Green Serbia 2025

THINKING GREEN & LIVING CLEAN SPECIAL EDITION 2025

CONTENTS 04 Green Ambition, Local Contradiction COMMENT

06 I rresponsible Mining Undermines Serbia-EU Relations Slobodan Vukosavić Academician

10 Greater Wind and Solar Energy Output Danijela Isailović Renewable Energy Sources of Serbia (RES), manager

12 Packaging Waste as a Resource Violeta Belanović General Manager of Sekopak

13 Sustainable Retail Parks Are the Future CPI PROPERTY GROUP

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THINKING GREEN & LIVING CLEAN 2025

THINKING GREEN & LIVING CLEAN 2025 14 Two Decades of Growth, One Clear Mission Nenad Đurđević

Commercial Director SEE, Turkey and CIS Ball Corporatio; President of Alliance for Circular Packaging Serbia

16 Marking Earth Day Through Environmental Action MLEKOPRODUKT

17 Sustainability Is the Only Way Forward Svetlana Smiljanić Member of the Executive Board, Wiener Städtische Insurance

18 C an COP30 Succeed Where COP29 Failed?

22 F rom Blackout to Blueprint Aleksandar Kovačević cordmagazine.com

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COMMENT

GREEN AMBITION, LOCAL CONTRADICTION

nvironmental awareness is growing steadily in Serbia, but true sustainability requires more than solar rooftops and policy declarations. The path to green development is paved with complex questions of accountability, resilience and long-term responsibility.

Serbia stands at a critical environmental crossroads. On one hand, there is encouraging momentum in the development of renewable energy—wind farms are expanding, rooftop solar panels are multiplying, and interest in green technologies is becoming more mainstream. On the other, this visible progress is being complicated by deeper structural and policy challenges:

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the spread of environmentally risky mining projects, gaps in institutional capacity, and an overreliance on imported energy and short-term investment logic.

As European countries increasingly lean on renewable energy and set ambitious climate targets, events like the recent blackout on the Iberian Peninsula serve as a cautionary tale. They underscore the complexity of maintaining energy stability in a system heavily dependent on wind and solar—and highlight the strategic importance

of hydropower and grid flexibility. These lessons are particularly relevant for Serbia, which possesses untapped hydropower potential but has yet to fully integrate into Europe’s clean energy framework.

Rather than being treated as a periphery of Europe’s green ambition, Serbia and the Western Balkans should be empowered to

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contribute to the continent’s energy resilience. However, this requires more than infrastructure—it requires trust, transparency, and a clear policy vision that balances national development with regional cooperation. Investments must not only be bold but cordmagazine.com

also aligned with environmental and technical standards that reflect local realities.

Too often, “green” initiatives in the region are implemented through mechanisms that prioritise compliance on paper while absolving actors of responsibility for real-world outcomes. Similarly, trade measures such as the Carbon Border Adjustment Mechanism (CBAM), though designed to encourage decarbonisation, risk under-

mining regional investment unless implemented with nuance and fairness.

What Serbia needs is a forward-looking strategy—one that combines energy independence, innovation, and industrial competence. It must move beyond simply following policy templates drafted elsewhere.

Without clear investment in energy storage, transmission infrastructure and environmental enforcement, the country risks being locked into a role of passive provider rather than strategic partner.

The paradox is this: Serbia is rich in natural and human resources that could support a just transition, but unless these resources are stewarded with care and foresight, the green agenda could come to resemble just another form of exploitation. Sustainability, after all, must begin at home—not only in kilowatts and emissions targets, but in values, institutions and shared responsibility.

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acing the dire consequences of global warming, humanity is compelled to reduce CO₂ emissions and find alternatives to fossil fuel energy. The plan known as the “Green Agenda” entails solutions such as electric vehicles, batteries, solar power plants, wind farms, and other devices that require significantly higher amounts of hard-to-access critical minerals, which are scarce in the lithosphere. However, numerous decisions of the green agenda have been made by politicians influenced by profit-driven large capital, with insufficient input from independent experts, considering market laws but not the laws of physics, says Academician Slobodan Vukosavić. Hence, he notes, “the timeframe of profit-oriented planning considers a rather short time interval and cannot accommodate the dynamics of the energy sector.” When we look at the United States, we see that changes in U.S. policy reflect the need to develop technologies that require fewer critical minerals, such as hydrogen cars, the use of solar and wind energy to produce green fuels, nuclear power plants, geothermal energy, biomass, and other sources, Vukosavić points out. “These changes are already having a strong impact on the development plans of key manufacturers,” our interlocutor observes.

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SLOBODAN VUKOSAVIĆ Academician

INTERVIEW

IRRESPONSIBLE MINING UNDERMINES SERBIA-EU RELATIONS The EU Encourages the Use of Serbia as a Raw Material Base, with Vague Environmental Guarantees and No Benefits for Citizens.

In Conditions of Corruption, Weak Rule of Law, and EU Support for the Authorities, Promises from Brussels Seem Unconvincing

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In this context, how do you view the current global race for critical raw materials, including the “Jadar” project? How do you perceive the fact that the views of our experts have equally little influence on both our and the European public?

— Decisions made by politicians are increasingly influenced by large capital, while the influence of experts and citizens themselves is diminishing, with their interests often taking a back seat. Leading corporations and financial institutions

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influence the adoption of policies and the making of decisions and laws to achieve higher profits, considering the short-term effects of their actions. Public unawareness allows public opinion to be shaped through the media, the imposition of prepared narratives and concepts, diverting attention, and planned suppression of critical thought. Objective facts and the opinions of experts with integrity are increasingly less accessible to citizens, leading to the degradation of democracy into a facade for the economic interests of the elite. Vital information remains inaccessible to the public, while the media disseminate content designed to promote the interests and projects of interested companies and groups, and to suppress citizen resistance due to the violation of their interests. Peer-reviewed and published works by independent experts indicate that the Jadar project would jeopardize the water supply for 2.5 million people in Serbia, threaten agricultural activities, lead to population displacement, and create environmental refugees. However, the ruling regime and narrow interest groups are dedicated to the unscrupulous discrediting of objective views, while interested companies invest in dulling the public. On the other hand, domestic experts in mining and geology are denied the opportunity to engage in applied geological and other research, leading some to accept offers from multinational companies and produce unfounded studies on the feasibility of mineral exploitation with predetermined positive outcomes. The dissemination of findings that ignore the consequent devastation of the environment further confuses public opinion.

