For the Western Balkans a new chapter on the path to sustainable development has been opened, and the journey towards more responsible and greener business operations has started – this is the message sent at the opening of the first Western Balkans ESG summit, which is the major regional event devoted to sustainable development and dialogue on greater responsibility of the business sector in regard to environmental, social and governance standards (ESG) in practice. The Summit is organised by Sustineri Partners and Porto Montenegro, under the auspices of the Government of Montenegro. The summit was officially opened by the President-elect of Montenegro, Jakov Milatović.
“For Montenegro, Green Agenda and implementing activities in line with the European Green Deal is one of the priorities in our process of accession to the European Union. In order for the country to be attractive to investors, it must be competitive, well managed, open and inclusive, and what is important is to be green. I sincerely believe that the implementation of standards related to environmental, social responsibility and governance is key to the long-term economic stability and prosperity of Montenegro and the Western Balkans. Implementing ESG standards will improve the transparency and responsibility of companies, which will attract foreign investors, increase the level of trade, reduce unemployment and enable greater participation in the world and European economy”, noted Milatović.
The Director of Sustineri Partners, Biljana Braithwaite, said that today’s gathering marks a turning point when it comes to the dialogue on the application of ESG standards in the region.
“We gathered over 450 participants representing 150 companies from the entire region and beyond, which have demonstrated readiness to follow the new standards and modern practice regarding the way in which they conduct their businesses. With lecturers coming from the whole world, the leading experts for ESG standards, we can change the way in which we talk about investments and in which we look at the responsibility of companies in regard to communities within which they operate, and also demonstrate possible comparative advantages of our region with regard to future investments. Fair business based on healthy foundations really can change the reputation of the Western Balkans, which can become a desirable destination for responsible investments”, Biljana Braithwaite, Executive Director of Sustineri Partners, stated at the opening.
David Margason, Porto Montenegro’s General Manager, welcomed the Summit participants and said that this marina’s practice up to now has demonstrated that development, investments into property and creation of new capacities for tourists can be in harmony with the community and the environment, taking the future into account. Therefore, Porto Montenegro wants to become the key point for gatherings within the region, fostering dialogue on ESG standards and responsible business practices.
“We are proud to host the Western Balkans ESG Summit here in Porto Montenegro thanks to the insightful and professional team from Sustineri Partners as Porto Montenegro continues on its course towards becoming the pre-eminent destination in the Central & Eastern Mediterranean for conferencing, exhibitions and cultural gatherings. This event demonstrates our joint commitment to promoting sustainable practices across all businesses and walks of life and to driving positive change towards in our region. This important event will bring together key stakeholders to discuss and address the globally important topic of Environmental, Social & Governance best practice and we are excited to provide a platform for meaningful dialogue and impactful solutions in the thought-provokingly, stunningly beautiful, natural environment of Boka Bay and Montenegro”, said Margason.
The Minister of Economic Development and Tourism Goran Đurović informed the public at the press conference of the steps which Montenegro has made with the aim to adopt ESG standards in practice.
“If we want to become part of the EU, and this is one of the goals of the Government in which I am a Minister, introducing and implementing ESG standards is an imperative. In this context, it is our task to prepare Montenegrin companies to conduct business according to European standards, as well as to raise awareness of the fact that environmental, social and corporate governance standards are essential on Montenegro’s road to approaching the European market. In order not to lag behind on this road, we worked diligently to create and harmonize our policies with the key EU documents related to sustainable and green growth. We were the first country in the region to define the new model of economic growth which implies transition from linear to circular business models, by creating the Circular Transition Strategy until 2030. I do believe that in this way we demonstrated our strategic commitment in this field”, said Đurović.
The Platinum Partner of the Western Balkans ESG Summit is the OTP Group. Gergely Pókos, Director of the OTP Group’s Green Programme, stressed that this company will do everything needed to further contribute to the development of sustainable investments in the region.
“If we don’t act, the banking sector will be adversely affected by climate change, just like any other sector. Nevertheless, banks can actively support the greening and adaptation of the economy. OTP Group has already set out its priority to support the green transition of the economy and become one of the most prepared banks in Central and Eastern Europe in the field of green finance”, said Pókos.
The Western Balkans ESG summit will include presentations, panel discussions and introductions to innovative practices, while special attention will be given to the launching of the Women on Boards Adria initiative for increased participation of women in companies’ managerial bodies. The Summit will end tomorrow with the address by the Prime Minister Dritan Abazović.
