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Purpose: The fundamental objective of the study is to characterise the features that accompany ESG risk management processes in Polish companies financing green investments with a bank credit. Design approach: The study focuses on the observation of changes occurring in the concept and processes of ESG risk management following the so-called Paris Agreement of 2015. The EU regulations standardising the ESG risk management process in companies and banks have been analysed, indicating the differences resulting from them. The inclusion of ESG risks both in creditors and credit recipients is achieved through various channels, determining the extent, and expected outcomes of green investments. Without a doubt, the issue has been receiving considerable research attention in many papers since the energy crisis caused by Russia’s aggression against Ukraine. However, in light of EU regulatory changes and the increased interest of business entities in green financing, uncertainties, and research problems are on the rise in this area. An evident limitation of the conducted research is the lack of empirical data completing the knowledge on the effects of ESG strategies both domestically and in EU member states. Therefore, the paper draws on questionnaire surveys conducted by the authors, as well as on the findings of various reports published on the subject. Findings: The research shows that EU regulations increase the security of financing green investments in both companies and banks. The concept of sustainable development and ESG risk management associated with it have been severely curtailed through their introduction. Nevertheless, there is a fairly substantial area of uncertainty associated with the process of financing green investments. The study analyses its determinants indicating that internal ESG risk management procedures of companies and banks do not eliminate the external risks of financing corporate green investments. Originality/value: The conducted research undoubtedly broadens the knowledge about the role and significance of ESG risk in the green investment financing process. The analysis of studies relating to ESG risk, taking into consideration EU documents, contributed to exposing unexplained, debatable, and unsolvable issues. The questionnaire survey as well as the secondary data obtained made it possible to verify the number of common opinions and statements, along with the main hypothesis of the paper. [ABSTRACT FROM AUTHOR]

Purpose: The policy of green financing of companies, together with the energy crisis caused by Russia’s aggression against Ukraine, has returned as a significant research problem requiring a new opening strategy. The research analyzes the policy of green financing of companies from the perspective of the changing loan portfolio of banks. The fundamental objective of the research is to identify the scale of their involvement in green financing as well as an exegesis of the stimulants and destimulants accompanying the process during periods of financial and economic instability. Design approach: The paper uses the results of a questionnaire survey of the 10 largest commercial banks in Poland. The research was conducted in the second quarter of 2021, that is in the situation of a slow recovery of the EU countries from the coronavirus pandemic and a rising awareness of the urgent necessity to rebuild the European economy in which its new green deal was embedded. Findings: The con-ducted research shows that national banks have joined the green financing process by hedging their investment portfolio against ESG risk. However, their involvement in financing green in-vestments has been cautious and frequently divergent. Some of them quickly joined the process. In contrast, a significant part of them accepted green financing making it conditional upon rapid progress of sustainable economic development and transparency in green investment financing. Oryginality/value: The research undertaken in the study fairly clearly confirms the fact that there is a growing interest in the Polish banking sector to increase the share of green loans in the investment portfolio. Although the involvement of banks in financing green investments is cautious and frequently divergent, the confirmation of the European Commission’s action towards the implementation of the Fit for 55 package, in spite of the energy crisis, also makes it possible to positively assess the banks’ anticipation of more transparent terms and conditions for green financing. [ABSTRACT FROM AUTHOR]