RT Journal Article
T1 Doing good while doing well? ESG management as an obstacle to impact-oriented sustainable finance in large spanish banks
A1 García Fernández-Muro, Clara Belén
A1 Casalegno, Fabio
AB Addressing environmental and social sustainability challenges demands significant private financing. In response, financial institutions globally—including major Spanish banks—have increasingly adopted sustainable finance (SF). However, persistent greenwashing concerns question whether these practices meaningfully advance sustainability objectives. This thematic analysis identifies institutional obstacles preventing Spanish banks from translating SF commitments into tangible outcomes. It investigates both implementation practices and the influence of inter-organizational relationships. The findings reveal successful SF institutionalization at the organizational level, yet constrained within ESG management frameworks. This approach emphasizes financial materiality while neglecting impact materiality, creating barriers to genuine impact-oriented SF that requires double-materiality integration. Ultimately, this ESG-focused institutionalization enables financial institutions to “do well” (financially) while presuming they “do good”—despite inadequate impact accountability. Consequently, current SF commitments and practices may fail to drive substantial sustainability progress.
PB ERP Environment and John Wiley & Sons Ltd
SN 1535-3958
YR 2025
FD 2025-07-14
LK https://hdl.handle.net/20.500.14352/123442
UL https://hdl.handle.net/20.500.14352/123442
LA eng
NO García, C., & Casalegno, F. (2025). Doing good while doing well? esg management as an obstacle to impact‐oriented sustainable finance in large spanish banks. Corporate Social Responsibility and Environmental Management, csr.70068. https://doi.org/10.1002/csr.70068
DS Docta Complutense
RD 21 mar 2026