Skopje, 15 September 2023
On the occasion of mutual successful cooperation, the Governor Anita Angelovska Bezhoska addressed the senior representatives of banks, state institutions, the European Bank for Reconstruction and Development and the European Union, at the formal dinner organized by the Green Growth Fund. In addition, she referred to one of the most important issues in the world – climate change, which, together with geopolitical fragmentation, according to the latest research of the World Economic Forum, is one of the two main world risks, in both medium and long term. The assessment that the climate change reduces the global economic growth by 0.4 pp was highlighted, with a more pronounced effect being registered in developing economies (0.7 pp), taking into account the negative impact of more frequent record droughts, heat waves and floods that caused suffering and huge losses on every continent. The Governor said that it is of particular importance to incorporate the climate change effects in the central bank policies as their integral part, especially in less developed economies, which are usually very sensitive to climate risks, but do not have adequate fiscal and financial resources to mitigate them.
Climate risks were also the topic of the meeting between the management of the National Bank and the representatives of one of the world’s leading impact asset managers Finance in Motion and the Green for Growth Fund, which the company advises, led by the President of the Fund's Board of Directors, Christopher Knowles, and the Executive Director of Finance in Motion, Elvira Lefting.
At the meeting, Governor Angelovska Bezhoska referred to the risks associated with the climate change, as well as the need for green financing, i.e. the need to raise the amount of funds intended for green projects, which should be a must for the banking sector.
"This issue is of particular importance for us, and also for the central banks worldwide, because of the possible effects that the climate change may have on both financial and price stability, bearing in mind that the more frequent natural disasters lead to shocks on the supply side and higher market uncertainty. Our commitments in green finance area will intensify in the coming period in conformity with the recently adopted Medium-Term Operating Plan of the National Bank regarding risk management related to climate change for the period 2023 - 2025," said Governor Anita Angelovska Bezhoska.
The representatives of Finances in Motion and the Green for Growth Fund pointed to the commitment of the National Bank as a good example for coping with issues related to the climate change challenges. The efforts of the National Bank to improve the capacity of the banking system to support the transition of the economy towards green and sustainable development were highlighted, evident through the adoption of the Medium-Term Plan, which foresees more activities for greater support of green financing, and thus further financial stability maintenance. In this regard, the utilization of the European funds' credit lines, which encourage investments in energy efficiency, renewable energy sources, will play a significant role. The aim of the Fund is to support the country through its dedicated financing support for energy and resource efficiency and renewable energy, but also help the companies and its partner lending institutions to better prepare for the business of tomorrow and the challenges that await in this journey.
The Green for Growth Fund, established in 2009 as an initiative of the European Investment Bank and the German Development Bank, supported by Finance in Motion, is active in our country through banks funding and providing investments for project financing, as well as through technical support projects. So far, the Fund has provided financial support in the total value of 50 million euros, including 26 dedicated projects for local financial institutions in the amount of one million euros in the form of irrevocable technical support.