How likely is it that lithium in general, or lithium processed with the technology proposed in our country, will be significant for the EU’s needs?

— The planned exploitation of lithium in the Jadar Valley would require the consumption of significordmagazine.com

cant amounts of fossil fuels, incompatible with the goals of the green agenda. Specifically, it involves substantial quantities of oil derivatives and natural gas. The energy needed to produce lithium carbonate in Jadar is several times greater than the energy required to produce lithium carbonate from brine lakes (in Bolivia, Chile, Argentina, and China).

Considering that energy has a very significant share in the production cost of raw materials and finished products, it can be concluded that the prospects for profit from lithium obtained in the Jadar Valley are

ceptional potential for agriculture, coupled with a key aquifer system in Serbia. According to available knowledge, there is no way to exploit lithium, boron, cobalt, antimony, nickel, etc., in such areas without the resulting damage being incomparably greater than the benefits. According to estimates by a group of independent economists, the benefit that the Jadar project would bring to Serbia is about twenty times less than the value of the annual raspberry production in the wider area, a production that would be directly or indirectly threatened

GOLD EXPLOITATION PROJECTS POSE A SIGNIFICANT DANGER DUE TO THE AUTHORITIES’ WILLINGNESS TO ACCEPT SERIOUS ENVIRONMENTAL RISKS FOR SERBIA AND NEIGHBORING COUNTRIES significantly threatened by the exploitation of energy-cheap lithium from brine. This observation aligns with the initial statements of interested companies that they came to the Jadar Valley seeking borates.

The price of lithium on the world market has dropped more than eight times in just a few years. One reason is the availability of lithium obtained from brine. Another reason is the growing interest in cars that do not use lithium batteries.

In addition to hydrogen, there are sodium batteries that surpass lithium LFP batteries in key technical and price aspects.

You once said that there is “great pressure on countries where institutions are not developed and where there is a high level of corruption to accept opening mining in a traditional and cheap way.” Would it make sense to accept this project with stronger institutions and modern mining... higher mining royalties...?

— The Jadar project is planned in a fertile, populated area with ex-

by the initiation of the Jadar project. According to estimates, compensation for damage due to consequent pollution and remediation costs would far exceed the gross income of investors. Therefore, it is reasonable to continue lithium exploitation only in desert areas, far from key aquifer systems, agriculture, and settlements.

Although all eyes are on lithium, in reality, Serbia has many other companies dealing with other rare mineral deposits. Are such ventures equally risky?

— The company Zijin exploits copper and numerous critical minerals in Bor and Majdanpek. Very significant quantities of European copper are handed over to a non-European company, contrary to the intentions of the EU. Less than 3% of the total market value of minerals remains in Serbia, indicating that European copper is being handed over for next to nothing. Operations are conducted in such a way that arsenic and cadmium emissions exceed limit values by over thirty times, leading to

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a significantly increased incidence of non-contagious diseases and deaths. The number of employed Serbian citizens is comparable to the number of oncology patients, and according to projections, the local population (excluding numerous Chinese citizens) will be halved by 2050.

If we compare the EU’s support for other Serbian projects related to the green agenda and what

lems elsewhere (Congo, Morocco, Serbia), to countries where the protection of nature, water, human rights, and working conditions is much weaker than in the EU. Although EU representatives generally advocate for adherence to the highest environmental protection standards, exploitation is primarily planned as low-cost but dangerous for the environment in countries with underdeveloped institutional systems, high corruption po-

THE EROSION OF TRUST THAT THE BROADER SERBIAN PUBLIC HAD IN THE EUROPEAN UNION OPENS THE SPACE FOR THE ACTIONS OF NON-EUROPEAN POWERS, WHICH GOES AGAINST THE INTERESTS OF BOTH SERBIA AND THE UNION is happening around lithium, how do you think the relations between the EU and the Western Balkans and Serbia should be “read”?

— Environmentally acceptable mining is too expensive, so the EU seeks to “export” its environmental prob-

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tential, and populations that do not offer significant resistance to profitable mining at the expense of the environment and population. The latest legal regulations in Serbia create the possibility of opening over 40 mines, mainly in populated areas with successful profitable

agriculture and strategic reserves of groundwater. Upper limit values for certain critical pollutants in soil and water have been removed from the regulations, creating the possibility of mining with significant pollution, reducing investor costs, and increasing profit. If the planned mineral exploitation in Serbia is carried out, and if the affected population is not denied basic human rights, then the obstacle to the long-term supply of the EU with minerals from Serbia would be the legitimate right of the population to self-defense.

We live in a time when it is difficult to assess what will happen on the political front. Do you believe that this is a time when potentially long-term bad decisions could be made away from the public eye, or could the existing processes lead us to a new, better agenda in this area?

— Serbia is essentially and fatefully connected to the EU. The EU’s energy and raw material dependence diminishes its global political significance, which negatively affects the situation in Serbia. The prospects of Serbia and the future of mutual relations are influenced by the fact that the EU encourages the use of Serbia as a raw material base for the needs of European industry, with vague guarantees regarding environmental protection in Serbia, with the prospect of significant water devastation and land desertification, without unquestionable insurance and financial instruments for damage compensation, and without any significant financial gain for Serbian citizens. In conditions of widespread corruption, the undisputed dominance of the ruling regime’s top over the judicial, legislative, and executive authorities, inconsistent application of the constitution and laws, and the support that EU officials provide to autocratic authorities in Serbia, the promises coming from Brussels are unconvincing.

