The Green Finance Institute Is Being Established in Lithuania
The Green Finance Institute is being established for the smooth transition of Lithuania to a green economy, efficient use of renewable energy resources and to become a regional leader in the field of green finance. It is planned that by 2030, the transition to a green economy will require at least EUR 14 billion – of which almost EUR 10 billion are to be covered by public funds, mobilizing another EUR 4 billion from private investors. The main task of the Institute is to strengthen the partnership between the public and private sectors and promote the attraction of private investments, while also increasing the investment attractiveness of the entire country.
"Lithuania is taking regional leadership in the field of green finance and is starting to create an ecosystem of business, state and private investors that would increase access to sustainability-related data, develop a green investment labeling system, ensure the dissemination of related information, and coordinate cooperation between state institutions and market participants," noted Minister of Finance Gintarė Skaistė. "At the same time, the Institute of Green Finance will contribute to the implementation of sustainability requirements set by the European Commission and help the market prepare for changes."
As the Government finalizes the consolidation of National Development Institutions, the Institute would operate within the internal structure of the consolidated institution and would engage in consulting both state and municipal institutions as well as private sector companies on green finance issues, perform an analytical function, and provide expert and technical assistance. The selection of the head of the Green Finance Institute will be announced on 8 June, Thursday.
Please note that the Green Finance Institute is a part of the 2023-2026 Lithuania’s Green Finance Action Plan. The purpose of the Plan is to promote the development of green public and private finances in Lithuania, to create a favourable ecosystem for green investments, to create prerequisites for attracting private sector investments to achieve green goals, to encourage the creation of green financial products intended for a wider circle of investors, which would allow financial resources to be directed to green projects and thus contribute to broader green transformation of the Lithuanian economy. Representatives of the public sector and the financial market participated in the preparation of Lithuania's Green Finance Action Plan, involving also consultants from the European Bank for Reconstruction and Development (EBRD) and foreign experts.
Last updated: 05-06-2023
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues