"Regarding regulation, there are two methods here, it's with sugar or with the whip. There should be a body that manages, at least as a code of ethics, this whole field, that somehow establishes the rules of the game. At the moment it is dispersed. We take from the European Union, and we translate. I have also seen a directive applied by the ANPC, which was poorly applied and which everyone reads and understands what they want. Normally it has to be adapted to the business environment here. On the other hand, also regarding the authorities, my guilty pleasure at the moment is somehow to see a sustainability report of a ministry or an ESG score for a ministry", said Călin Ionescu.
He stated that, although there is an obligation to publish the ESG report for all companies with more than 500 employees, apart from multinationals, most do not publish it because there is no sanction.
Călin Ionescu stated that the ministries also have daily activities and can generate a carbon footprint like a company. He also believes that incentives for the business environment should be added to certain projects.
Also, Zuzanna Kurek, IR & Sustainability Manager, One United Properties, said there is a need for an authority to analyze how ESG reporting is done.
Roxana Ionescu, NNDKP partner, argued that an authority in this field should not have powers on the part of sanctions, but be obliged to provide guidance in the field and focus on compliance.
Instead, Monica Movileanu, partner and ESG leader, PwC Romania, said that the authority should also be able to grant sanctions, stating that countries such as Germany and the Netherlands are much more advanced because they have penalties.
On the other hand, Ioana Voinescu, head of the BCR sustainability department, believes that time should be given to the Romanian society to adapt to the sustainability requirements that mostly suffer from a lack of clarity or regulations that are still being discussed at the national level national or European. She stated that the bank would not refuse a project that currently does not have clear sustainability objectives in mind and, on the other hand, it is working with clients in areas with high emissions to think of decarbonization strategies for their own operations.
