Towards Transparent Banking: Belgian Banks’ Environmental Reporting under EU Mandates and the Evolution of ESG Frameworks
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- This thesis provides a thorough evaluation of how banks are navigating the increasing complexity of environmental, social, and governance (ESG) regulations within the European Union. First, it establishes an analytical foundation by reviewing key current ESG regulatory frameworks, highlighting their origins, scope, metrics, and reporting timelines. Second, the thesis benchmarks four leading Belgian banks - KBC, ING Belgium (and ING Group), BNP Paribas Fortis, and Belfius - against these frameworks. This analysis assesses their 2024 disclosures under CSRD, measures their alignment with the EU Taxonomy via the Green Asset Ratio, and evaluates their readiness for the upcoming ESG Pillar 3 templates, highlighting differences in disclosure quality and coverage. Finally, the thesis discusses the emerging policy debates, contrasting the Omnibus Simplification Package and political push for streamlined reporting with the European Banking Authority and the ECB's ambition for deeper ESG integration. It also explores the feasibility of rationalizing overlapping requirements without reducing transparency or financial stability. The study finds that while all banks have made significant progress, there are still notable gaps: they still underreport biodiversity and ecosystems, do not fully disclose Scope 3 emissions, and fail to adapt group policies to local context.