EVOLUTION OF GREEN FINANCE IN ALBANIA

Aim: Green finance is a concept that is only partially known in Albania. However, Albania is committed to supporting green agreements for a planet that respects the environment and sustainability. For this reason, this paper aims to analyze the level of knowledge and awareness of Albanian people regarding green finance, the financial products that are part of green finance, the activities developed to promote green finance, as well as the expected results regarding the commitment towards a sustainable green world. Methods: In or­der to study the latest developments, a questionnaire was built, which was distributed at institutions that are related to sustainability activities or are responsible for sustainability reporting and also where the financial institutions that produce financial products that promote green finance operate. Results: The results of the study show an increasing trend of activities in support of sustainable development, but still relatively little recognition of the problems related to the emission of greenhouse gasses and climate change. Reporting about sustainability activities is in the process of being included in financial reporting standards. Conclusions: In conclusion, green finance in Albania is in its first steps and needs general awareness and involvement of all actors to make possible a quick transition to a sustainable economy and living. Reporting about sustainability activities is still voluntary and not mandatory; standards about sustainability reporting are still in progress and, when finalized, will help to boost all individuals and enterprises toward performing and reporting sus­tainability activities.