Competition for 2024 CBCG Green Award
31/05/2024
The CBCG announced the Competition for Granting the 2024 Central Bank of Montenegro Green Award for the best paper on climate change’s effects on the financial system.
The Award aims to encourage scientific thought and an raising social awareness on climate change challenges with a focus on climate change’s effects on the financial system.
The CBCG Green Award, presented to celebrate the Ecological State of Montenegro Day, 20 September. includes the plaque and the cash amount, this year increased to 3,000.00 euros.
Citizens of Montenegro who acquired a university degree of at least VI level (180 ECTS credits) at a university, faculty or college in Montenegro or abroad may compete in the Competition. The deadline for submitting the papers is 16 August 2024.
Submitted papers should meet the criteria of innovation, theoretical and empirical contribution to the affirmation of best practice for the actions of central banks and other financial system regulators and supervisors, international organisations and institutions, credit institutions and/or other financial system institutions, on the climate change challenges and their impact on financial system stability. Submitted papers must neither have been previously published, nor at the same time sent for consideration or accepted for publication by other institutions or journals.
Nowadays, climate risks are among the top global risks, and they take the first place when it comes to long-term global risks. Their influence on the financial system is growing, both through a direct impact on the continuity of the financial system's operations and on the financial stability of individual institutions through the credit risk of their clients affected by climate change.
With the Green Award, the CBCG aims to raise social awareness of the challenges posed by climate risks and encourage credit institutions to intensify their efforts to minimise these risks in their operations. Climate change, as a source of financial risk, is part of the mandate of central banks and supervisors to preserve financial stability by pointing to it, monitoring and evaluating the resilience of financial institutions, and taking measures to minimise it.