Inevitable Transition to Green and Sustainable Growth


The Governor of the Central Bank of Montenegro (CBCG), Radoje Žugić, is a speaker at the Istanbul Economic Summit, held in Istanbul today.

The main topic of this year’s Summit is the green economy and sustainable development. The discussion topics also include the challenges posed to the global economy by the coronavirus pandemic and ways to overcome them through stronger international cooperation. Climate change, new technologies and investments were also the topics of today’s Summit.

The Summit participants agreed in the assessment that the pandemic-caused crisis was an opportunity to bring together the interests of governments, financial institutions and entrepreneurs in making intelligent decisions for transiting to a green economy. In the world of rapid changes in which we live, the transition to a green society is inevitable that the economy, financial sector and governments have to adapt to, the Summit noted.

As a speaker at the banking and financing panel, Governor Žugić pointed out that “banks should support climate-oriented and investments aimed at industry decarbonisation. In the current changes, they recognise and use the chance to develop new products.” The Governor added that the CBCG established a working group to deal with climate change and the green economy.

Within the main Summit topic, the Governor said that Montenegro was interested in making concrete initiatives on the transition to green and sustainable growth providing economic growth and reducing poverty in cooperation with the European countries, Turkey and the Caucasus countries, with the support of international financial institutions. “Montenegro’s future development imperatives are green economy and greater economic diversification. To that end, the inflow of sustainable foreign direct investments following the UN sustainable development goals will play an important role,” said Žugić.

As part of the Summit, Governor Žugić also had a bilateral meeting with the President of the World Green Economy Council, Mohamed Kafafy.

The annual Istanbul Economic Summitaims to maintain and strengthen coordination between countries, sectors and institutions. It is one of the most respected platforms for discussing the global economy.