BiH entrepreneurs point out that green economy is a chance for domestic economy

BiH entrepreneurs point out that green economy is a chance for domestic economy

SARAJEVO, October 6 (FENA) – Representatives of the BiH economy, financial institutions, academia and international organizations in BiH participated in the event “Greening the Economy – Accelerating Business” organized by the United Nations Development Program (UNDP) in BiH.

They discussed what the green transition brings for the private sector and deepened their understanding of the benefits of investing in green solutions.

“There is no alternative to this transition. Today’s conference is attended by representatives of companies who have a lot of experience, ideas and vision on how to move forward. At the same time, there are key partners. That is why I am sure that together we will reach a solution that leads to stronger support for green investments and ultimately sustainable development,” said Branimir Muidža, President of the Council of Foreign Investors / General Manager of Kakanj Cement Factory and HeidelbergCement Group in BiH and Croatia.

The green economy is a broader concept that refers to the transition of replacing coal with renewable energy sources to reduce pollution, energy efficiency of production processes to achieve savings, return to use of waste materials in the economy and energy generation, changes that should stop harmful climate change and bring new opportunities for economic development.

UNDP Resident Representative in BiH Steliana Nedera emphasized that the green economy can be a powerful tool for the country’s economic recovery after the crisis caused by the COVID-19 pandemic, and that the participation of business and financial institutions is extremely pleasing because in their work the support of economic policy makers and decision makers lies in the power of transforming the economy into a responsible green economy.

“Caring for the environment is an issue that has been running through international strategic documents for several decades. The call for climate action and greater climate ambition for 2021, ahead of the COP26 climate summit in the UK later this month, is creating a good momentum to involve the private sector and financial institutions in the discussion on the benefits of the green economy, but also the status of green financing instruments in Bosnia and Herzegovina,” Nedera added.

This was also a good opportunity to encourage financial institutions to more intensively support investments in the green economy and thus contribute to the transition of companies, the organizers said.