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ESG Principles Are Vital

The Foreign Investors Council of Serbia (FIC Serbia) provided a significant contribution to shaping the country’s regulatory framework for renewable energy sources and raising awareness of the importance of green building

In its activities to date, FIC Serbia has focused to a large extent on digitalisation, responsible business operations, the essential requirements of the green transition of the Serbian economy and the implementation of a circular economy. These topics are not in the focus of our member companies merely because of the need to follow EU regulations, rather they are recognised as imperatives to enabling the further economic growth and development of our society, and to utilising the economic potential of the present. Moreover, our member companies transfer their knowledge and experience from their countries of origin to their Serbian employees, but also to local business partners, particularly in supply chains, thus creating a better and healthier environment for all of us.

We would emphasise in particular the FIC’s contribution to creating a regulatory framework governing renewable energy sources, as well as understanding the significance and need to introduce green building rules that were implemented in the most recent Amendments to the Law on Planning and Construction. The principles and rules of green building have a positive impact on reducing greenhouse gas emissions, as they imply the use of ecologically certified building materials and equipment, the more efficient use of all available resources, reducing the generating of construction waste and improving its utilisation, as well as calling for demolition in accordance with the circularity model, with the use of renewable energy sources, all of which will undoubtedly result in improving the quality of life of all users, furthering environmental protection and advancing the sustainability of business.

Our members provided a major contribution to advancing waste management regulations, primarily in the area of introducing the issuance of “green” certificates

Council member companies are aware that the time when the principles of environmental protection, social responsibility and conscientious corporate governance (ESG) were the subject of interest for a small group of socially conscious individuals and organisations has long since passed.

When it comes to these issues, clear obligations for companies are being introduced in developed economies worldwide. As such, these principles are becoming an indispensable element of doing business – both because of cooperation with regional bodies that have already developed standards in this regard and because of the need to preserve society and the planet. We are particularly proud of having staged the first conference on regenerative agriculture, which we organised in cooperation with the EBRD in September 2023.

The regenerative agriculture concept has an important role to play in strengthening resistance to palpable climate change, preserving biodiversity and the environment, as well as in ensuring the sustainability of food production for future generations. Launching discussion of this important topic in our public is also essential to the functioning of supply chain systems that include local agricultural producers, especially if they take into consideration companies’ activities, but increasingly also the obligations of companies that operate in the EU in terms of the need to adapt to new regulations and recommendations, as well as positive practices aimed at improving environmental protection and reducing emissions of harmful gases.

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