%0 Journal Article 
%A Lozano Márquez, Daniel
%T Voluntary scope 3 emissions disclosure: A comparative analysis  of financial firms
%D 2025
%U http://hdl.handle.net/10498/38258
%X One of the greatest challenges of our century is climate change. In recent years, concern for 
the environment has led governments to adopt strategies and set targets to mitigate the 
climate impact of our society, one of them being the reduction of greenhouse gas emissions. 
In view of keeping track of these targets, the last decade has seen increased regulation 
regarding companies' disclosure of their carbon emissions. The most recent European 
standard is Directive 2022/2464/EU, or Carbon Reporting Standard Disclosure (CRSD), which 
requires companies subject to the standard to report scope 1, scope 2 and scope 3 emissions, 
in accordance with the European Sustainability Reporting Standards (ESRS). However, this 
regulation has not yet been transposed into Spanish law, so its application is not yet required 
in Spain. Of the three types of emissions, scope 3 emissions are particularly relevant, which 
are those generated indirectly by the company's value chain activities, for example, 
employee business trips. This type of carbon emissions constitutes the main component of 
their emissions in many sectors, accounting for around 70-90% of total carbon emissions. 
Specifically, the financial sector – which is one of the most important sectors of our current 
society – is one of the economic sectors that generates the most scope 3 emissions through 
its activity, since its investments finance the emissions generated by the activities and 
companies financed, so that the impact of this sector goes beyond the strictly economic and 
financial. Therefore, taking into account the role played by the financial sector in the 
generation of scope 3 issuances, we can ask ourselves whether in Spain financial institutions 
are disclosing this type of information in their annual accounts despite not being obliged to 
do so. The objective of this paper is to analyse whether financial institutions have disclosed 
their scope 3 carbon emissions in recent years – in accordance with the provisions of the 
CRSD and the ESRS – and with what degree of detail.
%K Financial sector
%K carbon disclosure
%K scope 3
%K banks
%K Spanish context
%~ Universidad de Cádiz