Empirical Analysis of the Discrepancies Between Declarative Commitment and Performance in Applying the EU Taxonomy at the BET Index Level

This exploratory study investigates the application of the EU Taxonomy within the Romanian capital market, focusing on companies included in the BET Index and analyzing discrepancies between declarative sustainability commitments and actual technical compliance. Employing documentary content analysis and descriptive statistical design, the research introduces a convergence matrix that compares declarative intensity with taxonomic potential, mainly reflected through eligible turnover and complemented by CapEx-related indicators. The findings suggest a systemic execution gap. Despite significant eligibility in certain cases, technical alignment tends to remain very limited, mainly due to the bureaucratic and practical constraints involved in demonstrating compliance with the Do No Significant Harm criteria. Consequently, the analysis identifies a possible cross-sectional decoupling pattern: entities with low eligibility tend to compensate through extensive narrative disclosures, whereas those with higher eligibility maintain more pragmatic and technical communication. Furthermore, Capital Expenditure appears to be used as a forward-looking mechanism to project future transition efforts. The study concludes that, in emerging markets, the EU Taxonomy currently operates as a regulatory-technical proxy, emphasizing the need to distinguish substantive compliance from formal, narrative-driven disclosure.