What are the banks' measures towards environmental challenges? - Tanku: The Bank of Albania is working on establishing a taxonomy system
Green finance refers to financial investments that go towards sustainable development projects and initiatives, environmental products and policies that promote the development of a more sustainable economy. In recent years, the Bank of Albania has contributed to the production of analyses and research on climate change issues.
According to the Director of the Research Department at the Bank of Albania, Altin Tanku, one of the measures that banks take regarding environmental challenges is the evaluation of loan applications from individuals and businesses based on the impact that their investment will have on the environment.
The Bank of Albania has also drafted a strategy from which several guidelines have been prepared for banks and financial institutions on the impact of climate change on the economy.
"This strategy that the Bank of Albania has built has a concrete effect on the work of the Albanian financial system to preserve financial institutions and the businesses they support, because every investment in the economy passes from the financial system, from the negative effects they cause on the environment and of course through the environment, also to other businesses, to other investments that the financial system has in the economy. Finally, the Bank of Albania is working on what is called taxonomy, which is a system that classifies economic, financial activities, all activities in the economy, products, goods, services, according to the impact they have, we call it the green impact, but it is an impact that summarizes the impacts on the climate, the environmental ones, on the diversity of flora and fauna in nature, and all that in a row."
An agreement was recently signed with the European Investment Bank to develop a greener and more resilient economy.
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