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Promoting Green Finance through Multilateral Development Banks - The Experience of Romania

Author

Listed:
  • Claudia Gabriela Baicu

    (Department of Economic Integration and Financial Markets Institute for World Economy)

  • Iulia Monica Oehler-Șincai

    (Department of International Economic Analysis Institute for World Economy)

Abstract

Achieving the ambitious climate goals established on the international agenda for boosting sustainable development involves significant financial resources. Therefore, the funds allocated by the financial system for green investments should increase globally. Against this backdrop our paper investigates the role of multilateral development banks in promoting green finance, with focus on Romania. The research results underline their engagement to combat climate change and to support sustainable development. The European Investment Bank, The European Bank for Reconstruction and Development and the International Finance Corporation have major contributions in financing green projects in Romania in areas such as energy efficiency, green building, clean transportation, sustainable agriculture. To this end they established some partnerships with Romanian financial institutions, granted financing facilities, invested in the green bonds issued by local banks, provided technical assistance. However, our main finding shows that green finance in Romania is still limited, requiring increased commitments in this area, including from multilateral development banks.

Suggested Citation

  • Claudia Gabriela Baicu & Iulia Monica Oehler-Șincai, 2023. "Promoting Green Finance through Multilateral Development Banks - The Experience of Romania," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 11(2), pages 49-54, December.
    • Handle: RePEc:ntu:ntugeo:vol11-iss2-49-54
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    More about this item

    Keywords

    climate change; green finance; multilateral development banks; sustainable development; Romania;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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