Financial market transparency, Bank of Albania presents the first draft of the Green Taxonomy
The Bank of Albania, in cooperation with the European Investment Bank (EIB), held today a technical and inter-institutional workshop in the framework of the drafting of the Green Taxonomy of Albania. This activity is organized in function of the EIB's technical assistance program for the greening of financial systems and constitutes an important step towards building a sustainable framework for the orientation of investments in the Albanian economy.
The Green Taxonomy aims to increase transparency in the financial market, orient capital towards activities that support sustainable development, and contribute to strengthening financial stability in a long-term perspective.
The workshop brought together representatives of public institutions, international organizations, the financial sector, the business community, and environmental organizations, with the aim of presenting the first draft of the Green Taxonomy.
The activity was opened by the Second Deputy Governor of the Bank of Albania, Ms. Natasha Ahmetaj, who emphasized the importance of drafting the Green Taxonomy as a key instrument for directing investments towards sustainable activities and for harmonizing the development standards of the Albanian economy with the standards of the European Union.
She highlighted the close inter-institutional cooperation, with the support of the European Investment Bank, in the development of the first draft, as well as the role of this process in shaping the climate information architecture, strengthening financial stability and aligning with national climate and environmental objectives. The Deputy Governor stated that this workshop aims to serve as a consultation platform for the first draft of the Green Taxonomy, collecting technical comments from all stakeholders, in order to improve and implement it in practice.
Finally, the Deputy Governor emphasized that the Bank of Albania remains committed to supporting green financing in the country's economy in the spirit of the Paris Agreement and in line with the objective of financial stability. The successful completion of this project fulfills one of the requirements of Albania's EU integration process.
The activity was held in two sessions in the form of a round table:
the first session with the participation of senior officials and inter-institutional technical groups from the Ministry of Finance, the Ministry of Economy and Innovation, the Ministry of Environment, the Ministry of Agriculture and Rural Development, the Ministry of Infrastructure and Energy, the Working Group of the Bank of Albania and the AFSA, as part of the same inter-institutional group on the Green Taxonomy; and the second session with representatives of the banking sector, professionals, large corporations, environmental organizations and chambers of commerce, with the aim of obtaining consultative comments for the finalization of the document.
During the sessions held, the main concepts of taxonomy, the technical criteria for classifying economic activities, as well as the needs for their adaptation to the Albanian context and approximation with European Union standards were presented.
At the end of this consultation process, the aim is to finalize the document and formalize inter-institutional cooperation through a Memorandum of Understanding, as a basis for the further implementation of the taxonomy in Albania.
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