CBCG Publishes Competition for Green Award
To affirm the responsible attitude towards the climate change challenges and encourage scientific thought in this area, the CBCG established the „Green Award“ for the best paper on climate change’s effects on the financial system and announced the Competition for Submitting Papers for the 2023 Award.
The CBCG Green Award, awarded to celebrate the Ecological State of Montenegro Day, 20 September, consists of a plaque and a cash amount of 2,000.00 euros. The deadline for submitting the papers is 18 August 2023. Citizens of Montenegro who acquired a university degree of at least VI level (180 ECTS credits) at a university, faculty or college in Montenegro or abroad may compete in the Competition.
Submitted papers must neither have been previously published, nor at the same time sent for consideration or accepted for publication by other institutions or journals. They should also meet the criteria of innovation, theoretical and empirical contribution to the affirmation of best practice for the actions of central banks and other financial system regulators and supervisors, international organisations and institutions, credit institutions and/or other financial system institutions, on the climate change challenges and their impact on financial system stability.
Aware that climate risks affect financial risks, and financial risks affect the financial system’s stability and security, as a socially responsible institution, the CBCG wants to point out with the Green Award the credit institutions’ necessity to identify and monitor climate risks, their exposure to these risks and to involve them in their operations. At the same time, as financial system regulators and supervisors, within their competencies and while preserving their independence, central banks should point out these risks, monitor them and evaluate their resilience.
CBCG’s activities on combating climate change have been defined by the Central Bank of Montenegro Policy Related to Climate Change Challenges, which will be implemented through the Action Plan for its implementation 2023-2026. The CBCG has become a member of the Network for Greening the Financial System (NGFS), comprising central banks of developed and developing countries and key supervisory institutions at the global level, such as the International Monetary Fund, the World Bank, the Bank for International Settlements, etc., participating in its work as observers.