INSIDE LOOK
As someone working in regulatory reporting in banking, I often get asked what ESG reporting really looks like for banks in Europe today. The truth is: it is evolving fast. So, I wanted to share a quick overview of how these frameworks interact and what actions we take on the ground.
Originally from Spain, I have a background in Economics and Finance. I am part of Mploy Associates’ Talent program and work at ING. This setup offers the best of both worlds: the practical experience of working at a Systemically Important Bank and the opportunity to continuously develop myself through Mploy Associates’ extensive learning resources.
Working 36 hours a week at ING gives me hands-on exposure to the complexities of regulatory reporting, while the remaining 4 hours are dedicated to Mploy Associates’ Talent Program. This program, supported by a generous development budget, allows me to deepen my technical expertise and build the adaptability and soft skills that are essential in a fast-changing financial environment. In an entry-level position, having structured time and resources for growth is invaluable, and Mploy Associates makes that possible. This combination between work and learning has given me a front-row seat to how sustainability frameworks influence banking and the confidence to keep evolving alongside them.
At the heart of ESG (Environmental, Social, and Governance) reporting is the EU Taxonomy, a classification system that determines which economic activities are environmentally sustainable. For banks such as ING, we need to assess how aligned we are to this ESG classification.
To make this transparent, banks disclose their alignment through the Green Asset Ratio (GAR). While the framework is clear in theory, implementation is complex. Data gaps often mean banks have to classify potentially green assets as not aligned, and the differences between EU member states make data inconsistent and reporting even more challenging.
Looking ahead, the Omnibus proposal from the European Commission aims to simplify ESG reporting and reduce burdens, especially for smaller institutions. For large banks, GAR remains central, but reporting templates and frequency may become more flexible.
For me and my team, these changes matter because they shape how we work. Simplification is welcome, but adaptability remains crucial. As taxonomy evolves and regulations shift, we still need to be able to interpret and apply them. This makes constant development of our adaptability, knowledge, and skills even more important. Something Mploy Associates actively supports through its emphasis on professional growth and tailored learning opportunities.
ESG reporting is not just a regulatory compliance exercise, it reflects our commitment to a more sustainable financial system. And while the road is not always smooth, the direction is clear.