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

Nicoleta Panait () and Mădălina Rădoi ()
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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

Global Economic Observer, 2026, vol. 14, issue 1, 151-158

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.

Keywords: ESG; sustainable finance; green bonds; CSRD; banking sector; Romania; Spearman correlation; panel data; CEE (search for similar items in EconPapers)
Date: 2026-06
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Persistent link: https://EconPapers.repec.org/RePEc:ntu:ntugeo:vol14-iss1-151-158

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