Keywords
energy transformation
ESG
non-financial reporting
How to Cite
Abstract
The purpose of the article is to discuss the reporting of environmental information on sustainability and ESG regulations in companies from the energy sector listed on the Warsaw Stock Exchange. The article presents the results of the authors' own research on the extent of disclosure of environmental information among 14 companies in the energy sector listed on the Warsaw Stock Exchange in 2022-2023. The methodology was based on a review of the literature on the subject, legal acts and own research, which used non-financial reports of listed companies in the energy sector on environmental information and indicators. The research problem undertaken by the authors was to investigate whether companies in the energy sector disclosed environmental information in the period before mandatory regulations in this regard. The results of the conducted research confirmed the authors' supposition that these companies published such information. At the same time, the scope of disclosed information differed quite significantly between companies. According to the authors, the article adds value to the literature on the subject, especially in terms of the collection of source material, its presentation and discussion. The information gathered in the empirical chapter can be used, among other things, to compare the scope of disclosure of environmental information of companies from Poland with companies from other countries in the energy sector. The topics of the article can form the basis for further detailed empirical research in this area.
References
Agama, E. J., & Zubairu, U. M. (2022). Sustainability reporting: A systematic review. Economics, Management and Sustainability, 7(2), 32-46. https://doi.org/10.14254/jems.2022.7-2.3
Baboukardos, D., Kopita, A., Ranegaard, Ch., & Demetriades, E. (2024). Carbon reporting regulation: Real effects, external pressures, and internal policies. Business Strategy and The Environment, 33(5), 1-16. https://doi.org/10.1002/bse.3726
Bednarek, J. (2023). Czym jest taksonomia i kiedy prowadzona działalność jest z nią zgodna? https://maruszkin.pl/czym-jest-taksonomia-i-kiedy-prowadzona-dzialalnosc-jest-z-nia-zgodna/ (in Polish).
Bielawska, A. (2022). Socially responsible activity of micro-, small-, and medium-sized enterprises – benefits for the enterprise. Sustainability, 14(15), 9603. https://doi.org/10.3390/su14159603
Braga, C., Silva, P., & Santos, A. (2015). Level of Disclosure of Environmental Information in the Electricity Sector: An Empirical Study of Brazil and the Iberian Peninsula. Global Journal of Management and Business Research, 15(B9), 39-53. https://journalofbusiness.org/index.php/GJMBR/article/view/1821
CEZ SA. (2023). CEZ Group Sustainability Report 2023. https://www.cez.cz/webpublic/file/edee/esg/documents/sustainability-reports/zour-2023-en.pdf
Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies, 26(3), 1176-1248. https://ideas.repec.org/a/spr/reaccs/v26y2021i3d10.1007_s11142-021-09609-5.html
Columbus Energy SA. (2023a). ESG Columbus Energy. https://group.columbusenergy.com/esg/ (in Polish).
Columbus Energy SA. (2023b). Skonsolidowany Raport Roczny Grupy Columbus za 2023 r. https://group.columbusenergy.com/relacje-inwestorskie/raporty/ (in Polish).
Constantinescu, D. (2021). Sustainability disclosure and its impact on firm’s value for Energy and Healthcare industry. Central European Economic Journal, 8(55), 313-329. https://doi.org/10.2478/ceej-2021-0022
Czaja-Cieszyńska, H. E., & Kordela, D. (2023). Sustainability Reporting in Energy Companies—Is There a Link between Social Disclosures, the Experience and Market Value? Energies, 16(9), 3642. https://doi.org/10.3390/en16093642
Darnall, N., Ji, H., Iwata, K., & Arimura, T. (2022). Do ESG reporting guidelines and verifications enhance firms’ information disclosure? Corporate Social Responsibility and Environmental Management, 29(5), 1214-1230. https://doi.org/10.1002/csr.2265
Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting, Pub. L. No. 32022L2464, 322 OJ L (2022). http://data.europa.eu/eli/dir/2022/2464/oj
EC Będzin SA. (2023a). EC Będzin. https://www.ecbedzin.pl/ (in Polish).
EC Będzin SA. (2023b). Skonsolidowane Sprawozdanie Roczne EC Będzin SA za 2023 r. https://www.ecbedzin.pl/raporty-okresowe?y=2024 (in Polish).
ENEA SA. (2023a). Raport ESG Grupy Kapitałowej ENEA za 2023 r. https://raport2023.esg.enea.pl/ (in Polish).
