At the ESG Adria Summit 2025, held from 9 to 11 April in Porto Montenegro, Tivat, our Partner Petar Mitrović moderated the panel titled “Mobilising Capital for Green Projects.” This discussion brought together experts to explore strategies for financing sustainable initiatives in Southeastern Europe.
The panel featured: Sanja Božinovska, Minister of Energy, Mining and Minerals of North Macedonia, Matteo Colangeli, Regional Director for Western Balkans at the European Bank for Reconstruction and Development (EBRD), Ivana Fernandes Duarte, Regional Manager for the South Caucasus and Climate Anchor for the Europe region at the International Finance Corporation (IFC), Dimitar Enchev, Co-founder & CEO of CWP Europe, and Daniel Lancha, Partner at Alcazar Energy.
The discussion focused on key challenges and opportunities in financing green projects in the region, with a particular emphasis on the role of governments, development finance institutions (DFIs), and private investors. As Petar Mitrović highlighted in his brief introduction, while Europe’s renewable energy sector has seen impressive growth — with 62GW of new solar capacity and nearly 16GW of new wind added last year — these numbers are not enough to meet the EU’s 2030 and 2050 climate and energy targets. The Western Balkans, in particular, have faced hurdles in this transition (with only a handful of exceptions, primarily Serbia), largely due to factors such as political uncertainty, underinvestment in grid infrastructure, and complex permitting processes.
One of the biggest barriers to green investment is the perception of risk. Panelists discussed how governments can work to de-risk investments, whether by creating more predictable regulatory frameworks or by actively investing alongside the private sector.
The panel also explored the vital role of DFIs in driving green finance, noting that their value extends beyond just providing finance. They also help to create the enabling environment that attracts further investment.
A significant part of the conversation revolved around new financing models, including corporate power purchase agreements (PPAs), which are gaining attraction in the region. The panelists discussed what is needed to make these models more bankable and scalable in the Western Balkans.
Finally, the panel stressed the importance of collaboration between the public and private sectors to drive the green transition, with government involvement in creating transparent frameworks and the private sector playing a pivotal role in project financing and implementation.
The ESG Adria Summit has established itself as the key event in Southeast Europe dedicated to advancing sustainability and the ESG agenda. Organised in partnership with the Government of Montenegro and under the auspices of the President of Montenegro, the summit brings together business leaders, government officials, investors, policymakers, innovators, and ESG experts. The 2025 summit focused on themes such as financing resilience, infrastructure for transformation, and collaboration, innovation, and leadership.
We are happy to have an opportunity to contribute to this significant dialogue, reinforcing our commitment to supporting sustainable development and green initiatives in the region.
Partner refers to independent Attorney at Law in cooperation with Karanovic & Partners.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.
