top 10 most sustainable banks in the world in 2023, FinTech Magazine,
February 20, https://fintechmagazine.com/banking/the-top-10‑most-sustainable-banks-inthe- world-in-2023 (dostęp: 27.01.2024).
ESRB (2020). Positively green: Measuring climate change risks to financial stability, June, https://www.esrb.europa.eu/pub/pdf/reports/esrb.report200608_on_Positively_green_-_Measuring_
climate_change_risks_to_financial_stability~d903a83690.en.pdf?c5d033aa3c648ca0623f5a2306931e26 (dostęp: 27.01.2024).
IMF (2019). Global Financial Stability Report. Lower for Longer, October 2019, www.elibrary. imf.org/view/book/9781498324021/9781498 324021.xml (dostęp: 27.01.2024).
EC (2021). Development of Tools and Mechanisms for the Integration of ESG Factors into the EU Banking Prudential Framework and into Banks’ Business Strategies and Investment Policies, May, https://finance.ec.europa.eu/publications/final-study-development-tools-and-mechanisms-integration-esg-factors-eu-banking-prudential-framework_en (dostęp: 27.01.2024).
Kearney (2021). European Banking Radar, June 2021, www.kearney.com/ industry/financialservices/european-retail-banking-radar/2021 (dostęp: 27.01.2024).
PWC (2023). Dyrektywa CSRD zmienia strategię tworzenia wartości firm, październik 11, https://www.pwc.pl/pl/artykuly/dyrektywa-csrd-jakiezmiany-wprowadza-w-raportowaniuesg. html (dostęp: 27.01.2024).
UN (2015). Paris Agreement, 2015, https://unfccc.int/process-and-meetings/the-parisagreement10 Cube Global, The evolution of ESG regulation, www.cube. global/wp-content/uploads/2023/03/CUBE-Data-Report_The-Evolution-of-ESG.pdf (dostęp: 27.01.2024).
UNEP FI (2024). The UN-convened network of banks, insurers and investors accelerating sustainable development, https://www.unepfi.org/ (dostęp 27.01.2024). Sustainable
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Studies and Work of the Collegium of Management and Finance
This work is licensed under a Creative Commons Attribution 4.0 International License.
