Held Panel on Standardized Non-Financial Reporting – Experiences and Perspectives

Non-financial performance of companies is evaluated through three main types of organizational responsibilities, namely environmental, social, and governance (ESG) performance. Most stakeholders cannot directly assess a company’s ESG performance and thus rely on corporate non-financial reporting. Non-financial reports serve as a medium through which companies can communicate with stakeholders transparently. These reports are becoming mainstream practice for many organizations, although this is still a voluntary activity for most companies worldwide. However, in order to improve consistency, comparability, transparency, and the number of companies publishing non-financial reports, numerous standards regulating non-financial reporting practices have been established in recent periods.
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To bring the issue of non-financial reporting closer to the public, the Center for Green Economy of the University of Kragujevac, the Sustainable Development Platform for All, and the Faculty of Economics of the University of Kragujevac organized a panel on June 17, 2024, titled "Standardized Non-Financial Reporting – Experiences and Perspectives." The panel was part of the scientific conference "Accounting Knowledge as a Factor of Economic and Social Progress." It was supported by the governments of Switzerland and Germany (German International Cooperation Organization – GIZ), within the project "Public Finance Reform – Agenda 2030" and Carbon Accounting and Management.
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The panel discussed the Corporate Sustainability Reporting Directive (Directive 2022/2464), European Sustainability Reporting Standards (ESRS), the development of ESG strategy, non-financial reporting (ESG reporting), the role and importance of civil society organizations in ESG reporting and improving ESG performance, as well as examples of good practice (e.g., Atlantic Group).
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By organizing this panel, we aimed to view non-financial reporting from the perspective of interest groups, highlight the importance of each component in the ESG concept, emphasize the significance of standardization, and encourage not only large companies but also small and medium-sized enterprises to address ESG issues.
The panel was attended by representatives from GIZ, Metalac Company, Unior Components, WKG Ltd., Kragujevac Chamber of Commerce, City of Kragujevac, National Bank of Serbia, Faculty of Engineering Sciences of the University of Kragujevac, Faculty of Economics of the University of Kragujevac, Faculty of Economics in Banja Luka, Faculty of Economics of the University of Belgrade, Faculty of Economics of the University of Novi Sad, Faculty of Economics of the University of Niš, Faculty of Organizational Sciences of the University of Belgrade, Faculty of Hotel Management and Tourism of the University of Kragujevac, students, and others.
This was an opportunity to bring together representatives of the academic community, civil society organizations, the business sector, and the public sector in one place.
The Center for Green Economy thanks everyone who supported the organization of this event, with special thanks to our panelists:
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Neven Marinović, Smart Kolektiv
Iva Svilar, Belgrade Open School
Lana Hadži-Niković, CEVES (Center for Advanced Economic Studies)
Ivona Gvozdenović, Ana and Vlade Divac Foundation
Marina Savić, Atlantic Group
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And the moderator: Prof. Dr. Dejan Jovanović.
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See you soon at a similar event.

Prestigious recognition awarded to the Center for Green Economy at the University of Kragujevac by PwC: ESG Leader – Educational Program category

For the first time in Serbia, the "ESG Leaders" awards have been presented by PwC. The awards were given to companies and organizations that have demonstrated a commitment to implementing ESG principles (positive environmental, social, and governance principles) across four main categories and 13 subcategories.

The jury consisted of experts in ESG, responsible management and philanthropy, financial markets, science, and innovation. The awards represent an important step toward achieving the vision of sustainable results that protect the environment and improve society.

In the EDUCATIONAL PROGRAM category, three awards were presented: the Center for Green Economy at the University of Kragujevac won in the educational institutions category, Atlantic Group in the corporate category, and WWF (World Wildlife Fund Adria) in the small and medium-sized enterprises sector.

In his acceptance speech, Dr. Dejan Jovanović, the director of the Center for Green Economy at the University of Kragujevac and an associate professor at the Faculty of Economics, expressed gratitude and emphasized the university's commitment to promoting sustainable development and the green economy by integrating these topics into curricula. The founding of the Center is an example of good practice recognized through this award. This has also been acknowledged by the German Organization for International Cooperation through a project dedicated to corporate carbon management. Professor Jovanović highlighted the importance of education and noted the relevance of the topic and the interest of students in this issue.

This year's "ESG Leaders" competition was an opportunity to promote the importance of ESG reporting and practices, which are crucial for corporate transparency and accountability to stakeholders.

Information about companies' ESG performance is important for investors, consumers, and employees, making it essential for companies to be transparent and responsible regarding their ESG practices.

