At a moment when the world is once again shifting its focus from sustainability to rapid profit, Erste Bank in Serbia is doing the opposite precisely: we remain the most significant financial actor in investments in renewable energy sources while simultaneously introducing a new model of active ESG mentorship for Serbian companies—using our internal resources, without engaging external consultants.
While the global landscape in recent months has increasingly downplayed the importance of ESG standards and attempted to redirect attention solely to profit and short-term goals—often neglecting long-term ones—at Erste Bank, we choose a different path. We believe that capital holds its most significant value when it improves reality—when it drives us toward a sustainable future. We do not wait for these changes to happen on their own—we initiate them.
Our sustainable finance strategy is rooted in the belief that the financial sector plays a key role in accelerating the transition to a low-carbon economy. As part of the Erste Group, we are fully aligned with European targets and decarbonization standards, but what we are doing in the domestic market goes beyond the traditional banking approach of simply providing financial resources.
This means we do not observe change from the sidelines—we actively build partnerships with our clients, especially with small and medium-sized enterprises, which bear the greatest burden of shifting to sustainable operations. Recognizing their need for concrete support, we launched a pioneering advisory decarbonization process conducted entirely with our internal expertise.
To begin, we selected 13 clients from various industries across Serbia, held a joint meeting, developed an ESG questionnaire, and conducted a comprehensive analysis for each client. Based on this work, we created personalized ESG roadmaps with clearly defined goals and guidelines, which we will further refine in the coming months through on-site visits. Monitoring of results is planned for 2026.
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This approach is intensive, demanding, and fundamentally developmental for us. Still, it strengthens our internal knowledge and raises the standards of the banking sector—not only in Serbia but across the region.
Our engagement, however, does not end there. In cooperation with the UN Global Compact in Serbia, the Serbian Chamber of Commerce, and other participants from various sectors, we took part in a series of autumn educational events in Negotin and Novi Sad. By the end of the year, another session will be held in Čačak, and at the beginning of next year, we plan to visit Valjevo and Šabac. At these workshops, we brought together small and medium-sized enterprises to discuss ESG principles and sustainable business practices—why they matter for them, and the role banks play in the green transition through sustainable finance and educational guidance. By emphasizing the importance of these topics and the benefits of implementing such principles, we demonstrated that the transition cannot be carried out individually—it requires cooperation among all stakeholders, shared learning, and synergy.
As the world faces increasingly frequent climate extremes and their already measurable economic consequences—from pressure on food prices to jeopardized electricity production—it is clear that the green transition is not a trend but a necessity. Any further delay will come at a much higher cost.
In Europe, it is already estimated that extreme weather events will result in at least EUR 43 billion in direct losses this year. Serbia, given its economic structure and energy challenges, cannot afford to fall behind, especially as it ranks first in Europe among countries most affected by the consequences of climate change.
This is why Erste Bank is leading the transition—not only with capital, but with knowledge, people, dialogue, and hands-on work with clients. This is banking that creates value through action and transformation, not by observing from the sidelines.
The path we have chosen is more demanding—but it is the only one that makes sense at this moment.
*Katarina Majić, Senior ESG Specialist, Erste Bank Serbia
*Sanja Prvulović, Medior ESG Specialist, Erste Bank Serbia
Erste Bank
The story was published in Energy portal Magazine RESPONSIBLE BUSINESS