THINKING GREEN & LIVING CLEAN 2025

DANIJELA ISAILOVIĆ Renewable Energy Sources of Serbia (RES), manager

INTERVIEW

GREATER WIND AND SOLAR ENERGY OUTPUT Although wind energy has so far dominated thanks to investments from global investors, the latest auctions and upcoming projects indicate that solar is fast catching up, suggesting that in future, the gap between wind and solar will narrow significantly ast year saw €33 billion invested in renewables across Europe – a considerably better result than in previous years. Serbia has also recorded positive developments, though investors suggest that, in addition to auctions, alternative mechanisms to ensure the successful implementation of projects should be made available. We discussed the current state of renewable energy sources with Danijela Isailović, Manager of RES Serbia.

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Where does Serbia currently stand compared to Europe and the rest of the world?

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— With 585 GW of newly installed renewable power globally, the world has now reached 4,448 GW of green energy capacity. Solar remains the fastest-growing green energy source, having recorded a global increase of 29 per cent last year. Within the EU, the wind and solar share of the energy mix rose from 17 to 29 per cent over the last five years, according to data from Ember, a global energy think tank.

Wind energy currently provides 19 per cent of Europe’s electricity.

Statistically speaking, Serbia is performing well. According to the Energy Agency, 38.1 per cent of electricity produced in Serbia in 2023 came from renewables, more than

85 per cent of which originated from large hydropower plants. Wind accounted for 2.8 per cent, while solar, biomass and biogas collectively contributed around one per cent.

We clearly need to generate more electricity from wind and solar sources. Both citizens and the government have recognised the potential of solar energy, which has led to a mass installation of rooftop solar panels on homes, public institutions and factories. We currently have around 95 MW of prosumers.

These figures will be improved by the construction of wind and solar plants that won the 2023 auctions, as well as those from the latest round of auctions concluded this year. Of the major projects that emerged victorious, only the Pupin Wind Farm (95.5 MW) has been connected to the grid so far. Over the coming years, we expect at least an additional 1 GW of auction-winning plants to be built.

We believe that auctions are a secure and effective model for securing new renewable capacities – a win-win solution for both the state and private investors. The state – or more precisely, the Electric Power Industry of Serbia (EPS) – receives cheap green energy, while investors benefit from a guaranteed 15year power purchase agreement and an auction premium. As an association, we advocate for the third

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round of auctions to take place as soon as possible, alongside the adoption of appropriate regulations and a new three-year auction plan.

Of course, new capacities can and should be developed, and electricity can also be sold through corporate Power Purchase Agreements (PPAs).

In your view, what represents a healthy balance between the evident interest shown by citizens, as well as small and large companies, in investing in renewables and the risk of overcapacity? How can Serbia best utilise its renewable potential and channel the current momentum in a smart way?

— To avoid imbalances in production and ensure the stability of the power system, strategic planning and coordination among all stakeholders – the state, private sector and citizens – is crucial. Investments in infrastructure that can integrate renewables into the energy system are key.

In previous years, we faced a glut of projects and an unrealistic 26 GW of grid connection requests. This prompted the state to introduce stricter regulations, bank guarantees and limitations, which in turn drastically reduced the number of ongoing projects.

Further development of renewable energy projects and grid balancing will require the construction of the Bistrica reversible hydropower plant, as well as battery storage facilities. Interestingly, 70 per cent of Europe’s battery storage capacity is located in Germany – once again highlighting why Germany is the leader in wind and solar electricity production.

At COP29 last year, more than 100 countries and organisations signed a declaration calling for a sixfold increase in energy storage capacity by 2030.

Among your members are not only major players in wind and solar power, but also pellet producers who, after lengthy discordmagazine.com

cussions with the state, have reached an agreement that should allow the domestic pellet industry to continue developing. How effective do you believe this solution to be, and what should be the next steps?

— Our member, Eko Step Pellet – which is also one of Serbia’s largest prosumers – is active in pellet production. Unfortunately, this industry, which falls under the forestry and wood-processing sectors, has long faced a series of challenges. We provide support where we can and where we have expertise.

The Ministry of Mining and Energy has adopted a new Rulebook on Solid Fuels from Wood Biomass, which stipulates that only high-quality pellets meeting EU standards may be sold on the Serbian market.

This move should help preserve the competitiveness and sustainability of the domestic pellet industry.

Wind farms are currently more present in Serbia than solar power plants. Is this a natural consequence of Serbia’s climate, or do you foresee a more balanced distribution of the two sources in future?

— Wind energy gained a head start in Serbia due to serious global investors who recognised our natural potential more than 15 years ago and were willing to invest both time and resources in wind measurement, multi-year project development, and at times even wait for favourable regulation.

That is why we now have over 600 MW of wind energy installed, but not a single large solar power plant (i.e. over 10 MW) connected to the transmission grid. Previous regulations – whether they related to feed-in tariffs or auction quotas – merely reflected the actual state of the market and the level of project development.

However, this trend is now shifting. In the most recent auctions, a solar power plant exceeding 100 MW emerged as the winner and will be connected to the transmission sys-

tem. Looking at projects currently under development, some 6.5 GW of wind and 3.7 GW of solar capacity are on the grid connection list, suggesting that wind will not remain far ahead of solar in the coming years.

What new topics will be addressed at your upcoming annual conference?

