Banking Sector on Sustainability: Evolution, Trends, and Regional Disparities in CSR Practices (2000-2024)
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https://doi.org/10.5281/zenodo.11432565Keywords:
Sustainability, Corporate Social Responsibility, Banking SectorAbstract
Sustainability and corporate social responsibility (CSR) practices are becoming increasingly important in today's financial sector. This study examines the evolution of sustainability and corporate social responsibility (CSR) practices within the banking sector from 2000 to 2024. Key themes identified from thematic, time-series, and comparative analyses include environmental risk management, engagement with stakeholders, compliance with regulation, transparency and reporting, green finance products, and technology integration. The thematic review has brought out the multifaceted nature of sustainability and CSR and the need for regulatory frameworks and engagement with the stakeholders. From the early adoption and development of comprehensive frameworks to the recent focus on climate goals and technological advances, the time-based analysis clearly demonstrates the evolution of these practices. Differences between regions and types of institutions were found to be very significant in terms of proactive implementation and innovation, which developed regions and investment banks were leading in and ones that developed and commercial banks were facing more challenges. The study identified a number of strategies that would enhance further the practice of sustainability and CSR: upscaling of regulatory compliance and stakeholder engagement, product development in green finance, use of technology, alignment with climate goals, and building capacity in developing regions.
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