How Sophisticated is Green Banking in Poland and Romania? A Case Study of Bank Offers
Abstract
The role of commercial banks in promoting sustainable development goals in Europe has gained ground recently. The momentum is also due to the Green Deal context. Their activity has shifted towards the achievement of such goals by getting involved in environmental projects or by raising awareness about sustainability. Their endeavors can also be directly reflected in the products and services they provide to the population and businesses. This is how commercial banks have taken up the role of educating the public towards sustainability and sustainable development goals. The aim of this paper is to investigate the green banking products and services of the largest five banks, by the number of clients, in Poland in Romania. A descriptive qualitative analysis is used to estimate the degree of sophistication of green banking products and services in the two countries.
References
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[14] Bank Pekao (n.d.a) Available at: https://media.pekao.com.pl/pr/679189/bank-pekao-s-a-wspolorganizowal-pierwsza-w-polsce-emisje-zielonych-obligacji-przez-samorzad (in Polish)
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[20] BRD (n.d.a). Available at: https://www.brd.ro/credite-verzi
[21] BRD (n.d.b). https://www.brd.ro/persoane-fizice/credite/credite-locuinta/habitat-verde (in Romanian)
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[23] Green Bank Network .2022. Available at: https://greenbanknetwork.org/what-is-a-green-bank-2/
[24] ING (n.d.a). Available at: https://ing.ro/informatii-utile/ing-bank-lanseaza-primul-sau-credit-verde
[25] ING Bank Śląski (n.d.b) Available at: https://www.ing.pl/indywidualni/kredyty-i-pozyczki/pozyczka-gotowkowa-eko (in Polish)
[26] ING Bank Śląski (n.d.c) Available at: https://media.ing.pl/informacje-prasowe/926/pr/678186/ing-stawia-nowe-cele-ekologiczne (in Polish)
[27] mBank, (n.d.a.). Available at: https://www.mbank.pl/mbank-news/co-nowego/chetnie-wybieracie-nasze-uslugi-ktore-pomagaja-chronic-srodowisko.html (in Polish)
[28] mBank, (n.d.b.). Available at: https://www.mbank.pl/lp2/2022/m1/korporacja/oze/ (in Polish)
[29] mBank. 2021. Strategy of mBank Group for 2021-2025. https://www.mbank.pl › pdf › relacje-inwestorskie
[30] mBank. 2022. mBank S.A. Group Green Bond Framework, 2022. https://www.mbank.pl › msp-korporacje › ratingi (in Polish)
[31] NAFT. 2007. Green Financial Products and Services. Current Trends and Future Opportunities in North America. A report of the North American Task Force (NAFT) of the United Nations Environment Programme Finance Initiative. Available at: https://www.unepfi.org/fileadmin/documents/greenprods_01.pdf
[32] OECD. 2015. Green Investment Banks. Policy Perspectives. Available at: https://www.oecd.org/environment/green-investment-banks.htm
[33] OECD. 2017. Investing in Climate, Investing in Growth, OECD Publishing, Paris. DOI:https://doi.org/10.1787/9789264273528-en
[34] OECD. 2020. Developing Sustainable Finance Definitions and Taxonomies, Green Finance and Investment, OECD Publishing, Paris. DOI: https://doi.org/10.1787/134a2dbe-en
[35] PKO BP. 2021. Raport_alokacji_i_wpływu_na_środowisko_Zielonych_Listów_Zastawnych (in Polish)
[36] PKO BP (n.d.a.) Available at: https://www.pkobp.pl/aktualnosci/kredyt-inwestycyjny-bez-prowizji-eko/
[37] PKO BP (n.d.c). Available at: https://raportroczny2021.pkobp.pl/en/ (in Polish)
[38] PKO BP (n.d.b.). Available at: https://www.pkobp.pl/klienci-indywidualni/pozyczki/ekopozyczka/ (in Polish)
[39] Raiffeisen Bank (n.d.a). Available at: https://www.raiffeisen.ro/wps/wcm/connect/fbdfe7b4-0418-4742-b1ba-f07321ba4539/RBRO-Green-Bond-Report-2022.pdf?MOD=AJPERES
[40] Raiffeisen Bank (n.d.b). Available at: https://www.raiffeisen.ro/despre-noi/media/comunicate-de-presa/2021/raiffeisen-bank-lanseaza-platforma-de-solutii-verzi-pentru-imm/
[41] Santander (n.d.a) Available at: https://www.santander.pl/relacje-inwestorskie/informacje-o-spolce/strategia-rozwoju (in Polish)
[42] Santander (n.d.b.) Available at: https://www.santander.pl/klient-indywidualny/kredyty/eko-kredyt-gotowkowy
[43] Santander (n.d.c.) 2021. Raport. Zielone inwestycje-sytuacja na rynku i prognozy. Available at: https://www.santander.pl/santander-leasing/komunikaty-prasowe/komunikaty-prasowe-lista/premiera-raportu-zielone-inwestycje-2021 (in Polish)
