Abstract
This study investigates the harmonising potential of complex systems theory in non-financial reporting
of sustainable finance practices within Zimbabwean commercial banks. The increasing prominence of sustainable
finance in Zimbabwe can be attributed to the adoption of international frameworks such as the United Nations’
2030 Agenda and the Paris Agreement, which have led to its integration into banks’ non-financial reporting.
Sustainable finance, however, is recognised as a wicked problem—an issue characterised by its complexity,
involving numerous interacting agents, emergent properties, and the need for a holistic approach. Such problems
cannot be adequately addressed through conventional financial theories, which are often insufficient to capture
their complexity. Despite the existence of various sustainability reporting standards, a unified framework to
harmonise non-financial reporting and enable comparability across banks is still lacking. Using content analysis,
this research examines annual reports from 17 Zimbabwean commercial banks, analysing 136 reports spanning
from 2016 to 2023. The findings suggest that most banks have adopted a weak sustainability approach, guided by
complex systems theory, which enables some degree of harmonisation in reporting standards but ultimately
compromises long-term sustainability. This weak approach has been found to encourage greenwashing practices,
with policies and strategies that, while aligned with sustainability rhetoric, may perpetuate environmental and
social harm. The study makes several key contributions: it provides empirical evidence on the current state of
sustainable finance reporting in Zimbabwean banks, offers a theoretical framework for harmonising non-financial
reporting using complex systems theory, and proposes the adoption of a stronger sustainability-oriented framework
to ensure genuine, long-term sustainability outcomes.