Approaches to the Integration of ESG Principles in the Banking Activities of Finland and Russia
Oparin, Konstantin (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025121034331
https://urn.fi/URN:NBN:fi:amk-2025121034331
Tiivistelmä
The growing emphasis on sustainable development and the transition to a low-carbon economy have increased attention to the role of the banking sector as a key intermediary in financing climate and socially oriented projects. In this context, understanding how banks in different institutional contexts integrate environmental, social and governance (ESG) principles has become increasingly important.
This thesis examines the integration of ESG practices in the banking sectors of Finland and Russia. The study focuses on eight banks: Nordea, OP Financial Group, Aktia Bank and Danske Bank Finland, as well as Sberbank, VTB, Moscow Credit Bank and DOM.RF. The research is limited to publicly available secondary data and to leading banks in each country, enabling a comparable cross-country assessment.
Methodologically, the thesis applies a qualitative comparative analysis of the contents of annual reports and ESG reports, disclosure of regulatory documents for the period 2022-2024. The theoretical framework is based on the literature on sustainable finance and modern international ESG reporting standards.
The findings show that Finnish banks, operating under the highly standardized regulatory environment of the European Union, demonstrate a more mature and institutionalized approach to ESG integration. In contrast, Russian banks exhibit uneven progress, characterized by greater variation in disclosure practices, product development, and strategic alignment with ESG principles. The results contribute to the broader academic discussion on how national regulatory frameworks shape the development of sustainable finance and offer practical implications for policymakers, regulators, investors, and financial institutions.
This thesis examines the integration of ESG practices in the banking sectors of Finland and Russia. The study focuses on eight banks: Nordea, OP Financial Group, Aktia Bank and Danske Bank Finland, as well as Sberbank, VTB, Moscow Credit Bank and DOM.RF. The research is limited to publicly available secondary data and to leading banks in each country, enabling a comparable cross-country assessment.
Methodologically, the thesis applies a qualitative comparative analysis of the contents of annual reports and ESG reports, disclosure of regulatory documents for the period 2022-2024. The theoretical framework is based on the literature on sustainable finance and modern international ESG reporting standards.
The findings show that Finnish banks, operating under the highly standardized regulatory environment of the European Union, demonstrate a more mature and institutionalized approach to ESG integration. In contrast, Russian banks exhibit uneven progress, characterized by greater variation in disclosure practices, product development, and strategic alignment with ESG principles. The results contribute to the broader academic discussion on how national regulatory frameworks shape the development of sustainable finance and offer practical implications for policymakers, regulators, investors, and financial institutions.