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ESG Reporting and Sustainable Finance in the Romanian Banking Sector: 2020–2024

Author

Listed:
  • NICOLETA PANAIT

    (Lecturer, PhD candidate, Faculty of Economics and Business Administration “Nicolae Titulescu” University, Bucharest, ROMANIA)

  • MĂDĂLINA RĂDOI

    (Associate Professor, PhD, Faculty of Economics and Business Administration, “Nicolae Titulescu” University, Bucharest, ROMANIA)

Abstract

This study examines the relationship between ESG reporting maturity and sustainable finance development in the Romanian banking sector during the European sustainability transition. The research focuses on major banks operating in Romania and analyses how ESG integration influences green finance activities, sustainable lending, and access to capital market instruments. The analysis is based on publicly available sustainability reports, annual reports, and ESG disclosures published between 2020 and 2024. ESG maturity is operationalized through a structured reporting scale reflecting the transition from basic non-financial disclosure to CSRD-aligned sustainability reporting with external assurance. Sustainable finance performance is evaluated through green financing initiatives, sustainable lending frameworks, and green bond activity. The findings reveal a strong positive association between ESG reporting maturity and sustainable finance development. Banks with more advanced ESG reporting frameworks demonstrate greater involvement in green financial instruments and sustainable lending practices. The study also highlights the accelerating influence of European regulations, particularly CSRD, on ESG convergence within the Romanian banking sector.

Suggested Citation

  • Nicoleta Panait & Mădălina Rădoi, 2026. "ESG Reporting and Sustainable Finance in the Romanian Banking Sector: 2020–2024," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 14(1), pages 151-158, June.
    • Handle: RePEc:ntu:ntugeo:vol14-iss1-151-158
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