Albanian financial system, towards green transition - Development of green taxonomy, a condition for EU integration
The Albanian financial system is making strides towards a green transition. The Bank of Albania aims to further promote sustainable policies, the integration of climate risks in financial markets, and alignment with European standards for green finance.
The Green Taxonomy is a classification system that indicates which investments are environmentally sustainable. The development of the National Green Taxonomy is a condition that must be met by Albania as part of the European Union accession process and the obligations arising from the negotiations for Chapter 9 on Financial Services.
At the thematic workshop on the National Green Taxonomy, organized by the Bank of Albania in cooperation with the European Investment Bank (EIB), the Second Deputy Governor of the Bank of Albania, Natasha Ahmetaj, stated that the drafting of the Green Taxonomy for Albania provides an essential instrument for directing capital towards investments with positive environmental and climate impact. It is a real opportunity for the sustainable transformation of the economy in line with national objectives, as well as the protection of the financial sector.
On the other hand, the Representative of the European Investment Bank in Albania emphasized that the Bank of Albania has taken important steps in building a comprehensive green finance agenda, through the implementation of its Green Strategy, the publication of the guide for banks on climate risk management and the development of a stress test on transition risks, as well as the initiative to establish the ESG Committee, which represents a good international practice.
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