INVITATION FOR COMPANIES

As part of the pilot program "Corporate Carbon Governance 2024," the Center for Green Economy offers free consulting services to a maximum of 10 companies/SMEs in the field of corporate carbon governance (CCG).
The aim of CCG is to assist companies/SMEs in analyzing and calculating their own carbon emissions.
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Consultants from the Center for Green Economy will provide selected companies with a free service to assess and calculate the amount of GHG emissions and structure the data according to standardized GHG protocols. The provision of CCG services under this call will be conducted as a pilot project for trained consultants from the Center for Green Economy.
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After the pilot phase of the project, future CCG services will no longer be free. Therefore, this is a unique opportunity for your company/SME to participate in this program.
Applications will be reviewed by an expert committee composed of representatives from CZE, GIZ, and external experts.  

CARBON MANAGEMENT -
Training for Consultants

The Center for Green Economy, as part of a project funded by the German International Cooperation Agency - GIZ, contract number: 81301839; project processing number: 21.2208.3-005.04., and in collaboration with the Responsible Business Hub, organized a Carbon Management Consultant Training from April 8th to April 12th, 2024.
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The training was conducted by professors from the Faculty of Economics, Dr. Dejan Jovanović and Dr. Nemanja Lojanica, and professors from the Faculty of Engineering Sciences, Dr. Goran Bošković and Dr. Mladen Josijević.
Additionally, on the last day of training, guest lecturers were Emma Petrović from the Center forDigital Transformation and Tanja Lindell from RBH.
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Ten participants attended the training, and upon completion and testing, they receive pilot companies to work with. In this way, the Center for Green Economy expands its consultant base in line with market needs, aiming to assist SMEs and large companies in adapting more efficiently to market demands related to operating in accordance with green economy principles. In the upcoming period, the Center for Green Economy plans to issue a call for companies to apply to be part of the carbon management pilot project.

Open Call for Consultants:
CARBON MANAGEMENT - 2024

The Center for Green Economy is building a network of consultants to support SMEs on the path of green transformation and decarbonization.

The call is open from February 27, 2024. to March 10, 2024.

‍Applicants should provide the following information and data:
1.  Motivational letter
2.  Curriculum Vitae
3.  Professional experience and recommendations (including a list of references)
4.  Certificate of good intention

More detailed information is available in the call:

The panel discussion "Sustainable Development Reporting in the Context of Business Decarbonization and Responsible Waste and Waste Energy Management" was held

On Tuesday, January 30, 2024, a panel discussion titled "Sustainable Development Reporting in the Context of Business Decarbonization and Responsible Waste and Waste Energy Management" was held at the Faculty of Economics, organized by the Center for Green Economy at the University of Kragujevac.
The event was opened by Prof. Dr. Dejan Jovanović, the head of the Center. At the beginning, the attendees were greeted by Prof. Dr. Vladimir Ranković, Vice-Rector for Teaching and Student Affairs at the University of Kragujevac, Ms. Johanna Wohlmeyer, representative of GIZ, and Mr. Saša Ćurčić, coordinator of the industry at the Regional Chamber of Commerce for the Šumadija and Pomoravlje administrative district. The panel discussion was divided into two thematic sessions: Business Decarbonization and Sustainability Reporting – a Challenge for the Accounting Profession (Panel 1) and Responsible Waste and Waste Energy Management in the Context of the Circular Economy (Panel 2). On Panel 1, the speakers were representatives from companies Ernst&Young Serbia, Forum for Responsible Business, Smart Collective, e:Odraz, and Bosis Valjevo. On Panel 2, the speakers were representatives from JKP Šumadija, TTI Group d.o.o. Belgrade, and the Faculty of Engineering Sciences Kragujevac. The panel addressed challenges that companies face in designing sustainable development reports (non-financial reports), ESG performances, issues in calculating the carbon footprint, CBAM, and problems in designing reports, auditing non-financial reports, ways to develop and implement an efficient waste and waste energy management strategy, and what companies can expect in the future. Panel participants are experts in the field of circular economy, non-financial reporting, and waste management.
The event brought together representatives from the academic community, the Chamber of Commerce of Serbia, students, as well as representatives of small, medium, and large companies facing challenges in the green transformation process and adapting business to sustainable development goals. The panel was organized as part of a project funded by the German Organization for International Cooperation – GIZ. In addition to GIZ, the event was supported by the Chamber of Commerce of Serbia, the University of Kragujevac, the Faculty of Economics at the University of Kragujevac, the Faculty of Engineering Sciences at the University of Kragujevac, Trnava promet doo, and Prava Priča 23 Kragujevac. The Center for Green Economy at the University of Kragujevac thanks the students of the student club "Aktiva" who volunteered to participate in the organization of the event.

Workshop "Key Challenges for the Economy on the Path to Green Transformation – CBAM, Decarbonization, ESG, Due Diligence, Monitoring, and Reporting"

On Friday, December 15, 2023, a workshop "Key Challenges for the Economy on the Path to Green Transformation – CBAM, Decarbonization, ESG, Due Diligence, Monitoring, and Reporting" was organized at the premises of the Regional Chamber of Commerce of the Šumadija and Pomoravlje Administrative District. Representatives of the Center for Green Economy, Dr. Dejan Jovanović, and Dr. Nemanja Lojanica actively participated in the workshop.

