RT info:eu-repo/semantics/article
T1 The EU Taxonomy, sustainability reporting and financial institutions: understanding the elements driving regulatory uncertainty
A1 García Torea, Nicolás
A1 Luque Vílchez, Mercedes
A1 Rodríguez Gutiérrez, Pablo
K1 Banks
K1 EU Taxonomy
K1 GAR
K1 Regulation
K1 Sustainability reporting
K1 Uncertainty
K1 Información de sostenibilidad
K1 Sustainable development reporting
AB The EU Taxonomy Regulation relies on sustainability reporting to channelfinancial resources to sustainable activities. Financial institutions are key actors inthe Taxonomy setting because they operate as financial intermediaries and have adual role as both users and preparers of sustainability information. This paperinvestigates the perceived uncertainty that characterizes the sustainability reportingregulatory environment of a particular type of financial institution, banks, toidentify the elements that generate that perception. Drawing on literature onregulatory uncertainty, this paper conducts a case study of the Spanish bankingindustry informed by interviews and complemented by other data sources. Theanalysis unveils two significant elements driving regulatory uncertainty: theTaxonomy’s lack of clarity regarding the operationalization of its measures andrules and the timeline and oversight of its implementation. The study alsodocuments that the Taxonomy induces uncertainty in the non-regulatoryenvironment due to its unpredictable impact on banks’ reputation and marketcompetition, as well as to the changes it provokes in banks’ internal structures andprocesses to address regulatory requirements. As the perception of regulatoryuncertainty represents an impediment to compliance, understanding the elementsgiving rise to it can help to mitigate such perception and facilitate the fulfillmentof regulatory demands. This investigation offers implications for policy andpractice to facilitate the production of the sustainability information banks mustdisclose according to the EU Taxonomy, particularly the green asset ratio
PB Routledge
SN 0155-9982
YR 2024
FD 2024-09
LK https://hdl.handle.net/10259/11012
UL https://hdl.handle.net/10259/11012
LA eng
NO Nicolas Garcia-Torea and Mercedes Luque-Vílchez acknowledge the financial support provided by the Spanish Ministry of Science and Innovation (TED2021-129520B-I00), Agencia Nacional de Investigación (PID2021-122389OB-I00) and Junta de Castilla y León (BU069P20 y BU029P23).
DS Repositorio Institucional de la Universidad de Burgos
RD 27-abr-2026