ROMANIAN BANKING SYSTEM - STEPS TO A SUSTAINABLE FUTURE

Carbune Daniela Iulia Maria
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Carbune Daniela Iulia Maria: UNIVERSITY OF CRAIOVA, ROMANIA

Annals - Economy Series, 2024, vol. 3, 206-214

Abstract: This paper emphasizes the necessity for the Romanian banking sector to adopt sustainability strategies, considering the crucial role of commercial banks as financial intermediaries and the positive impact these strategies can have on financial performance. The objective of this study is to thoroughly investigate the adoption and implementation of environmentally sustainable banking practices within the Romanian banking sector. The research highlights the efforts of banks to adopt environmentally responsible practices and their active participation in funding green initiatives. It examines the strategies banks employ to integrate sustainability into their operations and evaluates the impact of their green financing on environmental conservation and sustainable development. The banking sector plays a crucial role in financing investment projects, leveraging its expertise in risk assessment for project-level loans to support the financing of sustainable assets. This expertise is vital for providing the loans necessary to facilitate the transition to a greener and more sustainable economy. However, green banking products are still in the early stages of development, necessitating Romanian banks to expand their involvement by diversifying their array of sustainable products and services, enhancing their capability to evaluate green projects, and stepping up promotional efforts to advocate for green products. So, this article assesses the role and practices of Romanian banks in innovating within the green finance sector by reviewing public information from various sources, including bank websites, sustainability reports, press releases, and data from the National Bank of Romania.

Keywords: green finance; sustainable finance; Romanian banking system; green banking products; green loans (search for similar items in EconPapers)
Date: 2024
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