ENEA SA. (2023b). Skonsolidowany raport roczny SRR za 2023 r. https://ir.enea.pl/lista-raportow/kategoria/3612/raporty-okresowe (in Polish).
EU. (2020). Sustainable development in the European Union. Overview of progress towards the SDGs in an EU context. https://ec.europa.eu/eurostat/documents/4031688/11010788/KS01-20-192-EN-N.pdf/ae63aff0-a6f3-1d47-da83-c6886b9daaab?t=1592486268000
European Commission. (2023). Factsheet – The European Green Deal – Delivering the EU's 2030 Climate Targets. https://commission.europa.eu/publications/delivering-european-green-deal_en
Eurostat. (2021). How has the EU progressed towards the Sustainable Development Goals? https://ec.europa.eu/eurostat/web/products-eurostat-news/-/wdn-20210615-1
Eurostat. (2024). Electricity production. https://ec.europa.eu/eurostat/web/interactive-publications/energy-2024#electricity-production
Forsal. (2022). Paliwa kopalne w UE. Jak bardzo Europa jest uzależniona od rosyjskiego gazu, ropy i węgla? https://forsal.pl/biznes/energetyka/artykuly/8389945,paliwa-kopalne-w-ue-uzaleznienie-od-rosyjskiego-gazu-ropy-i-wegla-miks-energetyczny-import.html (in Polish).
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
GPW. (2021). Dobre praktyki 2021. https://www.gpw.pl/dobre-praktyki2021 (in Polish).
GPW. (2023). Wytyczne do raportowania ESG. Przewodnik dla spółek. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiW07TtwZCJAxUvBNsEHQl1OkMQFnoECA8QAQ&url=https%3A%2F%2Fwww.gpw.pl%2Fpub%2FGPW%2FESG%2FWytyczne_do_raportowania_ESG.pdf&usg=AOvVaw3TScr7wSeMYGFgtiimOYHg&opi=89978449 (in Polish).
GRI. (2024). GRI global adoption by top companies continues to grow. https://www.globalreporting.org/news/news-center/gri-global-adoption-by-top-companies-continues-to-grow/
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta-analysis. Research in International Business and Finance, 61, 101668. https://doi.org/10.1016/j.ribaf.2022.101668
Kogeneracja. (2023). Skonsolidowane sprawozdanie finansowe za 2023 r. https://kogeneracja.com.pl/dla-inwestorow/dane-finansowe/raporty-roczne-za-2023-r (in Polish).
Kotyla, C., & Hyży, M. (2020). Carbon footprint in the annual statements of Polish mass passenger transportation carriers. The Theoretical Journal of Accounting, 109(165), 43-68. http://dx.doi.org/10.5604/01.3001.0014.4341
KPMG. (2020). The time has come. The KPMG Survey of Sustainability Reporting 2020. https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf
Krasodomska, J., Zieniuk, P., & Kostrzewska, J. (2023). Reporting on Sustainable Development Goals in the European Union: what drives companies’ decisions? An International Business Journal, 33(1), 120-146. https://www.emerald.com/insight/content/doi/10.1108/CR-12-2021-0179/full/html
Krawczyńska, D., Hadasik, B., Ryczko, A., Przedworska, K., & Kubiczek, J. (2024). Pursuing european green deal milestones in times of war in Ukraine – a context of energy transition in Poland. Economics and Environment, 88(1), 1-15. https://doi.org/10.34659/eis.2024.88.1.736
Majchrzak, I. (2013). Społeczna odpowiedzialność sektora energetycznego wobec środowiska naturalnego. Europa Regionum, 17, 278-282. http://bazekon.icm.edu.pl/bazekon/element/bwmeta1.element.ekon-element-000171355167 (in Polish).
Marks-Bielska, R., Bielski, S., Pik, K., & Kurowska, K. (2020). The Importance of Renewable Energy Sources in Poland’s Energy Mix. Energies, 13(18), 4624. https://doi.org/10.3390/en13184624
Ministerstwo Aktywów Państwowych (2021). Transformacja sektora energetycznego w Polsce. Wydzielenie wytwórczych aktywów węglowych ze spółek z udziałem Skarbu Państwa. https://www.gov.pl/attachment/e0bda880-f23d-4992-8ee6-242c3ca9f34b
ML System SA. (2023a). ML Sysytem SA ESG Aspects. https://mlsystem.pl/esg-aspects/?lang=en
ML System SA. (2023b). Raport okresowy skonsolidowany za 2023 r. https://ir.mlsystem.pl/gielda/raporty-okresowe/ (in Polish).
