Žaliosios bankų transformacijos vertinimas: Lietuvos atvejis

Abstract

As the allocator of financial flow to the economy, the banking sector must boost the green modernisation process. The European Union is issuing many new documents and regulations to force structural changes in the entire financial system and stimulate the transformation of the economy. In this case, a new regulatory framework impacts banks to accept responsibility for providing more green services. Banks have to introduce innovative financial products into the market, and each operation must be environmentally friendly. Lithuania has an ambition to be a leader in green finance development in the region. Lithuania has been assigned the Strategy and Action Plan (2021; 2023) for developing green finance in the country and pursuing to be a hub for sustainable finance locally and internationally. In the academic context, it can be seen that there are not enough instruments to be used to assess the green transformation of banks. Based on this external context, this study aims to clarify the green actions of banks in the transition to green finance, choosing publicly published sustainability reports as the subject of study. The article presents the green transformation assessment criteria and evaluates the green activities of the four largest banks operating in Lithuania according to the information provided in their latest sustainability reports. Two objectives have been set: to systematise the green assessment criteria and evaluate the information provided in the sustainability reports of the selected banks. When evaluating the data provided by the banks, the following methods were applied: systematisation of scientific literature, analysis of statistical data from the Bloomberg database, and comparative analysis. The study revealed that the Scandinavian companies’ reports present all the latest information considering various methodologies. Still, all four banks have a very cautious strategy regarding customer transformation. In 2023, according to Regulation (EP) 2020/852 2020), banks must strengthen their green activities to publicise their green investment and assets indicators.