The National Bank of Moldova, in collaboration with the Moldovan Banks Association and the International Finance Corporation (IFC), a member of the World Bank Group, recently organised the online workshop entitled " ESG Amendments to the Banking Legislation in Moldova – Practical aspects of implementation".

The event brought together more than 60 participants, including representatives of the National Bank of Moldova, licensed banks and other stakeholders from the financial sector. The workshop aimed to strengthen the banking sector's capacity to identify, assess, manage and monitor environmental, social and governance (ESG) risks in banking activities.

The workshop was organised in the context of the proposed amendments to the banking legislative framework relating to environmental, social and governance risks, in line with the commitments undertaken by the Republic of Moldova as part of its European Union accession process, as well as the objectives set out in the Sustainable Finance Roadmap approved by the National Bank of Moldova in 2024.

During the workshop, IFC experts presented the main ESG risk-related amendments proposed to Law No 202/2017 on the Activity of Banks and to National Bank of Moldova Regulation No 322/2018 on the Banking Activity Management Framework, both of which are currently undergoing public consultation. The workshop also covered the key provisions of the draft Regulation on the Management of ESG Risks, as well as practical aspects relating to the organisation of governance structures, the integration of ESG risks into banks' internal processes, and the implementation of the new requirements in their day-to-day operations.

The discussions also focused on the ways in which banks can prepare for the gradual and effective implementation of the new regulatory framework. The interactive segment of the workshop provided participants with the opportunity to analyse, in working groups, the main practical challenges and possible courses of action for strengthening internal mechanisms for managing environmental, social and governance (ESG) risks.

By promoting a modern regulatory framework for ESG risks, the National Bank of Moldova aims to strengthen the resilience of the banking sector, enhance transparency, improve risk management practices, and gradually align with European and international standards in the field of sustainable finance.

The workshop marks an important milestone in preparing the banking sector for the integration of ESG risks into its operations and contributes to the development of a more resilient, more responsible and better-connected financial system that supports the sustainable development objectives of the Republic of Moldova.