[44] Statista. 2022c. Value of green bonds issuance of the largest banks in Europe in 2021. Available at: https://www.statista.com/statistics/1291160/green-bond-issuance-value-of-largest-banks-europe/
[45] Statista. 2022a. Distribution of use of proceeds from green bonds worldwide between 2014 and 2021, by sector. Available at: https://www.statista.com/statistics/1289406/green-bonds-issued-worldwide/
[46] Statista. 2022b.) Number of green bonds issued worldwide in 2021, by sector. Available at: https://www.statista.com/statistics/762281/green-bond-number-globally-by-sector/
[2] Chen Z., Mirza N., Huang L., and Umar M. 2022. Green Banking - Can Financial Institutions support green recovery? Economic Analysis and Policy, 75: 389–395. DOI: https://doi.org/10.1016/j.eap.2022.05.017
[3] Dikau, S. and Volz, U. 2021. Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184: 1-20. DOI: 10.1016/j.ecolecon.2021.107022
[4] Fan., Peng Y., Huanhuan W., and Zhiwei X. 2021. Greening through finance. Journal of Development Economics, 152: 1-17. DOI: https://doi.org/10.1016/j.jdeveco.2021.102683
[5] Kurowski Ł,, Rutecka- Góra J., and Smaga P. 2022. Is knowledge on climate change a driver of consumer purchase decisions in Poland? The case of grocery goods and green banking. Journal of Cleaner Production, 369: 1-12. DOI: https://doi.org/10.1016/j.jclepro.2022.133444
[6] Markhayeva, Bayanslu et al. 2023. Green Banking Tools for the Implementation of a State's Environmental Policy: Comparative Study. The active implementation of climate change projects, the latest resource- and nature-saving technologies, and environmental measures for the green growth of na. Journal of Environmental Management and Tourism, 1(65): 160 - 167. DOI: https://doi.org/10.14505/jemt.14.1(65).15
[7] Mirza N., Afzal, Umar M., and Skare M. 2023.The impact of green lending on banking performance: Evidence from SME credit portfolios in the BRIC. Economic Analysis and Policy, 77: 843–850. DOI:https://doi.org/10.1016/j.eap.2022.12.024
[8] Siemionek-Ruskań, M., Lepczyński, B., and Fanea-Ivanovici, M. 2022. A comparative analysis of Green Finance Awareness in Poland and Romania. Journal of Environmental Management and Tourism, 13(7). DOI: https://doi.org/10.14505/jemt.v13.7(63).02
[9] Thompson S. 2021. Green and Sustainable Finance: Principles and Practice, Chartered Banker Institute Kogan Page, Lodon.
[10] Wang Y, and Zhia Q. 2016. The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia . DOI: https://doi.org/10.1016/j.egypro.2016.12.053
[11] Zhou B. and Zhang Ch. 2022. When green finance meets banking competition: Evidence from hard-to-abate enterprises of China. Pacific-Basin Finance Journal, 78: 1-13. DOI:https://doi.org/10.1016/j.pacfin.2023.101954
[12] Banca Transilvania (n.d.a). Available at: https://www.bancatransilvania.ro/credite/credite-bt-green (in Romanian)
[13] Banca Transilvania (n.d.b). Available at: https://www.bancatransilvania.ro/bt-social-media-newsroom/stiri/banca-transilvania-lanseaza-practic-bt-verde-cel-mai-ieftin-credit-de-nevoi-personale-din-oferta-bancii/ (in Romanian)
[14] Bank Pekao (n.d.a) Available at: https://media.pekao.com.pl/pr/679189/bank-pekao-s-a-wspolorganizowal-pierwsza-w-polsce-emisje-zielonych-obligacji-przez-samorzad (in Polish)
[15] Bank Pekao (n.d.b). Available at: https://www.pekao.com.pl/klient-indywidualny/pozyczanie-gotowki/eko-pozyczka.html (in Polish)
[16] Bank Pekao (n.d.c). Available at: https://www.pekao.com.pl/klient-indywidualny/wlasne-mieszkanie-lub-dom/eko-kredyt.html (in Polish)
[17] BCR (n.d.a). Available at: https://www.bcr.ro/en/press/press-release/2021/10/14/BCR-lanseaza-prima-emisiune-de-obligatiuni-verzi-in-valoare-totala-de-500-de-milioane-de-lei (in Romanian)
[18] BCR (n.d.b). Available at: https://www.bcr.ro/en/press/press-release/2022/06/15/bcr-noua-emisiune-obligatiuni-verzi-senior-nepreferentiale-lei (in Romanian)
[19] BCR (n.d.c). Available at: https://www.bcr.ro/ro/presa/informatii-de-presa/2022/06/22/bcr-accelereaza-tranzitia-catre-un-portofoliu-verde-de-carduri (in Romanian)
[20] BRD (n.d.a). Available at: https://www.brd.ro/credite-verzi
