Skopje, 8 December 2023 

The green transition requires significant investments, and in order to ensure sufficient financial resources for the target results, a holistic approach is needed, to be attained through the involvement of governments, the private sector and strong support from international institutions. Much greater involvement of the private sector in green investments in developing countries is needed, which, according to IMF analyses, should increase from 40% to 90% by 2030. In our country, the share of green loans in the total loans of the domestic banking system has doubled in the past four years, and the balance sheets of the corporate sector show that there is more room for supporting the green transition, said the Vice Governor of the National Bank, Ana Mitreska, at the panel discussion of the Second Regional Conference of Environmental and Business Leaders, held in Serbia.

Vice Governor Mitreska emphasized that worldwide, the gap in financing needs for the green transition is more than 50%, while in developing countries it is even more pronounced. The efforts of the governments to reduce carbon emissions are essential, but fiscal space is limited. Hence, it is necessary for the financial systems to become more involved in mobilizing funds for investments in dealing with climate change and the green transition. In doing so, she highlighted green bonds, as financial instruments for mobilizing funds from the private sector to finance the green transition, as well as the role of central banks by "greening" their investment portfolio.

As a very important link in the process of providing finance for the green transition, Vice Governor Mitreska highlighted the international organizations that finance and encourage green financing in our country. The Vice Governor also indicated the new Growth Plan for the Western Balkans, which provide for a criterion according to which 37% of the grants that will be awarded by the European Union to support investment projects through the Western Balkans Investment Framework (WBIF) should be intended for projects for dealing with climate change.

The Regional Conference of Environmental and Business Leaders is a high-profile event that brings together policy makers, representatives of international organizations, experts and representatives of the private sector from the region and beyond, in the debate on sustainable policies, with an emphasis on ecology and energy.