«The Green Centre, in its role as a policy think tank in the areas of sustainable finance and energy, fulfils its mission to lead the public debate on sustainability topics. The report is the most comprehensive analysis to date of the landscape, bringing together expert capacity from leading Bulgarian academic institutions to present how Bulgarian companies disclose ESG information about their activities,» said Assoc. Prof. Dr Manyu Moravenov, Chair of the Green Centre and Executive Director of the Bulgarian Stock Exchange, at the opening of the event.



Key findings from the report:


Banking Sector

Banks are grouped into two categories – the systemic five largest banks (Group One) and all others (Group Two). Group One demonstrates full compliance with regulatory requirements (100%) and higher ESG indicator scores: 90.0% for environmental management, 83.3% for corporate governance, and 75% for social responsibility. For Group Two, these values are 49%, 60%, and 46.7%, respectively. In the context of climate risk, Group One banks report 80% disclosure, compared to just 20% among the smaller institutions. Only 26.7% of all banks have a waste management plan, 33% report on the use of renewable energy, and around 40% report emissions for Scopes 1 and 2.

State-Owned Enterprises

The average compliance with non-financial requirements is 57%. The energy sector stands out with 79%. Formal compliance with disclosure requirements (81%) significantly exceeds substantive compliance (61%), indicating a lack of depth and quality in the disclosures. Social reporting is relatively well developed – 87% of enterprises report on labor and human resources, with leading levels in the energy sector (100%) and hospitals (95%).

Public Companies

Of 77 studied companies, 90% report having internal control, but only 23% have a sustainable risk policy, and 17% – a system for managing such risks. Environmental reporting shows that 68% disclose climate risks, but only 49% have specific environmental protection goals. Only 16% report emissions (28% among those required to disclose, 8% voluntarily). Just 13% report the use of renewable energy. Corporate governance is strong – 100% have adopted a code, but anti-corruption practices are poorly represented (5%).

Energy Companies

Of 96 companies, 43% are large, and 74% operate in energy and gas production and distribution. Although 100% identify sustainability topics relevant to their business, only 54% have reporting rules, and 40% integrate sustainability into their business models. Just 7% report emissions for Scopes 1 and 2, and only 2% for Scope 3. Only 8% provide data on the use of renewable energy. Among regulated disclosers, accountability is higher – 61% apply a corporate governance code, compared to 23% among voluntary reporters. Risk management systems are present in 17%, and only 6% have sustainable risk policies.