— Alongside the already established themes of wind and solar energy, renewable project financing and the energy market, last year’s conference highlighted the growing importance

AT RES SERBIA 2025 CONFERENCE, WE WILL DISCUSS THE CHALLENGES FACED BY THE SECTOR OVER THE PAST YEAR, AS WELL AS ALL RELEVANT AND THOUGHT-PROVOKING TOPICS – EVEN THE TRICKY ONES of e-mobility, ESG, and education – all of which we intend to revisit with further depth and nuance.

At RES SERBIA 2025 conference, we will address the issues that have emerged in the renewables sector over the past year. Most importantly, we do not sell speaking slots or airtime. Our conferences provide a genuine platform for discussion, where questions from both the audience and moderators are answered openly.

We will talk about everything that is timely and relevant – even when it may be uncomfortable.

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PACKAGING WASTE AS A RESOURCE When it comes to responsible waste management in Serbia, Sekopak is a name that stands out.

Established in 2006, this packaging waste management system operator was founded on the principle that packaging should not be seen as a problem, but as a valuable resource

VIOLETA BELANOVIĆ General Manager of Sekopak

ver the course of nearly two decades, Sekopak has recycled more than one million tonnes of packaging waste and has played a key role in building a sustainable waste management system nationwide.

Through partnerships with companies placing packaging on the market, Sekopak ensures that packaging is properly collected and recycled—thereby closing the loop of the circular economy.

“Our role is not simply to help clients meet legal obligations – we

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are evolving with it,” Belanović affirms.

Fully aware that investment in infrastructure and public education forms the backbone of a successful system, Sekopak installed more than 2,000 containers for primary waste selection in the past year alone. “There is no successful recycling system without the trust and participation of citizens,” she notes.

The introduction of municipal packaging waste recycling targets last year marked, in her view, an important step towards more realistic monitoring of results. “Even

SEKOPAK HAS LONG PARTICIPATED IN CONSULTATIONS FOR DRAFTING KEY NATIONAL DOCUMENTS, INCLUDING THE NEW PACKAGING WASTE REDUCTION PLAN COVERING THE PERIOD THROUGH TO 2029 are building a system,” says Violeta Belanović, General Manager of Sekopak.

As she explains, Sekopak has long been involved in consultations for the development of key policy documents, including the new Packaging Waste Reduction Plan for the period through to 2029. “The plan brings ambitious targets, but no surprises – the system is evolving, and we

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before this regulation came into force, Sekopak was investing in the municipal sector. For us, this is simply a continuation of the path we’ve already taken. Thanks to this proactive approach, many local authorities today have a solid foundation for more efficient packaging waste management.”

In addition to supporting the development of municipal infrastructure, Sekopak places a strong

emphasis on eco-modulation – a system that incentivises companies to use packaging that is easier to recycle. “Sekopak actively supports trends that promote a shift towards recyclable packaging, in line with European sustainability standards. In this context, we are a strong partner to our clients striving to improve their environmental performance,” Belanović explains.

This approach not only contributes to environmental protection but also enhances companies’ reputations and helps them meet growing market expectations.

Looking to the future, she notes that Sekopak is closely monitoring the Ministry of Environmental Protection’s plans to potentially introduce a deposit return scheme for PET bottles and aluminium cans from 2027. “We support initiatives aimed at improving packaging waste management, provided they are planned with care to ensure the long-term sustainability of existing systems.”

In conclusion, Belanović underlines that success depends on the concerted efforts of all actors involved. “Industry, citizens, waste operators, public utility companies and the state – we all have a role to play. Ours is to help build a system in which packaging waste becomes an opportunity, rather than a burden on the environment.”

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CPI PROPERTY GROUP

SUSTAINABLE RETAIL PARKS ARE THE FUTURE Sustainable development lies at the core of CPI Property Group’s business strategy, which is why every STOP SHOP retail park is carefully designed to contribute to the preservation of natural resources and the reduction of environmental impact or CPI Property Group, ESG principles are not merely a requirement – they are deeply embedded in the company’s philosophy. These principles represent the foundation of its longterm strategy and reflect a clear commitment to sustainability. Through its STOP SHOP retail parks, the company aims to set high standards on the market, encouraging tenants to work together in building a responsible and sustainable future.

STOP SHOP has had a presence in Serbia for over a decade. Since the construction of the first retail park in 2015, the number of locations has grown to 14. Each STOP SHOP is developed to be both functional and appealing to visitors, while also remaining socially responsible. They feature abundant green areas, LED lighting, and charging stations for electric vehicles, further promoting a sustainable lifestyle.

“At certain locations, we have also installed solar benches that enable users to charge their devices using solar energy, while photovoltaic panels help reduce dependence on fossil fuels by supplying a portion of our energy needs from renewable sources,” says Miodrag Perović, Senior Development Manager at CPIPG. He also highlights the company’s pride in the “Miyawaki urban forest” initiative

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– compact urban forests planted using an innovative Japanese method. This approach involves dense planting of native plant and tree species across all height levels, encouraging rapid growth, in-

the company has successfully integrated other sustainable systems, including rainwater collection, electric vehicle chargers, solar benches, and public lighting at selected sites,” explains Miodrag Perović, Senior Development Manager.

With a strong focus on sustainability, CPI Property Group continues to expand the STOP SHOP network in cities with high potential, particularly in areas not yet covered by modern retail formats.

The aim is to improve local offerings and strengthen infrastructure, all while upholding principles of sustainability and quality.

STOP SHOP Smederevo is entering a new phase of development, with an 8,000 m² extension planned to bring a richer offer, stronger presence of both domestic and international brands, and an entirely new shopping experience for the local community. The second phase is scheduled for the fourth quarter of 2026, announces Maja Dulc, Country Manager Operations for Serbia.

CPI Property Group is continuing to grow its portfolio, with new developments including the arrival of LIDL at STOP SHOP Čačak. The company is also exploring the acquisition of competing projects, as current yields confirm the stability and appeal of investing in the local market.