[21] BRD (n.d.b). https://www.brd.ro/persoane-fizice/credite/credite-locuinta/habitat-verde (in Romanian)
[22] European Banking Federation. 2017. Towards a green finance framework. Available at: https://www.ebf.eu/ebf-media-centre/towards-a-green-finance-framework/
[23] Green Bank Network .2022. Available at: https://greenbanknetwork.org/what-is-a-green-bank-2/
[24] ING (n.d.a). Available at: https://ing.ro/informatii-utile/ing-bank-lanseaza-primul-sau-credit-verde
[25] ING Bank Śląski (n.d.b) Available at: https://www.ing.pl/indywidualni/kredyty-i-pozyczki/pozyczka-gotowkowa-eko (in Polish)
[26] ING Bank Śląski (n.d.c) Available at: https://media.ing.pl/informacje-prasowe/926/pr/678186/ing-stawia-nowe-cele-ekologiczne (in Polish)
[27] mBank, (n.d.a.). Available at: https://www.mbank.pl/mbank-news/co-nowego/chetnie-wybieracie-nasze-uslugi-ktore-pomagaja-chronic-srodowisko.html (in Polish)
[28] mBank, (n.d.b.). Available at: https://www.mbank.pl/lp2/2022/m1/korporacja/oze/ (in Polish)
[29] mBank. 2021. Strategy of mBank Group for 2021-2025. https://www.mbank.pl › pdf › relacje-inwestorskie
[30] mBank. 2022. mBank S.A. Group Green Bond Framework, 2022. https://www.mbank.pl › msp-korporacje › ratingi (in Polish)
[31] NAFT. 2007. Green Financial Products and Services. Current Trends and Future Opportunities in North America. A report of the North American Task Force (NAFT) of the United Nations Environment Programme Finance Initiative. Available at: https://www.unepfi.org/fileadmin/documents/greenprods_01.pdf
[32] OECD. 2015. Green Investment Banks. Policy Perspectives. Available at: https://www.oecd.org/environment/green-investment-banks.htm
[33] OECD. 2017. Investing in Climate, Investing in Growth, OECD Publishing, Paris. DOI:https://doi.org/10.1787/9789264273528-en
[34] OECD. 2020. Developing Sustainable Finance Definitions and Taxonomies, Green Finance and Investment, OECD Publishing, Paris. DOI: https://doi.org/10.1787/134a2dbe-en
[35] PKO BP. 2021. Raport_alokacji_i_wpływu_na_środowisko_Zielonych_Listów_Zastawnych (in Polish)
[36] PKO BP (n.d.a.) Available at: https://www.pkobp.pl/aktualnosci/kredyt-inwestycyjny-bez-prowizji-eko/
[37] PKO BP (n.d.c). Available at: https://raportroczny2021.pkobp.pl/en/ (in Polish)
[38] PKO BP (n.d.b.). Available at: https://www.pkobp.pl/klienci-indywidualni/pozyczki/ekopozyczka/ (in Polish)
[39] Raiffeisen Bank (n.d.a). Available at: https://www.raiffeisen.ro/wps/wcm/connect/fbdfe7b4-0418-4742-b1ba-f07321ba4539/RBRO-Green-Bond-Report-2022.pdf?MOD=AJPERES
[40] Raiffeisen Bank (n.d.b). Available at: https://www.raiffeisen.ro/despre-noi/media/comunicate-de-presa/2021/raiffeisen-bank-lanseaza-platforma-de-solutii-verzi-pentru-imm/
[41] Santander (n.d.a) Available at: https://www.santander.pl/relacje-inwestorskie/informacje-o-spolce/strategia-rozwoju (in Polish)
[42] Santander (n.d.b.) Available at: https://www.santander.pl/klient-indywidualny/kredyty/eko-kredyt-gotowkowy
[43] Santander (n.d.c.) 2021. Raport. Zielone inwestycje-sytuacja na rynku i prognozy. Available at: https://www.santander.pl/santander-leasing/komunikaty-prasowe/komunikaty-prasowe-lista/premiera-raportu-zielone-inwestycje-2021 (in Polish)
[44] Statista. 2022c. Value of green bonds issuance of the largest banks in Europe in 2021. Available at: https://www.statista.com/statistics/1291160/green-bond-issuance-value-of-largest-banks-europe/
[45] Statista. 2022a. Distribution of use of proceeds from green bonds worldwide between 2014 and 2021, by sector. Available at: https://www.statista.com/statistics/1289406/green-bonds-issued-worldwide/
[46] Statista. 2022b.) Number of green bonds issued worldwide in 2021, by sector. Available at: https://www.statista.com/statistics/762281/green-bond-number-globally-by-sector/
Published
2023-06-02
How to Cite
SIEMIONEK-RUSKAŃ, Małgorzata; FANEA-IVANOVICI, Mina.
How Sophisticated is Green Banking in Poland and Romania? A Case Study of Bank Offers.
Journal of Environmental Management and Tourism, [S.l.], v. 14, n. 3, p. 698 - 704, june 2023.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/7795>. Date accessed: 23 nov. 2024.
doi: https://doi.org/10.14505/jemt.v14.3(67).09.
Section
Article
Copyright© 2024 The Author(s). Published by ASERS Publishing 2024. This is an open access article distributed under the terms of CC-BY 4.0 license.