EIB Global, UNDP, and EU Delegation Drive Green Transition Financing in Serbia

EIB Global, UNDP, and EU Delegation Drive Green Transition Financing in Serbia

(IN BRIEF) EIB Global, alongside the UNDP, the EU Delegation to Serbia, the Ministry of Environmental Protection, and the Association of Serbian Banks, co-hosted a conference to promote green transition financing in Serbia. The event emphasized the importance of establishing sustainable financing mechanisms for green projects, highlighting the role of banks in fostering a low-carbon, climate-resilient economy. The “EU for Green Agenda in Serbia” project has already raised over €29 million for green investments. Workshops, led by experts, are providing financial institutions with the tools and knowledge to evaluate and fund green projects in line with EU sustainability criteria. UniCredit Bank Serbia participated in specialized training, gaining insights into financing green projects and structuring financial products.

(PRESS RELEASE) LUXEMBOURG, 12-Feb-2025 — /EuropaWire/ — The European Investment Bank (EIB) Global, in collaboration with the United Nations Development Programme (UNDP), the Delegation of the European Union to Serbia, and the Ministry of Environmental Protection, co-organised a conference aimed at advancing financing for green transition initiatives in Serbia. The event was also supported by the Association of Serbian Banks.

Damien Sorrell, Head of the EIB Regional Hub for the Western Balkans, highlighted the “EU for Green Agenda in Serbia” as a leading example of how green investments can be accelerated while enhancing resilience against climate change. He pointed out that local companies, 10% of which are already experiencing financial losses from natural disasters, face significant barriers. These challenges stem from limited access to financing, a lack of expertise in developing green projects, and insufficient adoption of sustainable management practices. Sorrell emphasised the importance of the technical support the EIB provides to Serbian banks, noting that this assistance is essential in transforming climate-friendly ideas into viable, bankable projects.

Yakup Beris, UNDP Serbia Resident Representative, underscored the importance of establishing a robust mechanism for sustainable green transition financing, which he believes is vital not only for Serbia’s economic competitiveness but also for creating new job opportunities and improving public health and environmental outcomes. He stressed the need for a collaborative effort between the government, financial institutions, and the private sector to realise a shared vision for advancing Serbia’s green transition.

The EU for Green Agenda in Serbia project, supported financially and technically by the European Union, is being implemented in partnership with the Ministry of Environmental Protection through the UNDP, in collaboration with Sweden and EIB Global, and with additional funding from Sweden, Switzerland, and Serbia.

Since its inception in 2022, the initiative has offered mentoring and €4 million in co-financing for green projects in Serbia. For every euro of donor support, nearly €6 has been secured from other sources, including the beneficiaries themselves. Consequently, over €29 million has been invested, representing roughly 15% of Serbia’s estimated green investments.

EIB Global has provided technical assistance through workshops led by consulting consortia, including adelphi, iC Group, and IPC. These sessions are designed to equip financial institutions with the necessary tools and knowledge to support the Green Agenda. Experts in green finance, environmental policy, and EU regulations guide the workshops, ensuring that participants are prepared to evaluate and finance green projects while aligning with EU sustainability standards.

Aleksandar Randjelović, a project expert, explained that the training introduced financial institutions to the key aspects of green finance, stressing the critical role that finance plays in transitioning to a low-carbon, climate-resilient economy. “Understanding climate risks and opportunities is crucial for making investments that drive meaningful change in alignment with the country’s Green Agenda,” he said.

UniCredit Bank Serbia has been actively involved in the training programme. Maja Jerkić Bogosavljević, Head of ESG at UniCredit Bank, reflected on the value of the workshop, stating that it provided a deeper understanding of the EU Green Agenda’s objectives and practical strategies to align their financial offerings with sustainability goals. She noted that the sessions offered valuable insights into financing green projects, structuring sustainable financial products, and adhering to EU environmental standards.

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SOURCE: European Investment Bank