North Macedonia initiates green taxonomy framework for sustainable finance

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North Macedonia green taxonomy

Highlights

North Macedonia's National Bank, under the EIB's Greening Financial Systems Programme, is developing a green taxonomy to standardize environmentally sustainable economic activity classification.
The taxonomy is expected to enhance transparency, improve climate-related data reporting, prevent greenwashing, and support the creation of green financial instruments and products.
EIB's technical assistance and training, funded by Germany and Luxembourg, aim to attract investment, aid industrial decarbonisation, and align North Macedonia's financial system with global sustainability standards.

Taxonomy plan under EIB programme

As reported by the European Investment Bank, the National Bank of North Macedonia is initiating the process together with relevant ministries and institutions under the Greening Financial Systems Programme. The taxonomy is set to serve as a standardized national classification system for environmentally sustainable economic activities, giving investors, banks, businesses and policymakers a clearer basis for investment planning and financing decisions.

National Bank Governor Trajko Slaveski said the taxonomy enables market participants to identify green activities and direct financial resources toward the transition to a low-carbon economy. He added that it also improves transparency, supports climate-related data reporting, helps prevent greenwashing and backs the development of green financial instruments.

The initiative is also intended to strengthen the integration of environmental considerations into lending, risk management and broader business decision-making across the financial system.

Expected impact on investment and financial sector standards

Björn Gabriel, EIB head of representation to North Macedonia, said the taxonomy provides a common language for policymakers, banks, businesses and investors. He said that greater transparency and consistency in identifying and financing green activities should help attract investment, support new green financial products and advance industrial decarbonisation and climate adaptation among companies.

The technical assistance expands existing cooperation between the EIB and the National Bank under the Greening Financial Systems programme. That partnership has already delivered targeted training and introduced the Climate Risk Navigator tool, which enables the central bank to assess climate-related risks and guide financial institutions in aligning with global standards.

The programme is financed by Germany and Luxembourg through the Greening Financial Systems Fund, a multi-donor vehicle established by EIB Global. It is implemented in close coordination with the NDC Partnership to support more climate-resilient financial systems.

In our previous coverage of proposed changes to the EU Emissions Trading System (ETS) and its market stability reserve, we explained how EU governments aim to curb carbon-price volatility by retaining more excess CO2 permits in reserve and delaying cancellations until 2030. We also outlined the planned post-2031 cancellation thresholds and why the reform is intended to limit the ETS-related impact on electricity costs while negotiations with the European Parliament continue.

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