MFIC is focused on the green economy, which is evident in our creation of a working group tasked with proposing key sector reforms and attracting responsible investors
The European Bank for Reconstruction and Development (EBRD), the EU and other development partners work closely with Montenegro to support the groundwork for a robust renewable energy sector through policy dialogue, technical assistance and investments in energy infrastructure.
“As a result, Montenegro is making steady progress in regulatory reforms to increase its renewable energy capacity within the national grid,” says Remon Zakaria, MFIC Board of director member and EBRD Head for Montenegro.
The EBRD and EU are providing technical assistance to Montenegro in support of the launch of international auctions for renewable energy projects, implementing reforms aimed at integrating Montenegro’s power market with that of the EU and regional power markets, and strengthening the corporate governance of state-owned enterprises.
“This initiative supports the advancement of the regulatory framework for renewable energy and facilitates the integration of Montenegro’s power market with the EU and regional markets, which is essential to the country’s green transition and EU integration,” says our interlocutor.
How can MFIC members, with their expertise and experience in this field, assist the business community in properly leveraging the potential offered by energy transition?
— The green economy is one of MFIC’s strategic priorities. A working group has been formed to discuss and propose key sector reforms to advance Montenegro’s progress. The annually published MFIC White Book includes specific recommendations in this field.
With EBRD support, a landmark renewable energy law is nearing adoption and will mark a significant step towards a sustainable energy future for Montenegro
One key goal is to improve access to capital and attract socially responsible investors. A recent MFIC survey showed that 40% of member companies monitor their GHG emissions, while 24% of them fully disclose indirect emissions along the value chain (scope 3).
At MFIC, we are dedicated to improving the business environment and fostering strong government relationships through proactive engagement. Our mission is to catalyse Montenegro’s economic development by creating an attractive business environment for investors and talented individuals. Through constructive dialogue and collaboration, we aim to enhance the regulatory framework, support renewable energy integration and drive sustainable growth for Montenegro’s future.
What would be the most important steps to increase investments in this area moving forward?
— To increase investments in Montenegro’s renewable energy sector, it’s essential to adopt relevant policy reforms and enhance energy infrastructure, including the grid, substations and distribution networks. Transparent international auctions, streamlined permitting processes and a clear regulatory framework will attract global investors.
Promoting transparency in environmental reporting and encouraging sustainability practices will also draw socially responsible investors.
Montenegro can additionally accelerate energy efficiency investments in buildings by enforcing secondary regulations governing energy performance directives and certifications. This will contribute to creating an enabling environment for financing green mortgages and green buildings.