Green financing in Serbia – challenges and opportunities

Ostojić, Ivana (2023) Green financing in Serbia – challenges and opportunities. In: International Scientific Conference: "Challenges of modern economy and society through the prism of green economy and sustainable development - CESGED2023". Educational and business center for development of human resources, management and sustainable development, Novi Sad, pp. 24-38. ISBN 978-86-81506-23-3

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Abstract

Policymakers are faced with the challenge of achieving sustainable development and avoiding further environmental degradation. With the establishment of national green investment banks, as well as the rapid growth of the green bond market, the interest in green financing grew in the last decade. The regulatory framework, successfully formulated strategies and their effective implementation, as well as the involvement of the private sector and the creation of a larger market, are key factors for attracting green investments. The primary objective of this paper is to analyze the trends of green financing in the Republic of Serbia, the available sources of green financing, the challenges that the banking sector faces when defining the offer of green financial instruments, as well as the challenges of the sector of micro, small and medium enterprises and entrepreneurs as potential users of green loans. The paper analyzes to what extent banks in Serbia "green" the sector of micro, small and medium enterprises and entrepreneurs, approving loans for green projects with an ecological dimension. The concluding considerations of this research showed that the process of green transformation of the banking sector of the Republic of Serbia requires both financial and regulatory incentives that contribute to the achievement of sustainable development goals through the rational use and preservation of natural resources and the reduction of environmental pollution.

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