The National Bank, together with the relevant national institutions and in cooperation with the EIB, is initiating the development of a National Green Taxonomy

As part of the Greening Financial Systems Programme and in cooperation with the European Investment Bank (EIB), the National Bank, together with the relevant ministries and institutions, is initiating the process of developing a National Green Taxonomy.

The Green Taxonomy is a standardized national classification system that defines economic activities that contribute to environmental protection objectives and are considered environmentally sustainable. It establishes clear, science-based criteria for determining whether economic activities are aligned with the principles of sustainable development and applicable environmental standards.

“The Taxonomy enables investors, businesses, banks, and economic policymakers to identify green activities and channel financial resources towards the transition to a low-carbon economy. It also enhances transparency and facilitates the reporting of climate-related data, helps prevent greenwashing, and supports the development of green financial instruments”, pointed out the National Bank Governor, Trajko Slaveski, at the meeting with Björn Gabriel, EIB head of representation to North Macedonia.

“By providing a common language for policymakers, banks, businesses and investors, the taxonomy will promote greater transparency and consistency in identifying and financing green activities,” said Björn  Gabriel, EIB head of representation to North Macedonia. “In turn, this will attract investment and support the development of green financial products leading to industrial decarbonisation and climate adaptation among companies.”

The development and adoption of a National Green Taxonomy will support the gradual alignment of national legislation with European regulations, as well as with relevant international standards and practices in this field. It will also enhance transparency regarding the resilience of economic sectors to risks arising from climate change. The Green Taxonomy will be tailored to the specifics and structure of the Macedonian economy, while being gradually aligned with the relevant European regulatory framework.

This technical assistance builds on the EIB partnership with the National Bank under the Greening Financial Systems programme that has delivered targeted training and introduced the Climate Risk Navigator tool, enabling the central bank to assess climate-related risks and guide financial institutions in aligning with global standards. The programme is financed by Germany and Luxembourg through the Greening Financial Systems Fund, a multi-donor fund established by EIB Global to help build climate-resilient financial systems around the world.