The NBM, with support from the IFC, is developing taxonomy (nomenclature) for directing investments toward environmentally friendly economic activities
According to the National Bank of Moldova (NBM), this initiative is being implemented with the support of the International Finance Corporation (IFC), member of the World Bank Group, in the context of Moldova's commitments in the process of accession to the European Union, including compliance with European standards in the field of environmental protection and sustainable development. According to the NBM, sustainable finance taxonomy is a classification system that sets clear criteria for determining which economic activities are considered environmentally sustainable. This system is crucial for directing investment towards projects and companies that contribute to environmental protection, carbon emission reduction, and resource efficiency. In addition, taxonomy helps prevent “greenwashing,” or the false promotion of an environmental image. Meetings were recently organized with representatives of the Advisory Group on Sustainable Finance, the financial sector, and the IFC's Sustainable Finance Project Team in Moldova to discuss the draft taxonomy. The Advisory Group brings together representatives of the NBM, the National Financial Market Commission, and relevant ministries: the Ministry of Economic Development and Digitalization, the Ministry of Finance, the Ministry of the Environment, the Ministry of Energy, the Ministry of Agriculture and Food Industry, Ministry of Infrastructure and Regional Development, Ministry of Labor and Social Protection, and the Moldovan Banks Association. Its activities are based on a Memorandum of Understanding signed between the Government of Moldova, the NBM, and the National Financial Market Commission on the development of a framework for sustainable and responsible finance. During the meetings, the main components of the taxonomy were presented, practical issues related to its implementation were discussed, and proposals were made to adjust the document to ensure its effective and consistent application with international standards and local realities. The next step is to finalize the regulatory act on green taxonomy and submit it for public consultations. "The NBM reaffirms its commitment to supporting initiatives that promote the sustainable development of the economy and the financial sector. The development and harmonization of the sustainable finance taxonomy is an important step towards creating a clear and effective system that encourages responsible investment and ensures transparency and consistency in the allocation of capital," emphasized NBM Governor Anca Dragu. According to her, the National Bank of Moldova will continue its dialogue with stakeholders and support efforts to finalize and implement the taxonomy in line with leading European and international practices. The IFC's Sustainable Finance Project in Moldova, implemented with the support of the Facility for Investment Climate Advisory Services (FIAS), will contribute to the development of a sustainable finance system in Moldova over the next 3.5 years. // 21.07.2025 — InfoMarket
