The European Investment Bank (EIB) released the extensive research conducted by the Vienna Initiative working group on climate change and financial stability, entitled Greening the financial sector: A Central, Eastern and South-Eastern European perspective. The report provides valuable insights and recommendations on navigating the complexities of climate-related risks and fostering sustainable financial practices across Central, Eastern, and South-Eastern Europe (CESEE). The study highlights the significant impact of limited environmental, social and governance data availability in CESEE, which reduces banks’ ability to effectively manage climate risks and undermines effective prudential supervision. While large corporations within the European Union have successfully adapted to robust disclosure requirements and are meeting the increasing demands of environmental, social and governance standards, companies — especially microenterprises and small and medium-sized enterprises (SMEs), which are prevalent in the region — often lack the information and awareness needed to understand the climate and financial risks they face. EIB Vice-President Ambroise Fayolle said: “The report underscores the critical role of the financial sector in driving the transition to a more sustainable economy and achieving the European Union’s green transition goals. Coordinated efforts to unlock the potential of sustainable finance in the CESEE region are crucial for driving sustainable development. As the EU climate bank, the EIB is fully committed to providing continued support to businesses and facilitating the transition to renewable resources.” Foreign-owned local subsidiaries could act as catalysts in developing sustainable finance across CESEE, mirroring best practices from their home countries, provided that parent banks apply their risk management frameworks to these subsidiaries. Moreover, the report addresses key regulatory and supervisory issues, highlighting the need for robust oversight and stress testing of banks’ activities related to climate risks. The report also delves into the decarbonisation of industrial sectors and buildings, with a special focus on the electricity sector. It identifies investment barriers, regulatory complexities and financing opportunities for facilitating the green transition in CESEE. The share of renewables in electricity demand, for instance, is set to increase from around 30% today to 50% by 2030, and to 75-85% by 2050. CESEE countries need an estimated €8 billion of investment in low-carbon technologies per year by 2030. “The report provides a roadmap for CESEE countries to align their financial sectors with sustainability principles,” added EIB Chief Economist Debora Revoltella. “Addressing data gaps across Europe is imperative to enhance comparability and effectively tackle challenges by developing the necessary capacities and financial strategies.”
Art Safari will relocate to Amzei Square in central Bucharest in 2026, where it will operate under a new format titled Art Safari New Museum, following more than a decade of pop-up exhibitions hosted in historic buildings across the capital. After 12 years, 17 editions, and more than 1 million visitors, the exhibition platform will […]
In Romania, Christmas is more than holiday markets, decorated trees, and wrapped gifts. It's a season filled with old customs, lively rituals, and dishes that bring families together. One of the most popular Christmas traditions is caroling. Although traditions vary depending on the area, the ritual of going from house to house and singing carols […]
President Nicușor Dan said the “rule of law is not negotiable” and stressed that serious problems affecting the justice system can be resolved, as public concern grows following allegations of corruption highlighted in a recent investigative documentary by Recorder titled “Captured Judiciary.” People
Romanian authorities have reportedly confirmed an increase in “super flu” cases in December after the virus caused unprecedented problems in other European countries. In total, over 3,000 flu cases were reported in Romania in just the first week of December, double the number recorded in the previous week (1,504), Euronews Romania reported. The virus is […]
This autumn, a mature linden tree on the campus of the British School of Bucharest (BSB) was relocated to a new position within the school grounds to make space for the development of new sports facilities. The operation, supervised by two UK specialists from Ruskins Trees & Soil Biology Ltd, represents the first such relocation […]
Romania continues to record the largest value-added tax gap in the European Union, losing around one-third of both VAT and corporate tax revenues, according to an analysis by PwC Romania based on the VAT Gap in Europe report by the European Union. The country has held the top position in VAT non-collection for the past […]
