Environmental, social and governance (ESG) requirements are a new challenge for business in Romania, and the authorities are doing too little about it, says Camelia Stoian, Sales & Account Manager at Credit Risk Services, ICAP CRIF.

The renewable boom “is a window of opportunity for Romania”. On the other hand, ESG obligations go beyond the strict framework of low environmental impact energy. “There is too little talk about ESG from the authorities,” said Stoian, at the conference “Digitalization and Energy Efficiency – Oradea”, organised by Energynomics, together with the Italian Chamber of Commerce for Romania – CCIpR.

Under the new regulations, companies must produce a quarterly sustainability report that can be audited by an external auditor. In Romania, the Ministry of Finance’s transposition of the CSRD Directive into national law requires companies that meet two of the following three criteria to report: total assets of 17.7 million lei (3.94 million euros), net turnover of 35 million lei (7.89 million euros) and an average of 50 employees.

DOWNLOAD THE PRESENTATION OF CAMELIA STOIAN

Companies can use the Synesgy platform for ESG assessment and certification. This platform allows them to assess their ESG performance according to five macro-areas, namely business, environment, social, governance and industry, thus obtaining an overall ESG score.

The conference “Digitalization and energy efficiency – Oradea” was organized by Energynomics with the support of the Italian Chamber of Commerce for Romania – CCIpR, and of our partners: ADC, BCR, Celestica, CRC Energy, Datacor, Fortza.ro, ICAP CRIF, Intesa Sanpaolo Bank, Photon Energy, Polytrade Global, Unicredit Bank, WALDEVAR Energy.