VILNIUS, Oct. 1 (Xinhua) -- Experts from the European Commission (EC) and the European Bank for Reconstruction and Development (EBRD) began drafting here on Tuesday Lithuania's Strategy and Action Plan on Sustainable/Green Finance.
Lithuania is the first country to launch a project in the field of sustainable finance together with the EC and the EBRD, the country's Ministry of Finance said in a statement.
"The world's attention is shifting towards the opportunities provided by sustainable finance in order to manage the effects of climate change. Our goal is to respond proactively to the ongoing changes through sustainable finance, to become the best jurisdiction for financial services in the region and to show the example for other countries," the statement quoted Minister of Finance Vilius Sapoka as saying.
The team of EC and EBRD experts will also work on a feasibility study on the establishment of a Green Finance Institute in Lithuania.
The joint initiative by the Lithuanian authorities, the EC and the EBRD is expected to offer the Lithuanian companies more opportunities to attract funding for sustainable projects and to create attractive conditions for new international investors.
The project will be funded by the European Union (EU).
According to the Ministry of Finance, the transition to a green economy is one of the priorities laid out in the country's development strategy "Lithuania 2030." To date, the country has allocated a significant share -- 1.3 billion euros (1.42 billion U.S. dollars) -- of EU investment in 2014-2020 to sustainable development.
Lithuania's initiatives in the area of sustainable finance are in line with Paris Agreement targets on climate change, the ministry's statement said.