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Central Bank of Montenegro Joins SBFN to Advance Sustainable Finance

May 31, 2024 – The Sustainable Banking and Finance Network (SBFN) is proud to welcome the Central Bank of Montenegro (CBCG for Centralna Banka Crne Gore) as its newest member, highlighting our joint commitment to strengthen sustainable finance and build a resilient financial system in Montenegro in the face of environmental, social, and governance (ESG) challenges.

Established in 2001, the CBCG is responsible for monetary policy, and the establishment and maintenance of a robust banking system and an efficient payment system. In response to the pressing challenges of sustainability, the CBCG has enacted policies to strengthen its financial system’s resilience. In line with this commitment, in 2022 it adopted the Central Bank of Montenegro Policy Related to Climate Change Challenges and also joined the Network for Greening the Financial System.

“We are excited to announce our membership in the SBFN, a significant stride in embedding sustainability into our core financial practices,” commented Irena Radovic, Governor of the Central Bank of Montenegro. “This alliance underscores our dedication to sustainable development and amplifies our capacity to positively impact the financial community. We are confident that by embracing sustainable banking principles, we bolster the resilience of our financial sector and pave the way for a more prosperous and environmentally responsible future”.

Rong Zhang, Global Coordinator of SBFN, expressed enthusiasm about the new partnership: “We warmly welcome CBCG to our network of regulators and industry associations committed to advancing sustainable financial practices. We look forward to working together to promote an ecosystem that adeptly manages ESG risks and performance. This collaboration will support CBCG’s development of a national sustainable finance roadmap, helping to direct capital toward initiatives that meet environmental and social goals”.

With CBCG’s inclusion, SBFN now boasts 93 members spanning 71 countries, significantly enhancing its global influence and reaffirming its pivotal role in promoting sustainable finance worldwide.