Bank of Albania is committed to assessing and managing climate risks, including structural changes that may impact the financial sector and the broader economy, challenging our fundamental objectives, price stability, financial stability, and financial inclusion.
While we are still in the process of building capacity and exploring new avenues, the Bank of Albania has already taken concrete measures to address climate change concerns and advance green finance. One notable initiative is our collaboration with the World Bank (FinSAC) to develop the Medium-Term Green Strategy, approved in May 2023.
This strategy, titled "The management and supervision of climate-related financial risks in the financial sector, for the years 2023-2025", lays out a comprehensive action plan. It aims to identify, monitor, and effectively manage climate-related risks, ultimately securing the stability and sustainability of our financial system. This action plan encompasses a broad spectrum of responsibilities within the Bank of Albania, spanning from monetary policy and financial stability to banking supervision, financial statistics, conducting research, and daily operations activities.