Global trends increasingly position sustainability as a key component of success, presenting significant challenges for entrepreneurs. The Development Agency of Serbia (RAS) recognizes the importance of sustainability in business operations and actively contributes to implementing ESG principles through various initiatives and programs. The Agency strives to help businesses improve their operations, become more competitive, and attract foreign investments through education, consulting, and financial support.
RAS fully supports ESG principles, viewing them not only as essential for environmental protection but also for responsible behavior toward employees and the broader social environment. Radoš Gazdić, Acting Director of RAS, emphasizes that while the formal application of ESG principles in Serbia is not yet mandatory, it is gradually becoming a standard for good governance, particularly among large companies operating within the European Union. According to him, Serbia already has a solid foundation for further alignment with ESG principles, with nearly 27 percent of its electricity coming from renewable sources. However, he underscores the need for progress in areas such as waste management and the development of green energy.
“We are actively working on educating small and medium-sized enterprises (SMEs), helping them adapt to ESG standards. Since 2022, in cooperation with UNDP, numerous workshops and activities have been organized, involving over 30 participants in the RAS Supplier Development Program aimed at integrating SMEs into the supply chains of multinational companies. Additionally, at the beginning of 2024, in partnership with the International Labour Organization (ILO), training sessions were conducted focusing on Germany’s Supply Chain Due Diligence Act and EU directives, emphasizing establishing internal grievance mechanisms within companies. These activities help businesses align with modern sustainable business requirements,” explains Gazdić.
IN FOCUS:
- A Guardian Of the Environment From Ljusina
- New Business Perspectives – Investing in Solar Energy
- Legal Framework for ESG Issues in Serbia
The Agency is planning new workshops for the SME sector in collaboration with UNDP. These free workshops will enable entrepreneurs to apply ESG principles practically in their businesses. Entrepreneurs will gain concrete tools and methodologies for implementing sustainable business practices.
Foreign investors planning large-scale projects often require adherence to specific environmental and social standards, such as using green energy, reducing carbon dioxide emissions, responsible waste management, and recycling. Gazdić notes that Serbia is ready to meet these demands but reminds us that realizing major projects takes several years for investors and the state. Therefore, it is crucial to assess Serbia’s ability to respond to investors’ needs within the appropriate timeframe for project implementation.
“One of the key goals of the Development Agency of Serbia is to increase the international visibility of our country as an attractive destination for sustainable investments. We aim to enhance the country’s competitiveness in the global market by promoting the advantages Serbia offers regarding ESG standards. In this context, RAS is connecting with investments that enable the green transformation of the economy and increase Serbia’s competitiveness,” he explains.
Prepared by Milica Radičević
The story was published in the Energy portal Magazine RESPONSIBLE BUSINESS