CPI PROPERTY GROUP IS COMMITTED TO ENSURING THAT EACH STOP SHOP RETAIL PARK BECOMES ENERGY SELF-SUFFICIENT, RELYING AS MUCH AS POSSIBLE ON GREEN ENERGY PRODUCED BY ROOFTOP SOLAR POWER PLANTS

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creased biodiversity, and self-sufficiency within three years, even in small urban spaces.

Until full energy self-sufficiency is achieved, CPI Property Group ensures that all electricity used across its retail parks is sourced exclusively from certified renewable sources. In addition to rooftop solar power plants with a total capacity of 4.7 MWp across five locations,

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NENAD ĐURĐEVIĆ Commercial Director SEE, Turkey and CIS Ball Corporation; President of Alliance for Circular Packaging Serbia

TWO DECADES OF GROWTH, ONE CLEAR MISSION Ball Corporation is celebrating a successful presence in Serbia that spans 20 years—distinguished by innovation, export excellence and a strong dedication to environmental sustainability

hen Ball Corporation opened its factory in B e lg r a d e b a c k i n 2005, it was the largest U.S. greenfield investment in Southeast Europe. Two decades on, it stands as a case study in sustainable growth, local integration and regional influence, exporting to over 20 countries while fostering a domestic supplier network.

At the helm of these efforts is Nenad Đurđević, Commercial Director for SEE, Turkey and CIS, who also serves as President of the Alliance for Circular Packaging in Serbia.

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In anniversary years, we often pause to take stock. Ball Corporation is marking two decades of business and has every reason to be proud. These have been 20 dynamic, exciting and milestone-worthy years.

— Ball Corporation, the world’s leading manufacturer of aluminium packaging for beverages, personal care and household products, is this year celebrating 20 years of successful operations.

When Ball built its factory in Belgrade back in 2005, it was the largest U.S. greenfield investment in Southeast Europe (OECD) at the time—an accolade it continues to hold in Serbia today. The excellent performance of the Belgrade facility, driven by the commitment of its employees, has been the reason for continued investment throughout the past two decades. Today, those same employees proudly contrib-

ute to the establishment of new Ball investments across the globe, where they share their extensive knowledge and experience with colleagues worldwide.

Over the course of these 20 years, outstanding business results have not only confirmed the investment’s value, but also ensured ongoing investment in capacity expansion and innovation.

Through our operations, we have once again demonstrated what Ball Corporation is known for: the production of high-quality and safe products, a strong culture of innovation, trusted relationships with customers and a deeply responsible approach to the environment.

We’ve started with numbers, so let’s stay with them—they speak volumes. What do they tell us about investment levels, production capacity, market reach,

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export value, and tonnes of recycled material?

— Over the past two decades, our operations have been defined not only by investment, but also by innovation, sustainability and circularity— principles Ball applies across all the markets in which it operates. From our Serbian facility, we supply the entire Southeast and Central European region, as well as Turkey, with the goal of expanding into new markets and leveraging Serbia’s favourable trade agreements. More than half of Ball’s total Serbian production is intended for export. We currently export to around 20 countries worldwide. This speaks to the high quality and safety of our product, and to our continued ability to stay ahead of customer expectations.

It is worth noting that our export activities contribute to Serbia’s international trade balance, but we also place strong focus on developing our local supplier network. We have established partnerships with a significant number of Serbian companies, and the domestic supplier base continues to grow year after year—something we are proud of and fully committed to supporting.

Ball places particular emphasis on sustainable business practices and responsible engagement with the environment and the communities in which it operates. Recycling is one of the core pillars of your sustainability efforts.

— Currently, approximately 76% of beverage cans produced in Europe are recycled, but there is potential for this number to reach 100%. For this reason, Ball has partnered with the “Every Can Counts” initiative to promote recycling through public campaigns and community engagement. We have taken part in around 20 different events across Serbia and the region—spanning music, culture, science, gastronomy and education—and organised a large recycling campaign to mark World Environment Day, cordmagazine.com

all with one goal: to promote and implement recycling in practice.

These activities resulted in an impressive figure for 2024: 350,000 used beverage cans were collected and sent for recycling.

Through our longstanding collaboration with the Limenka Theatre Festival, now in its 15th year, we also focus on early education— helping children and young people understand the importance of recycling and the proper handling of packaging waste. The initiative uses theatre and creative performance to engage young audiences in a unique way, inspiring tens of thousands of participants to rethink waste and sustainability. More than 600,000 cans have been recycled through this project to date.

rope, the Middle East and Africa stands at 69%.

Taken together, these figures clearly demonstrate that Ball Corporation is taking a responsible, forward-looking and strategic approach to this crucial issue.

You also serve as President of the Alliance for Circular Packaging, which brings together companies with extensive experience in recycling, sustainability and circular business models.

How will the new EU regulations on packaging waste management impact Serbia’s packaging industry and Ball’s operations?

— Given that Serbia’s packaging industry is export-oriented, all changes in EU legislation are likely to in-

BALL HAS ONCE AGAIN DEMONSTRATED WHAT IT IS KNOWN FOR – SAFE, HIGH-QUALITY PRODUCTS, INNOVATION, STRONG CLIENT PARTNERSHIPS AND ENVIRONMENTAL INTEGRITY As a leader in aluminium packaging, one of Serbia’s top exporters, and the countr y ’s strongest proponent of circularity and recycling, your climate transition plan is aligned with the EU’s environmental guidelines?

— The European Union’s recommendation for the packaging industry is to significantly raise recycling rates by 2030—to 85% for paper and cardboard, 75% for glass, 60% for aluminium, and 55% for plastic packaging waste—in order to reduce overall waste and environmental pollution.

Ball’s climate transition plan aims to exceed these targets. The goal is to raise recycling rates across all markets in which Ball operates to 90%, and to ensure that by 2030, 85% of the material used in our cans is recycled.

