Climate‐Related Disclosure in European Banking: Stakeholder Capitalism Between Sustainability and Financial Imperatives
研究了欧洲最大银行2024年非财务报告中气候相关披露的进展，发现其与全球框架高度一致，但在未识别风险、气候移民等领域仍有缺口，且银行正将气候战略与财务要求和社会期望相协调。
ABSTRACT This study examines how the largest European banks are integrating climate change considerations into their nonfinancial disclosures, focusing on the interplay between sustainability strategies and stakeholder‐oriented practices. The sample includes the 30 top‐ranking European banks by total assets and is subject to CSRD reporting obligations. Adopting a content analysis of nonfinancial reports published in 2024 by the European banks included in the sample, the research highlights advances in climate‐related disclosure, particularly regarding climate risk management, transition strategies, and stakeholder engagement initiatives. The findings reveal substantial alignment with global frameworks such as GRI, ESRS, and TCFD, but also identify persistent gaps in areas like unidentified risks, climate‐induced migration, land degradation and desertification, tourism, and infrastructure. While stakeholder‐oriented governance is gaining traction, the findings indicate that the traditional tension between shareholder value and broader stakeholder interests is being attenuated as banks increasingly align their climate strategies and disclosures with both financial imperatives and societal expectations. The study also underscores the role of regulatory frameworks and best practices in driving transparency and comparability, emphasizing the significant contribution of banks in climate resilience and sustainable finance.