| Abstract |
This paper is aimed at studying measures undertaken by financial institutions in the territory of Poland in the scope of adjusting the credit process to assumptions presented in the Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, commonly referred to as Taxonomy. The problem analysis was conducted based on data for companies employing more than nine persons between 2018 and 2021, that is, at the stage before and during the implementation of Taxonomy. In compliance with the obtained results, no distinct correlations were noticed between a change in the value of credits and loans in non-financial entities and changes in the number of entities, the value of revenues and profits in preferred industries, which shows a low level of Taxonomy's implementation in credit procedures. A positive correlation was noted only in the total revenues of industries covered with research with an overall value of credits. Furthermore, turbulence related to the COVID-19 pandemic, which changed the business environment of banks and the image of Polish entrepreneurship, is also crucial. Even though in the described models, the impact of the COVID-19 pandemic on studied relations proved to be statistically insignificant, differences and deviations are visible in each studied area. Introduction of Taxonomy assumptions to banking strategies, although 'unpopular' and lacking in marketing, may effectively support the sustainable development of Polish companies in the long term. The nine groups of entities indicated in Taxonomy constitute the beginning; however, the list will probably be gradually extended and supplemented with other groups, thus creating a synergetic system supporting the achievement of sustainable development objectives. Effective communication of main assumptions of taxonomy and their implementation in other areas of the business environment of Polish companies is also an important issue. Furthermore, they can be used to develop a better-oriented economic policy supporting green finance, favouring the establishment of green and sustainable entrepreneurship. |
