Governor of the National Bank of Georgia, Natia Turnava, took part in a panel discussion held in Luxembourg as part of the meeting of the International Monetary Fund and the World Bank Group member countries, the National Bank reported.

The discussion focused on the importance of the green economy, along with current global challenges and emerging trends. The President of the European Investment Bank, Nadia Calviño, delivered closing remarks at the session.

Prior to the panel, Natia Turnava moderated a session titled ‘The Role of Central Banks in the Green Economy.’ The keynote speaker was Frank Elderson, Member of the Executive Board of the European Central Bank. The discussion centered on sustainable finance, climate change, and the role of central banks in advancing these priorities.

During the session, Turnava highlighted that developing sustainable financial markets is a key pillar of the NBG’s sustainable finance framework. She noted that the National Bank has introduced a taxonomy for sustainable finance—encompassing both green and social classifications—effective since 2023.

“This framework defines green, social, and sustainable loans in Georgia and sets disclosure requirements for financial institutions. Banks currently use this taxonomy to issue and report on green and social loans. As of December 2024, green loans made up about 2% of total lending,” she stated.

Turnava also emphasized the importance of harmonizing national taxonomies with regional and international standards to foster cross-border cooperation in an increasingly interconnected financial landscape.

The meeting (OEDNE/EDS19) serves as a key platform for policymakers, financial leaders, and experts to address pressing global economic issues and explore solutions.