Norman, G., Toms, S., & Gamble, K. (2023). The EU Corporate Sustainability Reporting Directive – To Whom Does It Apply and What Should EU and Non-EU Companies Consider? https://www.skadden.com/insights/publications/2023/10/qa-the-eu-corporate-sustainability-reporting-directive
Novavis. (2023a). Novavis Group. https://novavisgroup.pl/ (in Polish).
Novavis. (2023b). Skonsolidowany Raport Roczny za 2023 r. https://novavisgroup.pl/raporty-okresowe/ (in Polish).
ONDE SA. (2023a). Sprawozdanie finansowe skonsolidowane za 2023 r. https://onde.pl/pl/relacje-inwestorskie/raporty-okresowe/ (in Polish).
ONDE. (2023b). Grupa Onde Raport Zrównoważonego Rozwoju. https://onde.pl/wp-content/uploads/2024/03/ONDE_raport_2024.pdf (in Polish).
Our World in Data. (2024). Carbon intensity of electricity generation, 1990 to 2023. https://ourworldindata.org/grapher/carbon-intensity-electricity?tab=chart®ion=Europe&country=EU27~EU~POL~OWID_WRL~OWID_EUR~OWID_EU27~DEU~GBR~USA~FRA~CHN
PAP. (2022, May 25). Davos 2022: polska energetyka wymaga inwestycji w wysokości co najmniej 1,3 bln zł do 2030 r. https://www.pap.pl/mediaroom/1220936%2Cdavos-2022-polska-energetyka-wymaga-inwestycji-w-wysokosci-co-najmniej-13-bln-zl (in Polish).
PGE SA. (2023). Skonsolidowane sprawozdanie finansowe Grupy PGE SA za rok 2023. https://www.gkpge.pl/dla-inwestorow/akcje/dane-finansowe (in Polish).
PGE. (2022). Strategia Grupy PGE. https://www.gkpge.pl/grupa-pge/o-grupie/poznaj-strategie (in Polish).
Photon Energy Group. (2023a). Photon Energy Group – Zrównoważony rozwój i ESG. https://ir.photonenergy.com/pl/zrownowazony-rozwoj-i-esg (in Polish).
Photon Energy Group. (2023b). Annual Report 2023. https://ir.photonenergy.com/pl/raporty (in Polish).
Piłacik, J. (2017). Reporting of Environmental Indicators by Global Reporting Initiative Guidelines on The Example of Polish Companies in Energy Sector. Research Papers of Wrocław University of Economics, 470, 86-96. https://dbc.wroc.pl/dlibra/publication/41031/edition/37053?language=en (in Polish).
Polenergia. (2023a). Skonsolidowane sprawozdanie niefinansowe za rok zakończony 31 stycznia 2023 r. https://esg.polenergia.pl/grupa-polenergia/raport-esg/ (in Polish).
Polenergia. (2023b). Raport okresowy roczny skonsolidowany za 2023 r. https://www.polenergia.pl/serwis-relacji-inwestorskich/raporty/raporty-okresowe/?rok=2024 (in Polish).
Polska Grupa Energetyczna SA. (2023). Raport zintegrowany za 2023 r. https://raportzintegrowany2023.gkpge.pl/ (in Polish).
Popławski, Ł., & Rutkowska, M. (2017). Ślad ekologiczny konsumpcji. Studia i Prace Wydziału Nauk Ekonom icznych i Zarządzania, 47(1), 241-249 (in Polish).
Pramanik, A. K., Shil, N. Ch., & Das, B. (2007). Environmental accounting and reporting with special reference to India. The Cost and Management, 3, 16-28. https://mpra.ub.uni-muenchen.de/7712/
Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2019). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199-1214. https://doi.org/10.1002/bse.2427
Raen. (2023). Rean ESG. https://raen.pl/#esg (in Polish).
