Serbia: €29 million invested under the EU for Green Agenda initiative

This article is published in association with European Investment Bank.

As part of the EU for Green Agenda initiative in Serbia, EIB Global co-organised the conference on boosting green transition financing in Serbia, together with the United Nations Development Programme (UNDP), the Delegation of the European Union to Serbia, and the Ministry of Environmental Protection, in cooperation with the Association of Serbian Banks.

Head of the EIB Regional Hub for the Western Balkans Damien Sorrell underlined the “EU for Green Agenda in Serbia” initiative as an excellent example of how we can catalyse green investments and increase resilience to climate change.

“This is particularly important for local companies, 10% of which are already reporting losses from natural disasters. However, due to a lack of access to finance, expertise in developing green projects, and conducive green management practices, they are not sufficiently equipped to incorporate climate concerns into their management frameworks. That is why the technical support provided by the EIB to banks under the EU for Green Agenda is crucial. It will help turn innovative climate-friendly ideas into bankable projects,” Sorrell said.

“The establishment of an effective mechanism for sustainable financing of the green transition is crucial for the competitiveness of the Serbian economy and the creation of new jobs, as well as for people’s health and the environment. This requires the cooperation of the government, international financial institutions, commercial banks and the private sector, which we have gathered today to achieve a common vision for accelerating the green transition in Serbia”” said Yakup Beris, UNDP Serbia Resident Representative.

The “EU for Green Agenda in Serbia” project is implemented with technical and financial support of the European Union and in partnership with the Ministry of Environmental Protection by UNDP in cooperation with Sweden and EIB Global, with additional funding from the governments of Sweden, Switzerland and Serbia.

Dedicated workshops for financial institutions

Since 2022, this initiative has provided mentoring support and €4 million in co-financing for the implementation of innovative green projects across Serbia. For every euro of donor support, nearly €6 has been raised from other sources, including the beneficiaries’ own funds. As a result, over €29 million has been invested so far, which accounts for approximately 15% of all estimated green investments in Serbia.

Through workshops conducted by the consulting consortia adelphi, iC Group and IPC, EIB Global is providing the technical assistance for partner financial institutions to equip them with the tools and knowledge to support implementation of the Green Agenda. Facilitated by experts in green finance, environmental policy and EU regulations, the workshops are aimed at building capacity to evaluate and finance green projects, ensuring alignment with EU sustainability criteria.

Aleksandar Randjelović, an expert in the “EU for Green Agenda in Serbia” project, stated that the training provided by the consulting team introduced financial institutions to key concepts of green finance, emphasising their role in driving the transition to a low-carbon and climate-resilient economy. “Finance is the fuel of this transformation, and understanding climate risks and opportunities is essential for making impactful investments that align with the country’s Green Agenda,” he stated.

UniCredit Bank Serbia has been one of the participants in the specialised training programme.

“The workshop provided us with a deep understanding of the EU Green Agenda’s goals and practical strategies to align our financial products with sustainability principles. Through expert-led sessions, we gained insights into financing green projects, structuring innovative financial products, and adhering to EU environmental standards,” said Maja Jerkić Bogosavljević, Head of ESG at UniCredit Bank