Green Finance Development in Albania
Keywords:sustainable finance; green transition; green products; banks; energy
Green finance has emerged as a critical tool in addressing climate change and promoting sustainable economic growth. Albania, has started to explore the potential of green finance to support its transition to a low-carbon and resilient economy. This paper aims to provide an overview of the current state of green finance in Albania, gives an insight of the main developments in the banking and energy sector as two of the main sectors contributing in the greening process the green pathway and furthermore lists the challenges and opportunities for further development. The paper builds on existing literature, which is mainly in the form of reports. There is a number of promising initiatives and projects underway, but academic researches for Albania are missing. In order to achieve the main objective, a desk research and semi structured interviews with stakeholders of the main financial institutions have been conducted. The results obtained from analyzing the quantitative and qualitative data indicate the early stage of green finance development in Albania, the problems and challenges of this transition. The study contributes in developing additional theoretical basis related to green finance in Albania and gives proper recommendations for further development
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