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Financial institutions play the key role in directing capital through specific financial instruments tailored to the needs of different sectors and aligned with national sustainability strategies and ecological transition goals. Despite the growing interest in sustainable solutions, the current volume of funding remains insufficient to unlock the full potential of these initiatives.

The Roadmap establishes a comprehensive and actionable framework for aligning the national financial system with sustainable development goals. It offers a structured approach to integrating environmental, social, and governance (ESG) criteria into financial decision-making processes, strengthening economic resilience, and promoting social equity, thereby contributing to the overall transition of the society towards sustainable development. Through clearly defined goals and vision, the Roadmap seeks to build consensus and mobilize resources from all relevant stakeholders, thus contributing to the creation of a sustainable financial future for Montenegro.

It also includes concrete objectives and a set of activities to be implemented in order to stimulate sustainable development funding. To that end, the Strategic objectives of the Roadmap for the period 2025–2028 have been defined as follows:

1. Integration of environmental (E), social (S), and governance (G) factors into the financial decision-making process, 
2. Incorporation of risks related to climate change and environmental challenges into supervisory activities and risk management, 
3. Increasing the availability of funds for financing green investments, thereby encouraging the implementation of priority sustainable development activities.

The Financial Sector Roadmap toward Sustainable Finance is the result of efforts of the inter-institutional working group set up by the Financial Stability Council of Montenegro in July 2024. The group comprises representatives from the Central Bank of Montenegro, the Ministry of Finance, the Capital Market Authority, the Insurance Supervision Agency, the Ministry of Economic Development, the Development Bank of Montenegro, the Association of Montenegrin Banks, the Investment Agency of Montenegro, the Recue and Protection Directorate of the Ministry of Internal Affairs, the University of Montenegro, the Chamber of Economy of Montenegro, business representatives, independent experts, and non-governmental organizations.

Financial Sector Roadmap towards Sustainable Finance