Sustainable development and competitiveness strategies in the banking sectors of European Union countries
DOI:
https://doi.org/10.33119/SIP.2024.197.10Keywords:
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.
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