Albania has set ambitious goals for the green transition and the fight against climate change, including increasing renewable energy sources, developing infrastructure for electric vehicles, generating electricity from renewable sources, and achieving climate neutrality. The growing attention to this topic is also confirmed by recent news from the region.

This week, the Western Balkans Green Growth Alliance was introduced at a conference organized by the International Finance Corporation (IFC), a member of the World Bank, in collaboration with the Ministry of Finance of Austria and the Ministry of Finance of Hungary. The event aimed to accelerate the green transition in the region by supporting the private sector in reducing carbon emissions and adopting sustainable practices.

One of the key workshops of the conference was "Tourism, Trade, Real Estate, and Services: Developing Sustainable Supply Chains – Opportunities for the Western Balkans." The workshop was moderated by Evelyn Smith (IFC) in a discussion with Aleksandra Njagulj, founder of Sustineri Partners, the organization behind the ESG Adria Summit. Together, they explored the economic development opportunities tied to sustainability.

"Western Balkan countries must not lose focus and momentum in the green transition, despite shifting political attitudes toward ESG and the upcoming review of key EU sustainability regulations. Sustainability—especially transition and physical risks related to climate change—is already an integral part of financial systems, from insurance to lending and investment, and this will not change," Njagulj emphasized.

She added that the economy and prosperity of the Western Balkans will depend on the region’s ability to adapt and build resilience in a changing world.

"Tourism, trade, real estate, and services are key sectors that can drive the green transition, but we must act now to protect natural resources and ensure sustainable growth," she stated.

Njagulj highlighted the adoption of practices like the circular economy and alignment with EU regulations, such as the Single-Use Plastics Directive, as significant steps toward environmentally friendly practices.

"We must set clear boundaries within which businesses can operate," she said, stressing the importance of balancing regulations to avoid unintended consequences.

She also pointed out that the construction sector represents one of the greatest opportunities for sustainability in the region:

"Buildings consume nearly 40% of global energy, while most structures in the Western Balkans were built before modern energy efficiency standards," Njagulj noted.

Moreover, she warned that urban areas in the region are increasingly facing the consequences of climate change, such as heatwaves, floods, and air pollution.

"Green spaces, such as urban parks, tree-lined streets, and vertical gardens, play a crucial role in mitigating urban heat island effects, improving air quality, and strengthening biodiversity," she added.

Discussing logistics and infrastructure, Njagulj emphasized that shifting to electric vehicles and adopting more energy-efficient models could significantly reduce carbon emissions. She also highlighted the importance of green financial support, including IFC’s investments in renewable energy sources and energy efficiency projects.

"Sustainability is now embedded in financial sector discussions—it simply means good business," she said, underlining the connection between sustainability and economic benefits.

"Climate change is no longer a distant threat—it is already here. The region needs $37 billion in investments over the next decade, with 85% expected to come from the private sector. Every investment yields a fourfold return through avoided losses and economic benefits," Njagulj concluded, referencing the latest World Bank report on climate and development in the Western Balkans.

Key Speakers at the Conference

The conference featured notable speakers, including:

Ines Rocha, Regional Director for Europe at IFC

Christian Ebner, Austrian Ambassador to Serbia

Andrijana Jovanović, State Secretary at the Ministry of Economy of Serbia

Naser Nuredini, Former Minister of Environment in North Macedonia

Miroslav Gligorijević, Director at TITAN Serbia

Branimir Muidža, Director at Kakanj Cement Factory and HeidelbergCement Group

Dejana Backović, CFO at KappaStar Group

Tatjana Shterjova Dushkovska, Secretary General of the Western Balkans 6 Chamber Investment Forum

Edlira Muka, Director at Balfin Group

Clemens Stadler, Director of Investment Finance at the Austrian Development Bank

Adrian Stanculescu, Partner at Abris Capital

Vedrana Jelušić, Board Member and Director of Corporate Clients at PBZ (Intesa) Croatia

Marko Carević, Director at Ananas Group

Monika Mikac, Director at NAD Capital

Darko Vuković, Vice President for Finance at Elixir Group

Todorka Ristovska, Director at Liberty Steel

Nicolas Marquier, Regional Manager for the Western Balkans at IFC

"The fact that IFC is working in this direction and that we have key companies involved shows that we still have a chance. We must not waste it," Njagulj concluded.

The discussion on the green transition will continue in April at the ESG Adria Summit, where regional leaders and key representatives from the business and financial sectors will gather in Montenegro to address these pressing issues.

Aleksandra Njagulj: Rajoni nuk duhet të humbasë fokusin dhe ritmin në tranzicionin e gjelbër