The Central Bank of Montenegro (CBCG) organized a roundtable on the topic of Integrating ESG Principles into the Strategies and Policies of Credit Institutions.
According to the bank, roundtable brought together representatives from commercial banks, the Government of Montenegro, regulatory and supervisory bodies, the academic community and the Chamber of Commerce, all aimed at encouraging dialogue on sustainable finance and strengthening ESG standards in the banking sector.
In his opening speech, CBCG Vice Governor Dr. Nikola Fabris emphasized that the Central Bank is actively enhancing the resilience of the financial sector to climate and ESG risks by adopting strategic policies, developing risk management tools, and coordinating inter-institutional activities, including research on the impact of climate and environmental risks on banking operations and the development of a roadmap for the financial sector towards sustainable finance.
“Integrating ESG principles into the strategies of credit institutions is not just a market trend, but a crucial need for ensuring long-term stability and success. By better risk management, supporting sustainable initiatives, and complying with global regulations, credit institutions can significantly contribute to sustainable development and gain competitive advantages in the market. Integrating ESG principles is not only a responsibility but also an opportunity for innovation and growth, as clients, investors, and society are increasingly turning to sustainable and responsible practices,” said Fabris.
The Secretary-General of the Banking Association of Montenegro, Bratislav Pejaković, stated that in the coming period, the focus of commercial banks will be on key areas such as digitalization and automation. He also noted that sustainability and ESG will be emphasized, along with challenges related to cybersecurity, fraud prevention, new payment systems, and new ways of working in banks.
Biljana Gligorić, advisor to the governor for the implementation of ESG standards and innovation, spoke about the goals and status of developing the financial sector’s roadmap towards sustainable finance, while Dr. Martin Bojaj, advisor to the vice governor, presented the results of research on integrating ESG principles into strategies and management, policies and procedures, organization, and reporting of credit institutions. This research was conducted by the CBCG’s Center for Macroeconomic and Financial Research and Forecasting.
Representatives of commercial banks, Vanja Mitrović and Veselinka Mašulović, presented the activities and results of their credit institutions in applying ESG principles in their operations.
A representative from the Ministry of Energy, Božidar Pavlović, presented the process of certifying the energy characteristics of buildings, i.e., energy passports.
The participants of the event agreed that the concept of sustainable development is increasingly part of the strategic focus at the global level, especially in the context of long-term development and responsibility toward future generations. It was concluded that the financial sector, in collaboration with other institutions, through a strategic approach and specific activities, can not only make a significant contribution and set examples of responsible business practices, but also lead the development in this area, concluded the CBCG statement.
