Workshop on the Development of a Sustainable Finance Strategy in the Financial Sector

15/10/2024

A workshop on the development of a Sustainable Finance Strategy in the financial sector for representatives of commercial banks was held today at the Central Bank of Montenegro.

The workshop was organized by the CBCG and the International Finance Corporation (IFC), a member of the World Bank Group, in cooperation with the Austrian Federal Ministry of Finance and the Facility for Investment Climate Advisory Services(FIAS).

The workshop discussed key elements of sustainable finance strategies in the global and European context, as well as practical applications and the benefits of adopting sustainable finance practices within the local regulatory and economic environment.

The workshop was opened by CBCG Vice Governor Phd Nikola Fabris and IFC Regional Manager for the Western Balkans, Nicolas Marquier.

Vice Governor Fabris, in his opening remarks, emphasized that sustainable finance is much more than a trend today, having become an essential part of modern financial decision-making. In a time when we are facing global challenges such as climate change and environmental preservation, sustainable financial practices offer solutions for how we can create a stable and prosperous economic system in the long term.

"For the financial sector, sustainable finance is not just an opportunity; it introduces a responsibility to ensure the long-term resilience of our institutions and to adapt to the ever-changing demands of the global market. Institutions that have already integrated ESG principles into their business models are better positioned to manage risks and adapt to changes, making them more competitive in the market," emphasized Fabris.

IFC Regional Manager for the Western Balkans, Mr. Marquier stated that the cooperation between the Central Bank of Montenegro and the IFC represents an important step towards the sustainable financial transformation of Montenegro.

"Through joint efforts, we are laying the foundations for a more resilient financial sector, integrating ESG criteria into decision-making processes and opening up opportunities for green investments," said Marquier.

He stressed that sustainable finance is no longer just an ideal aimed at the future but a key element in ensuring long-term economic growth.

"Our focus is on equipping financial institutions with the tools needed to navigate environmental risks and seize green opportunities, fostering a future where finance leads the way to building a sustainable economy," explained Marquier.

The goal of gathering representatives of the banking sector, especially employees involved in the development of sustainable finance strategies, as well as those in business development and risk departments, is to enhance the understanding and implementation of sustainable finance strategies in line with the Financial Sector Roadmap to Sustainable Finance, a tool that consolidates efforts of various institutions in creating a sustainable financial system.