The European Investment Bank (EIB Global) and the National Bank of the Republic of North Macedonia (NBRNM) have successfully completed a comprehensive climate risk capacity-building initiative under the Greening Financial Systems (GFS) Advisory Programme. The project involved over 50 experts from the NBRNM, strengthening their ability to assess and address climate-related risks, boost green investments among local businesses and support a sustainable economic transition by developing tailored financial regulation with support from the EIB’s Advisory team.
This technical upskilling will position the NBRNM to share these competences with local financial institutions, enabling them to conduct climate vulnerability assessments and integrate climate scenarios into strategic planning. The local institutions can then provide tailored, informed guidance to local companies on the investments needed to address the climate risks specific to their business.
Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of North Macedonia, stated: “Building resilience to climate-related financial risks is no longer optional – it is a strategic imperative. Through our valuable partnership with the EIB under the Greening Financial Systems programme, we have significantly enhanced our institutional capacity to integrate climate considerations into our regulatory and supervisory frameworks. Not only does this strengthen our bank’s role in safeguarding financial stability, but it also supports the broader financial sector in adapting to the realities of a changing climate.”
EIB representative to North Macedonia Björn Gabriel said: “Through this collaboration, we are fostering investments in energy efficiency and climate adaptation among Macedonian companies, making a meaningful contribution to the future resilience and competitiveness of the national economy.”
Beyond training, the GFS programme has enabled several complementary initiatives, such as the development of Physical and Transition Climate Risk Hazard Maps for North Macedonia and a national survey on climate risk awareness and sustainability practices among companies. It has also provided strategic support on climate-related financial reporting, helping align the NBRNM and the broader financial sector with global frameworks.
The EIB’s Greening Financial Systems programme is funded by the International Climate Initiative (IKI) on behalf of the German Federal Ministry of Economic Affairs and Climate Action (BMWK). The programme contributes to the NDC Partnership, helping financial regulators align with the objectives of the Paris Agreement.