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, Pub. L. No. 32019R2088, 317 OJ L (2019). http://data.europa.eu/eli/reg/2019/2088/oj
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, and amending Regulation (EU) 2019/2088, Pub. L. No. 32020R0852, 198 OJ L (2020). http://data.europa.eu/eli/reg/2020/852/oj
Rosati, F., & Faria, L. G. (2019). Business contribution to the Sustainable Development Agenda: Organizational factors related to early adoption of SDG reporting. Corporate Social Responsibility and Environmental Management, 26(3), 588-597. https://doi.org/10.1002/csr.1705
Rudžionienė, K., & Brazdžius, Š. (2023). Cost and Benefits of Sustainability Reporting: Literature Review. In J. Dyczkowska (Ed.), Sustainable Performance in Business Organisations and Institutions: Measurement, Reporting and Management (pp. 56-72). Wrocław: Publishing House of Wroclaw University of Economics and Business. https://www.dbc.wroc.pl/dlibra/publication/162236/edition/123932/content?ref=L2NvbGxlY3Rpb25kZXNjcmlwdGlvbi8xMzI
Sandberg, M., & Holmlund, M. (2015). Impression management tactics in sustainability reporting. Social Responsibility Journal, 11(4), 677-689. https://doi.org/10.1108/SRJ-12-2013-0152
Schaltegger, S., & Burritt, R. (2000). Contemporary Environmental Accounting. Issues, Concepts and Practice. Sheffield: Greenleaf Publishing Ltd.
Shimshack, J. P. (2013). Encyclopedia of Energy, Natural Resource, and Environmental Economics. Amsterdam: Elsevier Inc.
Stępień, M. (2002). Rachunkowość a ochrona środowiska. Zeszyty Naukowe Akademii Ekonomicznej w Krakowie, 565, 53-68. https://yadda.icm.edu.pl/yadda/element/bwmeta1.element.ekon-element-000000012837 (in Polish).
Sullivan, Y., & Kim, D. (2018). Assessing the Effects of Consumers’ Product Evaluations and Trust on Repurchase Intention in e-Commerce Environments. International Journal of Information Management, 39, 199-219. https://doi.org/10.1016/j.ijinfomgt.2017.12.008
Tauron Polska Energia SA. (2023). Raport zrównoważonego rozwoju Grupy Kapitałowej TAURON za 2023 r. https://raportyzr.pl/wp-content/uploads/2024/09/TAURON-SprNiefin-2023-12-31-PL.pdf (in Polish).
Tauron SA. (2023). Skonsolidowany raport roczny za 2023 r. https://www.tauron.pl/tauron/relacje-inwestorskie/raporty-okresowe (in Polish).
United Nations. (2024a). European Sustainability Reporting Standards. https://www.unepfi.org/impact/interoperability/european-sustainability-reporting-standards-esrs/
United Nations. (2024b). The 17 goals. https://sdgs.un.org/goals
Yakhou, M., & Dorweiler, V. P. (2004). Environmental accounting: an essential component of business strategy. Business Strategy and the Environment, 13(2), 65-77. https://doi.org/10.1002/bse.395
Zabawa, J., & Łosiewicz-Dniestrzańska, E. (2023). GRI (Global Reporting Initiative) as a Reporting Standard of Non-Financial Information in the Area of ESG (Environmental, Social, Corporate Governance). The Case of Banks Listed on the Warsaw Stock Exchange. Journal of Finance and Financial Law, (2), 7-25. https://doi.org/10.18778/2391-6478.S2.2023.01
Załęgowski, K. Jackiewicz-Rek, W., & Garbacz, A. (2013). Ślad węglowy betonu. Materiały budowlane, 12 (496), 34-36. (in Polish).
ZE PAK SA. (2023). Skonsolidowany Raport Roczny Grupy ZE PAK SA za 2023 r. https://ri.zepak.com.pl/pl/raporty/raporty-okresowe.html?y=2024 (in Polish).
ZEPAK. (2023). Strategia ESG ZEPAK SA. https://ri.zepak.com.pl/pl/o-spolce/strategia-esg.html (in Polish).
Zespół Elektrociepłowni Wrocławskich KOGENERACJA SA. (2023). Zrównoważony rozwój KOGENERACJA SA. https://kogeneracja.com.pl/grupa/zrownowazony-rozwoj (in Polish).
Zieliński, D. (2023). ESG and decarbonisation challenges for companies operating in Poland. Studia BAS, 74(2), 127-143. https://doi.org/10.31268/StudiaBAS.2023.15
Zrnic, A., Starcevic, D. P., & Mijoc, I. (2020). Evaluating environmental accounting and reporting: the case of Croatian listed manufacturing companies. Pravni Vjesnik, 36(1), 47-63. https://doi.org/10.25234/pv/8089
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Copyright (c) 2024 Economics and Environment