Dec – 21, 2023 – The Central Bank of the Republic of Kosovo (CBK) has become a member of the Sustainable Banking and Finance Network (SBFN) in conjunction with its efforts to advance sustainable finance practices and fortify the financial system’s resilience to climate-related and environmental risks. CBK regulates and supervises a range of financial institutions, including banks, insurers, pension funds, microfinance institutions, non-bank financial institutions, and insurance intermediaries.
Recognizing the urgency of addressing climate challenges and following the ratification of the Sofia Declaration, a cornerstone for the Green Agenda for the Western Balkans, CBK has commenced efforts to tackle climate and environmental risks. In conjunction with these commitments, CBK has developed a strategy on climate and environmental risks, integrated with its Strategic Plan for 2024-2028. The CBK strategy will focus on key areas such as financial stability, banking regulation and supervision, and insurance supervision and regulation. Moreover, the strategic plan envisions the incorporation of ESG principles into the operations of CBK, along with their integration into investment policies.
“CBK welcomes its membership in SBFN as a successful network of regulators, central banks, and other institutions dedicated to advancing sustainable finance. This membership provides an excellent opportunity for capacity building, experience sharing and networking to achieve our common objectives for sustainable finance. In this journey, CBK’s strategy on climate and environmental risks represents a forward-looking approach, reinforcing our dedication to a resilient financial system in the face of climate challenges,” said Ahmet Ismaili, Governor of the Central Bank of the Republic of Kosovo.
“We are delighted to welcome the Central Bank of the Republic of Kosovo to SBFN. CBK’s dedication to environmental and climate risk management aligns seamlessly with our commitment to advancing sustainable financial practices across emerging markets. Together, we look forward to fostering climate resilience,” said Rong Zhang, SBFN Global Coordinator.
Related