As the financial backbone of Montenegro, the Central Bank of Montenegro (CBCG) plays a pivotal role in ensuring economic stability while actively driving the transition towards a greener and more sustainable financial system. With a steadfast commitment to financial resilience, ESG principles, and climate action, CBCG is an important institutional partner of the ESG Adria Summit, bringing expertise and leadership in sustainable finance to the discussion.
A Strategic Approach to Green Finance
Recognising the profound impact of climate change on the financial sector, CBCG has embedded sustainability into its core policies. As outlined in its Climate Change Policy, the bank prioritises:
- Strengthening the financial sector’s resilience to climate-related risks.
- Aligning with EU regulatory frameworks to facilitate Montenegro’s transition towards the European financial system.
- Encouraging financial institutions to integrate climate risk assessment into their business models.
- Promoting green financing mechanisms to support investments in low-carbon and sustainable projects.
With the aim of harmonizing the operations of the financial system of Montenegro with European and global standards of sustainable development and ESG principles, the Financial Stability Council chaired by the Governor of the Central Bank of Montenegro, whose members include the Minister of Finance, the President of the Council of the Insurance Supervisory Agency and the President of the Capital Market Commission at the meeting on 24.3.2025. adopted the Road Map of the financial sector towards sustainable finance. This document provides a structured approach to the integration of environmental, social and management criteria in financial decision-making, strengthening economic resilience and encouraging social equality, thereby making a significant contribution to the transition of the entire society towards sustainable development.
The Roadmap places special emphasis on strengthening institutional capacities, intensifying intersectoral cooperation and creating an enabling environment for managing climate and nature-related risks and adopting ESG practices. Its implementation will be monitored by the Council for Financial Stability. The Central Bank of Montenegro, the Capital Market Commission, the Insurance Supervision Agency, the Ministry of Finance, banks, insurance companies, investment funds and other institutions of the financial system will participate in this process.
By actively engaging with international bodies, such as the The Sustainable Finance And Banking Network (SBFN) and Network for Greening the Financial System (NGFS), CBCG fosters knowledge exchange and best practices in sustainable finance.
“A sustainable financial system is not just a regulatory necessity - it is a strategic imperative. By fostering green finance, encouraging responsible banking, and promoting financial education, we are shaping an economy that is both resilient and forward-thinking. Our role as a central bank extends beyond monetary policy, it is about creating an ecosystem where financial stability supports sustainable growth,” said Irena Radović, Governor of the Central Bank of Montenegro.
CBCG Green Award: Fostering Research and Innovation
Incentivising academic contributions to sustainable finance, CBCG established the Green Award—an annual recognition for research that explores the impact of climate change on financial system Open to Montenegrin graduates and scholars, the award reiterates the bank’s dedication to helping scientific and policy-driven approaches in addressing environmental challenges thrive.
Financial Education and ESG Awareness
Sustainability begins with awareness. CBCG is at the forefront of financial literacy initiatives, ensuring that individuals, businesses, and policymakers understand the importance of ESG factors. Through seminars, workshops, and educational programmes, CBCG empowers the next generation of leaders to navigate the evolving financial landscape responsibly.
Women on Boards: Promoting Inclusive Leadership
In collaboration with the European Bank for Reconstruction and Development (EBRD), CBCG champions diversity through the Women on Boards Montenegro programme. This initiative strengthens corporate governance by preparing female professionals for leadership roles, fostering inclusive decision-making aligned with ESG standards.
A Responsible Partner in Sustainable Development
CBCG’s commitment to corporate social responsibility extends beyond policy and regulation. From supporting humanitarian initiatives to funding cultural, scientific, and environmental projects, the bank plays an active role in Montenegro’s sustainable development. Its adherence to carbon footprint reduction, renewable energy adoption, and operational sustainability sets a benchmark for responsible institutional behaviour.
Looking Ahead: CBCG’s Vision for a Green Financial System
As Montenegro advances towards EU integration, CBCG remains dedicated to:
- Strengthening ESG-aligned financial regulations.
- Encouraging green investments and sustainable banking practices.
- Enhancing climate-related financial risk assessments.
- Supporting regional and global ESG collaborations.
By championing monetary and financial stability with a sustainable vision, the Central Bank of Montenegro reaffirms its role as a key driver of change.
Biljana Braithwaite, CEO of Sustineri Partners, organiser of the Summit, highlighted that: “The Central Bank of Montenegro’s commitment to sustainable finance isn’t just about policy—it’s about shaping a future where financial strength and environmental responsibility go hand in hand. This partnership is a testament to the role of visionary institutions in building a more inclusive and resilient economy. When finance aligns with sustainability, we don’t just change markets—we change lives.”
As an institutional partner of the ESG Adria Summit, CBCG continues to shape a financial system that is robust, inclusive, and future-proof.
