The Central Bank of Montenegro has presented its 2025 Green Award for the best academic paper on the impact of climate change on the financial system, with the selection commission deciding to split the award equally between two papers. The winning papers were “The Impact of the Carbon Footprint of Banks’ Credit Portfolios and the Stringency of Environmental Policies on the Non-Performing Loans Level: An Empirical Cross-Country Analysis” by Jelena Jovovic and “Nature as an Ally in Montenegro's Bio-Economic and Financial Development” by Sanja Radusinovic. Governor Irena Radovic noted that one paper directly connects climate challenges with financial stability issues, while the other outlines a development approach where nature supports economic and financial development, and reiterated that the Green Award is intended to promote responsible responses to climate change and encourage scientific and economic thinking in this area.
Central Bank of Montenegro 2025-09-19
Central Bank of Montenegro jointly awards its 2025 Green Award to two academic papers on climate change and the financial system
The Central Bank of Montenegro awarded its 2025 Green Award to two academic papers on climate change's impact on the financial system. The winning papers, by Jelena Jovovic and Sanja Radusinovic, explore the relationship between banks' carbon footprints, environmental policies, and financial stability, as well as nature's role in Montenegro's economic development. Governor Irena Radovic emphasized the award's aim to foster responsible climate responses and encourage discourse.