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This study aims to assess the sustainability performance of major Hungarian energy companies using a specific framework.

June 4, 20260 citationsOpen Access

Sustainability Assessment Framework for Hungarian Energy Companies in the Context of European Taxonomy Regulation

IVIstván VokonyBudapest University of Technology and Economics KJKristóf Péter JuhászBudapest University of Technology and Economics MCMária Szalmáné CseteBudapest University of Technology and Economics

Key Points

This study aims to assess the sustainability performance of major Hungarian energy companies using a specific framework.
Examined sustainability reports of MVM, E.ON, ALTEO, MOL, representing over 80% of Hungary's energy sector.
Evaluated key performance indicators such as Turnover, CAPEX, OPEX as per EU Taxonomy definitions.
Analyzed the reliability, accuracy, and clarity of sustainability disclosures.
Mandatory sustainability reporting is essential for meeting EU emission reduction targets.
Additional indicators beyond current metrics are needed for better accuracy and comparability of reports.

Abstract

The EU aims to reduce net emissions by at least 55% by 2030 from 1990 levels and become the first climate-neutral continent by 2050. The EU Taxonomy Regulation mandates large companies to disclose their sustainability activities in reports starting 2023. This study examines major Hungarian energy companies (MVM, E.ON, ALTEO, MOL), which represent over 80% of the national energy sector, assessing their sustainability through a framework that evaluates the reliability, accuracy, and clarity of their sustainability reports. It analyzes their key performance indicators (Turnover, CAPEX, OPEX) and sustainable activities as defined by EU Taxonomy. Findings suggest that mandatory sustainability reporting is vital for achieving EU targets, but additional indicators are necessary for enhanced accuracy and comparability.

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