Air pollution is one of the important environmental problems in Poland. The main cause of its occurrence is emissions associated with individual heating of buildings. The reduction of the primary energy demand in a building is influenced by its proper thermal modernization, including in particular insulating. In view of the above, this article presents the results of studies on the possible environmental benefits of thermal modernization of single-family houses for the area of Southern Poland. The analysis was limited to determining the impact of measures to reduce air pollution emissions by insulating the building envelope of single-family houses. The research was conducted for two voivodeships: Śląskie and Małopolskie. Its aim is to identify the financial costs and achievable ecological effects of the thermal modernization of single-family buildings. The geographical selection of the research area was based on the fact that it covers the most polluted region in Poland. This region is characterized by many features that influence poor air quality. Among these features, the most important are: diversified building structure, a diverse topography, and very high population density. To limit multiple variables, we have selected a scenario method that has already been used in similar research. Four scenarios were established to show the relationship between the value of emission reductions and the level of funding for thermal modernization. The analysis allows a comparison of the effectiveness of individual variants and the transposition of their results into the possibilities of action in the region. This research will help to supplement the knowledge of the impact of insulating building envelopes on reducing pollutant emissions by reducing the energy demand of a building. They also identify a possible link between the level of this reduction and the grant amount for thermal modernization. As a result, it was found that a high share of external funding—stimulating the tendency of the inhabitants of the analyzed voivodeships to effective thermal modernization, and thus reducing the buildings’ energy consumption—has a significant impact on the improvement of air quality.

The planned incorporation into the Polish legal system in the near future and, consequently, the introduction of Companies Investing in Real Estate Leasing or Rental (FINN) into the Polish capital market will result in an institutional change within the financial system. Similarly to closed-ended investment funds and real estate joint-stock companies, the FINN companies will specialize in investing capital in the residential real estate market, and later perhaps also in the commercial real estate market. The principles of FINN’s activities included in the legislative draft are modelled directly on the legal regime of the Real Estate Investment Trust (REIT), therefore, they will be subject to numerous prohibitions and limitations, introducing organizational con-trols and restrictions to the investments, which however is rationally justified. These procedures aim at creating an entity with a structure of a relatively neutral, passive real estate broker or intermediary, focused solely on generating benefits for investors-shareholders.The initiation of the FINN market in Poland, and thus the scale of the ensuing institutional change, will be determined by the inclination of joint stock companies from the WIG-Nieruchomości index (Warsaw Stock Exchange Real Estate Index) to transform into FINN com-panies. In turn, this inclination will be determined by the conditions of institutional change – mostly of a legislative and market-driven character. With this in mind, the aim of this study is to conduct a preliminary analysis of the conditions of institutional change and present a forecast of the development potential of the WIG-Nieruchomości companies, which, due to their very similar scope and form of activity, constitute the main functional basis for the emergence of the FINN market as a new, separate segment of the capital market in Poland.

Uniwersytet Ekonomiczny w Krakowie prowadzi studia na czterech wydziałach w kilkunastu kierunkach kształcenia. Do wyboru zarówno 3-letnie studia pierwszego stopnia, jak i 2-letnie studia drugiego stopnia.

The article offers an in-depth examination of how the Polish banking sector interacts with climate policy, focusing especially on the difficulties of financing sectors vulnerable to climate change and the integration of ESG standards. The author notes that Polish commercial banks are currently undergoing a transition to meet climate policy requirements, which necessitates adjustments in risk management, reporting processes, and lending strategies across different economic sectors. Although the sector faces multiple obstacles, banks are steadily aligning with evolving regulatory and market expectations. The analysis highlights that over half of the corporate lending portfolio is tied to industries sensitive to climate risks, with construction and real estate playing a leading role. The author points out the current stability of these portfolios and the relatively low share of non-performing loans, but also warns that such figures may not capture the potential risks arising from ongoing climate transformation. The text further stresses that the banking sector is confronted with substantial ESG-related challenges. A major issue is the insufficient availability and quality of ESG data from clients and partners, which hampers accurate risk assessment and compliance with stricter regulations. Moreover, banks must continuously adapt to frequently changing and sometimes unclear legal requirements, which calls for the development of new procedures, reporting frameworks, and regulatory interpretation mechanisms.

Celem artykułu jest przeanalizowanie kredytowania sektora budowlanego w Polsce przez banki komercyjne, badając jego skalę i strukturę. W artykule omówiono wpływ sektora budowlanego na polską gospodarkę, znaczenie polityki klimatycznej i jej oddziaływanie na budownictwo, a także politykę kredytową banków w kontekście zrównoważonego rozwoju. Zidentyfikowany został wpływ polityki kredytowej banków na stabilność sektora bankowego oraz perspektywy i wyzwania związane z jego finansowaniem.

Obligacje bankowe jako narzędzie wydłużania średniego terminu wymagalności pasywów banków w Polsce