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Key performance indicators in green transition: case of Serbia

2025, Bankarstvo, Volume 53, Number 2-3, pp. 194-223

https://doi.org/10.5937/bankarstvo2403194M

Abstract

Serbia, like nearly every other nation in the world, is putting into practice a green transition strategy to create a low-carbon economy founded on sustainability objectives. As a result, a system is established that will grow and develop based on protecting the environment while honoring the social and economic facets of business. Coordination between the public and private sectors must be established in order to meet the specified objectives. This paper aims to assess the major performance indicators in the green transition using Serbia as an example. Specifically, we will look at the green growth index, the shift to using more green energy, and the issuance of green financial instruments. These three metrics were selected to demonstrate Serbia's advancement toward sustainable development and the green transition, both of which are critical to the deployment of adaption strategies and the mitigation of climate change's effects. In terms of methodology, the Sarkodie et al. (2023) analysis indicates that the generalized least squares attributed-standardized-weighted index serves as the foundation for the computation of the summary index, which in turn forms the basis of the green growth index. The Ministry of Finance's Public Debt Administration provided data for emissions of green instruments, while the Electric Power Company of Serbia provided data for the analysis of the energy transition. According to the analysis, Serbia has made significant progress in terms of the green transition indicators examined. However, more work needs to be done to achieve the goals of sustainable development to boost domestic and international competitiveness through the use of entrepreneurship, knowledge, and innovative solutions.