This would significantly contribute to CO₂ emissions reduction.

As of 2024, the average recycling rate across our operations in Eu-

fluence the business of companies operating here. The introduction of new standards—such as higher percentages of recycled content in products—will become a mandatory requirement for any company wishing to maintain access to the EU market.

This is why it is particularly important that the new Law on Packaging Waste Management, currently under development in Serbia, takes into account the updated EU objectives and introduces an efficient and appropriate waste collection system. This is not only a question of environmental protection—it is equally a matter of economic competitiveness.

To remain competitive, Serbia must adopt systemic and robust solutions. The Alliance for Circular Packaging, which includes industry leaders from the packaging sector, is ready to share its experience and expertise with relevant institutions to help create the most effective and efficient legal framework possible.

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MLEKOPRODUKT

MARKING EARTH DAY THROUGH ENVIRONMENTAL ACTION To mark Earth Day, Mlekoprodukt organised a series of meaningful environmental activities in Zrenjanin, bringing together employees, their children, and community partners with a shared goal of protecting the natural environment ishing to make a tangible contribution to the well-being of their local community and the planet, the Mlekoprodukt team planted trees and sowed flowers, placing special emphasis on plant species that support the survival of bee populations. In addition, a clean-up campaign was carried out along the banks of the Begej River – a key natural resource for the city.

This important initiative was joined by members of the Zrenjanin-based rowing club VK Begej 1883, who took part in cleaning the riverbanks near their clubhouse, as well as by the Taekwondo club Proleter, whose members helped clean the riverbank at Pristan.

Running alongside the clean-up effort was the “Save the Bees” project. As

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part of this initiative, packets of wildflower seeds were distributed for spontaneous scattering across various locations.

This simple act encourages the growth of wild plants without the need for additional human intervention, directly supporting the recovery of bee populations – a vital pillar of our ecosystem.

Adding an element of fun and education, the project also introduced “seed bombs” – small balls containing flower seeds that can be thrown onto neglected urban plots by guerrilla gardeners, including children, contributing to the greening of urban spaces.

In addition to directly supporting bees, the project also seeks to raise awareness of the crucial link between pollinators and food production, inspiring people to

THE MLEKOPRODUKT TEAM PLANTED TREES AND FLOWERS, WITH A PARTICULAR FOCUS ON BEE-FRIENDLY SPECIES, AND LED A CLEAN-UP CAMPAIGN ALONG THE BANKS OF THE BEGEJ RIVER – A VITAL NATURAL ASSET OF ZRENJANIN 16

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plant more flowers. Among the Mlekoprodukt team are also active beekeepers who, through both their profession and personal interests, promote a more sustainable future. One of them, Vladimir Stajić, has been involved in beekeeping for over a decade, relocating his hives in search of rich nectar sources – from apple orchards and rapeseed fields to acacia, linden and sunflower pastures. The activities carried out

by Mlekoprodukt help Vladimir and other beekeepers keep their colonies healthy and strong throughout the year.

“We are sincerely grateful to everyone who joined our Biser team in this important mission. We hope that our initiatives will encourage others to nurture a love for nature, care for their surroundings, plant trees and flowers, and actively work to keep our rivers and environment clean and healthy,” said representatives of Mlekoprodukt.

THINKING GREEN & LIVING CLEAN 2025

SUSTAINABILITY IS THE ONLY WAY FORWARD Photo by A Anđić

Sustainability has become an essential part of business decisions for many companies, as it simultaneously reduces risks associated with climate change and ensures long-term stability and profitability

SVETLANA SMILJANIĆ Member of the Executive Board, Wiener Städtische Insurance e s p o ke w i t h S ve t l a n a Smiljanić, Member of the Executive Board of Wiener Städtische Insurance, about how oper ating within the largest insurance group in CEE supports the implementation of ESG strategies, how the balance between profit, ethics, and sustainability is maintained, and why employee engagement in socially responsible initiatives matters.

icyholders when considering new insurance coverage.

In addition, we encourage the uptake of electric and hybrid vehicle insurance through incentive schemes, as well as increasing their presence in our own fleet.

The Eco Casco Bonus insurance product, developed in partnership with Toyota, is just one example of a customized solution designed to support environmentally beneficial initiatives.

Wiener Städtische Insurance is part of the Vienna Insurance Group. How do you adapt the Group’s strategic guidelines to the local market?

— Naturally, our market has its own specific characteristics, and we adapt by creating economic value today — but not at the expense of tomorrow. Local regulations, which clearly define the investment activities of insurance companies and predominantly limit them to government bonds and the local financial market, also shape our investment portfolio, meaning ESG investments is more limited in this segment.

However, one of the steps we have already taken on the path towards sustainability — and which has contributed to reducing our carbon footprint — is sourcing electricity from renewable sources for our investment properties.

In terms of underwriting the Group's policy is to reduce exposure to coal-related risks, which we also maintain at the local level. We also pay close attention to the absolute emissions of our pol-

What does sustainability mean to you?

— Companies have a key role — and therefore responsibility — in shaping a new era of sustainable business development, where success depends on maintaining a balance between profit, ethics and sustainability, with the latter two factors gaining increasing weight in supporting this equilibrium.

Managing long-term success requires active engagement with environmental, social and financial issues, which are defined through our Local Sustainability Programme 2024.

This programme covers six key areas, and our fields of activity encompass as-

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THROUGH INCENTIVE SCHEMES, WE PROMOTE THE GROWTH OF INSURED ELECTRIC AND HYBRID VEHICLES

set management, underwriting, management of our business operations, employees, clients, and the wider community.

For each of these areas, we have defined specific targets and key performance indicators, to help us monitor our progress on the path of development.

What socially responsible projects are you implementing? How important are environmental initiatives to you?

— We are deeply committed to society — we care about our environment, about people, and about nature.

