Governor of the National Bank of Georgia, Natia Turnava, took part in a panel discussion held in Luxembourg as part of the IMF and World Bank OEDNE/EDS19 Constituency Meeting.

The discussion focused on the importance of the green economy, current challenges, and emerging trends.

The panel concluded with closing remarks by Nadia Calviño, President of the European Investment Bank.

Before the panel, the NBG Governor moderated a session titled “The Role of Central Banks in the Green Economy.”

The keynote speaker of the session was Frank Elderson, Member of the Executive Board of the European Central Bank. The discussion centered on sustainable finance, climate change, and the role of central banks in addressing these issues.

As Natia Turnava noted during the session, supporting the development of sustainable financial markets is a key pillar of the National Bank of Georgia’s sustainable finance framework.

She highlighted that, in order to establish a common language for sustainable economic activities, reduce fragmentation, and mitigate associated risks, the National Bank of Georgia has developed a Sustainable Finance Taxonomy. This framework includes both green and social taxonomies, along with accompanying regulations that have been in force since 2023.

“This framework defines green, social, and sustainable finance loans in Georgia and sets disclosure requirements for financial institutions. Banks are already applying the taxonomy in issuing green and social loans and reporting on these activities to the National Bank of Georgia. As of December 2024, green loans accounted for approximately 2% of the total loan portfolio. While national taxonomies are vital for ensuring internal consistency, regional and international harmonization is equally important for fostering cross-border cooperation and aligning standards—especially in regions where financial markets are becoming increasingly interconnected. There is still much work to be done in this regard,” she added.

The OEDNE/EDS19 Constituency Meeting of IMF and World Bank member countries is a significant platform for high-level dialogue, bringing together senior policymakers, financial institution leaders, and experts to address today’s global challenges and explore viable solutions.