ESG Adria Summit

Sustainable Finance

ESG trends and regulations
Emerging regulatory frameworks and reporting requirements
Transition finance
Climate-nature nexus: Implications for the financial sector
Technology and innovation as a driver of sustainable finance
EU sustainable Finance Action Plan implementation - experiences from the Adria region

Green Transition

Just transition
Renewable energy ecosystem
E- mobility
Smart buildings and cities
Circular economy
Biodiversity and nature
Climate litigation and liability
Sustainable tourism
AI-driven innovations towards a greener future

Sustainable Finance

In the Adria region, a story of sustainable finance is unfolding — a story that calls upon stakeholders to come together and actively participate.

Sustainable finance comes to life through public-private partnerships (PPPs), where governments, international organisations, and regional banks collaborate to drive sustainable projects. These partnerships demonstrate the region's commitment to leveraging private sector expertise, green bonds, and climate financing for innovative and cost-effective sustainability initiatives. In this context, the International Finance Corporation's (IFC) "Creating Markets, Creating Opportunities" report provides valuable insights into the role of private sector investment in emerging markets.

Amidst this backdrop, we shine a spotlight on the Adria region's unique natural assets and eco-tourism potential, well highlighted by WWF Adria. We invite you to explore the intricate balance between biodiversity preservation, ecosystem health, and the region's socio-economic aspirations. It's an opportunity to listen, learn, and contribute to the sustainability of this remarkable region.

As the narrative around ESG progresses, resilience becomes a central theme. Like many others, the Adria region faces transitional and physical climate risks. We will engage in a conversation about responsible investment strategies that fortify infrastructure and align with evolving climate policies. It's a call to action—an opportunity to participate in building a more resilient future. Of course, the ESG story cannot be complete without reporting—a topic of global significance. Adria-based businesses are striving to align with EU regulations and attract foreign investment. We invite you to explore the intricacies of the green asset ratio, reporting indicators, dangers of greenwashing, and regional banks' crucial role in supporting SMEs. It's an invitation to be part of the region's sustainable growth journey and gain a competitive edge in the European market.

Green Transition

The green transition is taking a multifaceted approach, addressing the unique needs and potential of the local context in the Adria Region.

Urban areas are at the forefront, transforming into smart cities. The C40's Annual Report underscores the efforts of global cities, including those in the Adria region, to reduce emissions and enhance the quality of life through innovative strategies like low-emission zones and green spaces. Imagine a city where the air is cleaner, the streets are greener, and every essential service is just a leisurely fifteen-minute walk or bike ride away. This vision is not just a dream but a tangible future shaped by smart technology and eco-friendly practices. We will look deeper into this exciting frontier, exploring how cities in the Adria region can harness digitalisation and sustainable infrastructure to create environments where well-being and environmental stewardship go hand in hand.

The shift to renewable energy is another critical area. Governments are working closely with the private sector to transition from fossil fuels to renewable sources. The International Renewable Energy Agency's (IRENA) "Renewable Energy Prospects: Southeast Europe" offers a compelling look at the region's potential and strategies for renewable energy.

The synergy between artificial intelligence (AI) and sustainability can create transformative changes and help achieve Sustainable Development Goals (SDG). This encompasses applications in monitoring biodiversity, managing environmental risks, and optimising energy use. However, the deployment of AI must be managed responsibly to avoid potential negative impacts, such as exacerbating societal biases or environmental harm. The concept of "sustainable AI" is gaining traction, emphasising the need to embed sustainability principles throughout the AI lifecycle, ensuring its development aligns with ecological integrity and social justice. This responsible approach to AI promises to advance sustainability goals in the Adria region, fostering a greener and more equitable future.

As ships continue to traverse the Adriatic Sea, they now carry with them the hope of a greener future, charted by projects like GUTTA (savinG fUel and emissions from mariTime Transport in the Adriatic region), providing a web application that charts least-CO2 ferry routes and initiatives like North Adriatic Ports Association (NAPA), whereby ports are joining forces to promote environmental sustainability and digitalisation, aligning with the European Green Deal's ambitious objectives. The sea, a timeless witness to human endeavour, now watches as we embark on a journey to harmonise our maritime activities with the delicate balance of nature.

Social licence to operate

The European Union's 2014 Directive on public procurement has marked an evolution of public procurement to advance actively human rights. It advocates for the inclusion of social and labour standards in procurement processes, challenging the traditional view of procurement as solely a commercial activity. This change recognises that government spending, a substantial portion of the economy, can be a powerful tool for promoting human rights and ethical practices.

The tale of AI's impact on the labour market is a story of contrasts. AI brings immense potential for innovation and productivity, offering new job opportunities and economic growth. This is especially relevant for the youth in the region, who could benefit from burgeoning tech-driven sectors. However, alongside these opportunities, AI poses challenges. It has already started impacting certain professions, diminishing earnings and jobs in writing and image-related fields. High-skilled occupations are not immune either, with AI's ability to perform complex tasks threatening traditional job roles.

When all is said and done, businesses and governments are responsible for communicating effectively on ESG and sustainability issues. This communication must transcend mere compliance, adopting a strategic approach that involves the workforce and affected communities in a meaningful way. For businesses, this means clearly articulating sustainability strategies, demonstrating how these align with broader societal goals and detailing the impact of various initiatives on stakeholders. Transparency and continuous dialogue are essential, ensuring all parties are informed and have the opportunity to contribute to the conversation. In setting the sustainability agenda, governments must ensure policies and regulations are communicated, provide a framework for businesses, and engage in open dialogue with communities, businesses, and NGOs.