17.11.2022.

Governor Jorgovanka Tabaković opens the First Western Balkans Sustainable Investing Forum

Although “green and digital” are and must be among the priorities of policy makers in this century, the key priority remains “safe and stable”. “Because, without stability, there can be no sustainable investing, which we recognise in Serbia“, said today NBS Governor Jorgovanka Tabaković, while opening the First Western Balkans Sustainable Investing Forum.

The participants in the Forum, which was held at the NBS, examined the topic “Responding to corporate challenges in turbulent times”. The Forum’s aim was to stimulate the business and investment environment in the region, through the introduction of the corporate analysis of climate risks and initiatives such as green corporate bonds and the Western Balkan Sustainability Index.

Introductory speeches were held by NBS Governor Jorgovanka Tabaković, President of the Provincial Government Igor Mirović, Head of Regional Representation for Western Balkans at the European Investment Bank Alessandro Bragonzi, and Programme Specialist on Resilient Development at the UNDP Žarko Petrović. Other speakers included senior representatives of institutions such as the International Finance Corporation, Investment Fund SDG Impact Japan, Danish and Swedish financial institutions and corporations and the Green Navigator of the Western Balkans. Two panel discussions were also held: “Unpacking green paradigm – risks and opportunities for corporate transformation” and “Investing in your ESG strategy with green and sustainable bonds”.

In her introductory address, Governor Tabaković emphasised the NBS’s successful cooperation with the European Investment Bank, which is particularly dynamic in the area of disbursement of Apex loans, with the NBS acting as Serbia’s agent. “Around 9,600 new jobs are to be opened throughout Serbia within the projects that have been financed so far from the Apex loans and that uphold environmental protection and social welfare standards. I am especially happy about those that support the employment of young people in Serbia as well as the development of education, because there is no substitute for knowledge.”

Governor Tabaković said that mitigating climate risks is a global task because the risk is shared. “From the central bank’s point of view, I would like to say that we are aware that climate risks do not come from the financial area, but we are also aware of their impact on numerous areas of social life”, added the Governor, singling out only some of NBS’s most important activities in this area:

• As a regulator and supervisor, we have conducted a survey among banks in Serbia on how climate-related risks affect their operations and what are the activities they undertake in this regard.
• Within the new regional IPA project, we will work together with central banks from the European System of Central Banks to include various macro scenarios of the impact of climate risks in the existing, already advanced macroprudential stress testing of solvency and liquidity of the banking sector.
• Since July 2021 we are a member of the Network for Greening the Financial System. This year, shortly after its founding, we joined the work of the Vienna Initiative Climate Change Working Group.

“There is no doubt that ecology must be one of the priorities of policy makers, and in Serbia it is, because it is interwoven with many policies. Also, all actors – from individuals to institutions and decision makers – must act responsibly”, stated the Governor and underscored that each activity should be carefully measured so as to find sustainable solutions that will be the best for our citizens. “It is important to find the right measure and the right sequence of activities, and we all have to participate. Today’s event is a proper collective action”, concluded Governor Tabaković.

The address and presentation of Governor Jorgovanka Tabaković are available at link.

Governor’s Office