GREEN FINANCING: OPPORTUNITIES AND CHALLENGES FOR THE BANKING SECTOR IN THE REPUBLIC OF NORTH MACEDONIA
Journal
Economic Development
Date Issued
2022-12
Author(s)
Zafirova, Angela
DOI
10.55302/ed22255038z
Abstract
The last decade can be said to be a historic turning point in
the fight against climate changes. In the process of adapting to these changes,
green financing appears as one of the possibilities for financing projects that
are essential for the future of all of us. Green finance is a broad term that can
refer to financial investments in sustainable development projects and initia
tives, environmental products and policies that encourage the development of
a sustainable economy. Potential investors in the process of green financing
could be commercial banks, pension funds, insurance companies, which, apart
from being driven by profit, would also be active participants in the green
transition both in the world and in the Republic of North Macedonia. This is
where the main aim of this paper comes from, to analyze the trends of green
f
inancing in the Republic of North Macedonia, the challenges which the bank
ing sector experiences nowadays , as well as the sources of green financing
available to it. The concluding observations from this research showed that in
our country, apart from the voluntary approach to defining guidelines for green
instruments, certain financial and regulatory incentives are also needed for the
process of green transformation of the financial sector in the Republic of North
Macedonia.
the fight against climate changes. In the process of adapting to these changes,
green financing appears as one of the possibilities for financing projects that
are essential for the future of all of us. Green finance is a broad term that can
refer to financial investments in sustainable development projects and initia
tives, environmental products and policies that encourage the development of
a sustainable economy. Potential investors in the process of green financing
could be commercial banks, pension funds, insurance companies, which, apart
from being driven by profit, would also be active participants in the green
transition both in the world and in the Republic of North Macedonia. This is
where the main aim of this paper comes from, to analyze the trends of green
f
inancing in the Republic of North Macedonia, the challenges which the bank
ing sector experiences nowadays , as well as the sources of green financing
available to it. The concluding observations from this research showed that in
our country, apart from the voluntary approach to defining guidelines for green
instruments, certain financial and regulatory incentives are also needed for the
process of green transformation of the financial sector in the Republic of North
Macedonia.
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