Klima- und Umweltrisiken der Branchen Stahl- und Zementerzeugung sowie deren Visualisierung im Kreditvergabeprozess anhand einer Fallstudie

Abstract

The steel and cement industries are exposed to increasing transition risks due to their emissionintensive production processes. These include CO₂ pricing, investment pressure, and regulatory requirements. In addition, production sites and supply chains in both sectors face physical risks from extreme weather events, water scarcity, and heat stress. These risks directly affect the creditworthiness, liquidity, and capital structure of the borrower. European banks are therefore required to integrate climate and environmental risks more systematically into their financing decisions to support green investments and promote green technology adoption. This is mandated by regulatory frameworks such as the CRR, the CRD, and guidelines issued by the EBA and ECB, which call for a consistent incorporation of environmental risks into risk management practices, even at the level of individual credit exposures. In 2025, the EBA published the final guidelines on the management of ESG risks, which include minimum standards for the integration of climate- and environmental risks. The primary goal is to reduce long-term risks to the stability of the European financial system. The aim of the study was to determine which key risk indicators are relevant for assessing the climate- and environmental risks of borrowers in the steel and cement industries and how these can be visualized effectively in a dashboard. To answer the research question, relevant legal and regulatory frameworks were examined, followed by an industry-specific analysis of climate and environmental risks. Based on this, suitable key risk indicators were identified and visualized in a Power BI dashboard as part of a case study. Expert interviews with relationship managers and credit controllers from Austrian banks were conducted to evaluate whether the selected KRIs were appropriate for the selected industries and effectively represented in the dashboard. The evaluation was conducted using qualitative content analysis based on the approach developed by Kuckartz. The results show that CO₂ intensity is considered the most critical indicator for assessing transition risk in these industries, primarily due to its link with the EU Emissions Trading System. A verifiable decarbonization plan was also highlighted as essential, particularly if it includes clear targets and third-party validation. Physical risk exposure, such as vulnerability to extreme weather events, was also regarded as a key concern due to potential operational disruptions and asset devaluations. Taxonomy-aligned revenues and capital expenditures were recognized as useful key risk indicators, while the lack of a detailed breakdown of Scope 1, 2, and 3 emissions was noted as a gap. All four interviewed experts evaluated the dashboard’s visualizations positively, although it was acknowledged that ESG dashboards are not yet widely adopted. Tooltips were seen as particularly helpful for first-time users in supporting comprehension. Overall, the structure and presentation of the dashboard were assessed as clear and practical, providing valuable support for the integration of ESG risks into the credit decision-making process.

Date of Award	2025
Original language	German (Austria)
Supervisor	Michaela Plakolb (Supervisor)