We demonstrate community responsibility daily through our corporate volunteering programme, with employees personally engaging in humanitarian activities, promoting social inclusion and education, and initiate environmental and nature protection campaigns. In 2024 alone, over 760 of my colleagues implemented more than 20 such initiatives.

A key pillar of our community engagement is raising public awareness about risk. A survey conducted by Gallup International for our Group across nine countries in the region revealed that in Serbia, awareness of everyday risks and how to manage them is lower than the CEE average, which makes our citizens more vulnerable in terms of the financial consequences of risk. This is exactly where we recognised our ESG role — to act and contribute to raising public awareness, while also helping strengthen their financial resilience in the face of various risks.

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OPINION

CAN COP30 SUCCEED WHERE COP29 FAILED? While the United Nations Climate Change Conference in Baku fell short of what is needed to close the climatefinance gap faced by developing economies, meaningful progress can still be achieved. But today’s financing challenges underscore the need for major policy reforms ahead of this year’s COP30 in Brazil

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ast year’s United Nations Climate Change Conference (COP29) in Baku ended with developed countries agreeing to mobilize $300 billion annually for climate finance in developing countries.

But while this figure is three times higher than the previous $100 billion target, it falls far short of what’s needed to close the climate funding gap.

The challenge today is more complex than when the Paris climate agreement was signed in 2015. Back then, the $100 billion figure was largely arbitrary, not based on a full analysis of actual investment needs. By contrast, COP29 had to estimate real costs and determine how much external financing would be required.

A report by the Independent High-Level Expert Group on Climate Finance (IHLEG), finds that developing countries (excluding China) will need $2.4-3.3 trillion in climate investments by 2035. About 60% of this could be financed domestically through higher savings and reduced public deficits. Even so, after reallocating existing investments toward the green transition, a $1 trillion shortfall by 2030 – rising to $1.3 trillion by 2035 – remains. Closing this gap will require external funding.

While COP29 acknowledged the scale of the financing gap, it failed to agree

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on how to close it. Developing countries pushed for wealthier economies to cover the shortfall with public funds, but developed countries offered only $300 billion annually – and even that came with a caveat: they would only “take the lead” in mobilizing funds rather than guaranteeing direct provision.

The IHLEG report suggests that $650 billion of the funding gap by 2035 could be met through private investment, including equity and debt. But this exposed a deep divide. Developed countries favored private capital to ease budget pressures, while developing countries, aware of its volatility, insisted on public funding for accountability and predictability.

Skepticism around private finance is warranted. Many developing countries struggle to attract private investment, relying instead on grants and concessional long-term loans. Shifting these limited public resources to low-income economies means middle-income countries will have to rely even more on private capital – despite investor uncertainty.

Private climate finance will grow from $40 billion in 2022 to an estimated $650 billion by 2035, according to the IHLEG. But most investment remains concentrated in a few markets, making access unequal and uncertain. Falling renewable-en-

ergy costs could boost green projects over fossil fuels, but the transition’s pace remains unclear.

Even when private capital is available, domestic policies often discourage investment. Many governments artificially lower energy prices for political reasons, making electricity providers financially unviable. Foreign investors understandably see this as a fundamental risk and hesitate to invest. If private finance is to play a bigger role, governments must reform energy pricing, strengthen regulations, and cut bureaucratic red tape to attract investment.

Public-sector support remains crucial.

Multilateral development banks (MDBs) and bilateral institutions can lower risks for private investors through risk-sharing mechanisms while helping governments create stable, investment-friendly environments.

COP29’s failure to secure a stronger funding deal means a renegotiation is unlikely until the next global stocktake in 2028. However, gaps can still be bridged.

Expanding MDB lending – which has lagged behind climate needs – could provide much-needed capital while countries work on long-term policy solutions.

COP29’s final statement pointed to an opportunity to make real progress ahead of COP30 in Belém, Brazil. But one key

PRIVATE CLIMATE FINANCE WILL GROW FROM $40 BILLION IN 2022 TO AN ESTIMATED $650 BILLION BY 2035. BUT MOST INVESTMENT REMAINS CONCENTRATED IN A FEW MARKETS, MAKING ACCESS UNEQUAL AND UNCERTAIN 20

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factor will determine success: developed countries’ willingness to commit more financial resources.

This has become even more uncertain with Donald Trump’s return to the White House. His administration’s hostility to global climate efforts, and its push for fossil-fuel expansion, will likely weaken international climate finance. The US is already scaling back existing commitments, further delaying climate negotiations.

Given how slow and bureaucratic these discussions have become, it’s worth asking: Are massive annual COP meetings still the right approach? With tens of thousands of government officials, business leaders, and NGOs gathering each year, the urgency of the climate crisis demands more focused, results-driven decision-making.

One alternative is to delegate key financing negotiations to smaller, specialized groups. The G20, for example, lacks universal representation but includes all major economies – developed and developing – accounting for 80% of global GDP and emissions, and two-thirds of the world’s population. More importantly, its members control the world’s largest multilateral decordmagazine.com

THE IHLEG REPORT SUGGESTS THAT $650 BILLION OF THE FUNDING GAP BY 2035 COULD BE MET THROUGH PRIVATE INVESTMENT, INCLUDING EQUITY AND DEBT. BUT THIS EXPOSED A DEEP DIVIDE velopment banks, making it a natural platform for driving climate finance.

Another option is BRICS, which has positioned itself as a counterweight to Western-led financial institutions. With China, India, Brazil, and other key developing countries playing a central role, the BRICS could mobilize alternative sources of green finance, reducing dependence on Western funding and pushing for fairer access to carbon markets.

If either the G20 or the BRICS were to take the lead in climate finance, the fo-

cus would need to be on expanding MDB lending capacity, leveraging private capital, and incentivizing large-scale investments in climate adaptation and mitigation.

