Moldova's Green Finance Convergence: Regulation and Investment

Abstract

The Republic of Moldova is currently navigating a complex transformation of its financial architecture, driven by the dual imperatives of national sustainability objectives and European Union (EU) accession. This study analyzes the harmonization of Moldova's financial sector with EU standards, focusing specifically on the National Bank of Moldova’s (NBM) Sustainable Finance Roadmap (2024–2028) and the critical role of International Financial Institutions (IFIs) in de-risking private capital. We examine the structural shift from a conservative, liquidity-rich banking sector toward active green lending, evidenced by a 127% growth in specific green portfolios between 2022 and 2025. The analysis identifies key structural impediments—primarily administrative capacity deficits and energy storage limitations—and argues that despite regulatory progress, the €30 billion investment gap required for the Nationally Determined Contribution (NDC 3.0) cannot be closed without sovereign intervention in physical infrastructure. UDC: [336.7:061.1EU]:[504.06+551.583](478); JEL: G28, Q54, F35