The European Investment Bank (EIB) and the Croatian Banking Association (HUB) recently organized an important business meeting entitled 'Financing the Green and Blue Economy' in Zagreb on October 10, 2024. This event gathered key stakeholders from the financial sector to discuss the challenges and opportunities presented by financing sustainable projects in Croatia. The aim was to focus attention on the use of financial resources for projects that promote ecological sustainability and combat climate change, with the EIB playing a crucial role as the leading European financier.

The green and blue economy relates to sustainable management of natural resources, where the green economy encompasses reducing ecological risks and transitioning to renewable energy sources, while the blue economy focuses on sustainable use of marine and coastal resources. These two concepts are increasingly important in the global fight against climate change, and the EIB is committed to providing financial support for projects that contribute to these goals.

The role of the EIB in promoting sustainable projects

The European Investment Bank actively participates in financing projects that contribute to sustainable economic growth. Through various initiatives, the EIB enables investments in projects that have a positive impact on the environment, such as building infrastructure for renewable energy sources, improving energy efficiency, and developing a circular economy. According to announcements, the EIB plans to mobilize up to one trillion euros by 2030 to combat climate change, thereby reaffirming its role as a key financier of sustainable investments across Europe.

As part of its efforts, the EIB collaborates with local financial institutions, including the Croatian Bank for Reconstruction and Development (HBOR), to facilitate financing for small and medium-sized enterprises and public sector projects. This cooperation enables the utilization of EU funds and other financial instruments for projects aimed at improving environmental conditions, reducing greenhouse gas emissions, and increasing energy efficiency. A recent agreement between the EIB and HBOR, worth half a billion euros, will further enable financing for green projects in Croatia.

The importance of the financial sector in sustainable transition

The event highlighted the importance of the financial sector in promoting sustainable development in Croatia. Financial institutions, such as banks, play a crucial role in providing funding for projects that contribute to the green and blue economy. Slađana Ćosić, head of the EIB Office in Croatia, emphasized in her opening speech the importance of financial institutions recognizing their role in the transition to a sustainable economy. "Financial institutions have a responsibility to support projects that will shape our future and help address global challenges like climate change," said Ćosić.

Practical solutions for promoting sustainable projects

During the event, participants had the opportunity to hear from various experts from the EIB, who presented concrete examples and solutions for financing projects. Daniela Diedrich-Ristić and Stefanie Lindenberg from the EIB presented the criteria for financing projects in the fields of the green and blue economy. Different possibilities for technical support were showcased, including advisory services for financial intermediaries as well as tools to facilitate project implementation. Through various practical examples, the experts demonstrated how similar projects have been successfully implemented in other European countries, providing valuable insights and lessons for participants from Croatia.

Giulio Ventura from the EIB presented how the EIB provides advisory support to local institutions at all stages of project implementation. According to him, it is crucial to provide expert support not only in financial terms but also in planning and preparing documentation for projects. This technical assistance allows financial institutions in Croatia to implement sustainable projects more easily, thereby increasing their success rate.

The future of the green and blue economy in Croatia

The event concluded on a positive note, with a shared desire to continue collaboration and further develop green projects in Croatia. Further steps were planned, including educating financial intermediaries and strengthening cooperation between the public and private sectors. Given that the EIB plans to mobilize large financial resources in the coming years, Croatia is expected to play a key role in implementing projects that contribute to sustainability and environmental preservation.