National Bank of the Republic of North Macedonia sets out first green finance strategy and new climate risk disclosure requirements

The National Bank of the Republic of North Macedonia published an update on Governor Anita Angelovska-Bezhoska’s meeting in Washington with Alfred Hannig, Executive Director of the Alliance for Financial Inclusion, focused on easing access to financial services that support the transition to an environmentally sustainable economy. The discussion centred on future policies for green financial inclusion designed to encourage the private sector to offer services and undertake actions that build resilience to the effects of climate change. The governor highlighted the central bank’s strategic approach to green finance, including preparation of its first Strategy for promoting green finance, which includes activities to reduce climate risks and support sustainable development, and aims at long-term integration of climate factors into financial stability and central banking policies. Transparency measures include regulatory requirements for disclosing data on green loans and banks’ exposures to climate risks, alongside publication of the first Green Finance Review compiling statistics and indicators on the environment, energy, climate risks and green finance. Active participation in the Network for Greening the Financial System also included contributions by central bank experts to a guide on disclosure of climate-related risks and opportunities for central banks.