With COP29 failing to secure an adequate funding framework, developing countries are left with more questions than answers. As the financing gap continues to grow, incremental pledges are no longer enough. The real question now is whether the COP process is still the best place for these negotiations.

If major economies keep delaying real commitments, India, Brazil, and South Africa may have little choice but to push for climate finance talks to shift to platforms like the G20 or BRICS. For COP30 to succeed where COP29 failed, it must move beyond vague pledges to secure clear, enforceable financial commitments. Otherwise, the world will once again gather, negotiate, and leave with little progress – while the climate crisis continues to escalate.

By Montek Singh Ahluwalia, Centre for Social and Economic Progress

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Photo by Mediacentar

Aleksandar Kovačević on Serbia’s Strategic Role in European Energy Security

FROM BLACKOUT TO BLUEPRINT Within the broader framework of the EU Clean Industrial Deal and ongoing regulatory reforms, this blackout may well be cited by European industry as evidence that excessive regulation places a burden of compliance on operators, while absolving them of accountability for the actual delivery of services

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ust a week ago, it was announced that—for the first time—Spain’s power grid operated entirely on renewable energy for a full 24 hours, on 16 April.

Merely days later, on 21 April, solar power alone was covering 78.6% of the country’s electricity demand at a given moment, supplying over 20,000 MW of capacity. These milestones represent the outcome of years of targeted investment and development, establishing Spain as one of Europe’s leading solar energy producers.

And yet, on 28 April, a significant portion of the Iberian power system was brought to a standstill by a major blackout. Power was largely restored by the following morning, after a night marked by outages and a state of emergency introduced to preserve basic public order. Solar generation resumed at sunrise, playing a vital role in stabilising the grid.

Although it is too soon to determine the exact cause of the outage, the incident has already served as both a stress test and a revealing diagnostic of previously undetected vulnerabilities. Crucially, it has demonstrated the strategic structural importance of hydropower in maintaining system stability in grids with a high penetration of wind and solar. It also highlights the limitations of conventional thermal power plants, which often lack the operational flexibility required to meet today’s challenges. Furthermore, the event underscores how even demand-side solar PV—installed by residential or commercial prosumers—can affect grid dynamics in ways that complicate system recovery, particularly during nighttime outages.

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This incident could initiate significant discussions around the need for innovative grid-connection solutions for utility-scale intermittent renewables. It also exposes the limitations of existing solidarity mechanisms within the European energy framework and prompts questions concerning the adequacy of pan-European contingency planning.

Moreover, the blackout should prompt every European jurisdiction to reassess the risks of overreliance on imported energy—whether electricity or fuels—from neighbouring states. It is becoming increasingly clear that purely commercial investments are insufficient to deliver the standardisation and reliability required for critical infrastructure, including public transport, telecommunications, healthcare, street lighting, and water supply.

This is not the first such blackout, and it will not be the last. Future incidents may result in even greater socio-economic disruption. As such, the event must be considered in light of the 2024 ENTSO-E European Resource Adequacy Assessment (ERAA2024), which, despite its optimistic tone, acknowledges serious structural shortcomings.

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Within the context of the EU Clean Industrial Deal and ongoing regulatory changes, this blackout may well be held up by European industry as further evidence that regulation often prioritises compliance over accountability.

For example, if the Carbon Border Adjustment Mechanism (CBAM) were to apply to electricity trade between the Western Balkans and the EU, it could create additional complications, disincentivise investment in new generation capacity in the Balkans, and deprive Europe of essential hydropower that could prevent future blackouts.

In this context, Serbia is uniquely positioned to re-evaluate its energy policy priorities. Chief among these must be the assurance of domestic energy security—anchored in national resources, robust technical standards, enhanced productivity, and the expertise of Serbian professionals. A large-scale investment programme is necessary to transform existing supply structures. Ideally, such a programme would be aligned with the EU Clean Industrial Deal. A key outcome should be the evolution of Serbia’s hydropower potential from a domestic safeguard into a strategic asset for European energy security.

Photo by EPS

IF THE CARBON BORDER ADJUSTMENT MECHANISM (CBAM) WERE TO APPLY TO ELECTRICITY TRADE BETWEEN THE WESTERN BALKANS AND THE EU, IT COULD COMPLICATE TRANSACTIONS, DETER INVESTMENTS IN NEW GENERATION CAPACITY IN THE BALKANS, AND DEPRIVE EUROPE OF MUCH-NEEDED HYDROPOWER THAT COULD HELP PREVENT FUTURE BLACKOUTS

At the same time, this situation presents an opportunity for the Western Balkans to become active contributors to Europe’s evolving energy architecture, rather than remaining passive beneficiaries. By investing in the decarbonisation of heat and power, as well as in cross-border coordination, the region can emerge as a strategic partner in securing the continent’s energy future. Alignment with European green standards—adapted to regional realities—could serve as both a development driver and a confidence-building measure. Mutual recognition of carbon allowances will facilitate integration into the EU Emissions Trading System (EU ETS), thereby avoiding application of the CBAM Regulation under Article 2(6), in line with the intended regulatory evolution.

Energy cooperation—if grounded in mutual respect and technical integrity— has the potential to become a cornerstone of regional stability and diplomatic trust.

A forward-looking strategy, based on cooperation with European industry, contribution to continental energy resilience, and accelerated domestic industrial development, could serve as the foundation of a rational and mutually beneficial partnership with the EU. Following European policy prescriptions blindly—without innovation, ambition, or responsibility—is no longer sufficient. Nor is the outsourcing of national energy security to external gas suppliers or transit countries. Only a resilient, autonomous, and well-integrated energy system can provide a sustainable path forward. A bold investment programme is, therefore, not merely desirable but essential—while ambitious, capable industrial partners are not only welcome but urgently needed.

THINKING GREEN & LIVING CLEAN 2025