От европейската интеграция към зелената трансформация: българските банки и климатичният риск от прехода към нисковъглеродна икономика
From European Integration to the Green Transformation: Bulgarian Banks and Climate Transition Risk in the Shift Toward a Low-Carbon Economy

Author(s): Virginia Zhelyazkova
Subject(s): Politics / Political Sciences, Politics, Economy, Environmental and Energy policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Green Transformation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: climate transition risk; green transformation; bank-centred model; financial stability; asymmetric transition
Summary/Abstract: The research analyses climate transition risk in the context of the EU’s green transformation and its specific relevance for the Bulgarian economy and banking system, which are characterised by high energy intensity and a bank-centered financing model. It shows that the risk is directly concentrated in banks’ balance sheets and acquires systemic importance, while euro area membership increases the intensity and supervisory binding nature of its management. Under conditions of limited adaptive capacity and structural differences among EU economies, this creates a risk of an asymmetric transition and tensions between financial stability and economic convergence.

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