A press conference and a working meeting with representatives of GIZ were held

On December 14, 2023, a press conference was held to introduce the Center for Green Economy at the University of Kragujevac in the presence of representatives from GIZ, the Regional Chamber of Commerce of the Šumadija and Pomoravlje Administrative District, and the University of Kragujevac. Following the conference, a working meeting took place to prepare the implementation plan for a project approved and funded by GIZ, as well as to define the goals of the Center for 2024. Attendees included GIZ representatives: Juergen Kappenmann, Johanna Wohlmeyer, and Patrick Zuell, as well as representatives from the University of Kragujevac: Prof. Dr. Nenad Filipović, Prof. Dr. Vladimir Senić, Dr. Dejan Jovanović, Dr. Nemanja Lojanica, Dr. Goran Bošković, Dr. Mladen Josijević, Dr. Marija Gačić, and Milica Kaplarević.The project is implemented from October 16, 2023, to December 31, 2024, with the aim of helping the Center become a regional knowledge hub. On the one hand, it will support the academic community in developing disciplines related to the green economy, and on the other hand, it will develop a portfolio of services relevant to the private sector, consultants, and other stakeholders. The Center's team has undergone training on "Carbon Accounting and Management at the Company Level" conducted by the German consulting firm ADELPHI, as well as numerous other workshops and training organized by the Serbian Chamber of Commerce, Responsible Business Hub (RBH), and GIZ. In 2024, the Center will conduct training for six carbon footprint consultants, with 10 companies participating in a pilot project for CO2 accounting. Numerous panels, workshops, and lectures by eminent speakers from Serbia and abroad on the topic of CO2 emission management are planned for the year.

Center for Green Economy in the media:

The panel "Integrating Sustainability into Accounting and Auditing Education"

At the Academy of Vocational Studies in Western Serbia, Valjevo Department, a panel on "Integrating Sustainability into Accounting and Auditing Education" was held on December 1, 2023. Participants included representatives from the academic community, both domestic and international: Prof. Dr. Snežana Knežević (Faculty of Organizational Sciences, University of Belgrade), Prof. Dr. Neda Vitezić (Faculty of Economics, University of Rijeka), Prof. Dr. Jozefina Beke-Trivunac (Alfa BK University), Dr. Edin Glogić (FINRA University of Tuzla), as well as representatives from the business sector: Marija Pantelić (Bosis Valjevo), Aleksandra Tanasković (EY Serbia), Vidosava Džagić (Chamber of Commerce and Industry of Serbia – PK Beograd). Dr. Dejan Jovanović participated in the panel, presenting the activities of the Center for Green Economy over the past period and its future plans. Additionally, Dr. Jovanović emphasized that the University of Kragujevac and the Faculty of Economics, University of Kragujevac, align their curricula with market needs and global trends in green economy integration into the fields of accounting and auditing.

Round Table "Global Challenges and Green Transition of the Republic of Serbia"

In Vrdnik on November 22, 2023, the First Round Table "Global Challenges and Green Transition of the Republic of Serbia" was organized by Educons University within the project "Circular Economy as a Development Model Forming the New Identity of the Republic of Serbia," funded by the Science Fund of the Republic of Serbia. Dr. Marija Gačić and Dr. Dejan Jovanović participated in the round table, where Dr. Jovanović presented the activities and team of the Center for Green Economy. He emphasized that the mission of the Center is to simplify the green transition for SMEs and large companies, enabling them to operate in line with sustainable development goals.

Training course "Preparation of the industry for the implementation of the Regulation on Cross-Border Adjustment of Carbon Pricing: CBAM for aluminum, iron/steel – key issues, requirements, obligations"

Representatives of the Center for Green Economy, Dr. Dejan Jovanović and Dr. Nemanja Lojanica, participated on November 2, 2023, in the training "Preparation of the industry for the implementation of the Regulation on Cross-Border Adjustment of Carbon Pricing: CBAM for aluminum, iron/steel – key issues, requirements, obligations," organized at the premises of the Regional Chamber of Commerce for the Šumadija and Pomoravlje administrative district in Kragujevac.

Workshop for ESG risk management and compliance with the requirements of ESG regulations

On October 17, 2023, a workshop on "ESG Risk Management and Compliance with ESG Regulations" was held at the premises of the Regional Chamber of Commerce for the Šumadija and Pomoravlje Districts in Kragujevac. Dr. Dejan Jovanović, associate professor at the Faculty of Economics and a representative of the Center for Green Economy, actively participated in the workshop.

Participation of Center representatives in the training course "Carbon Accounting and Management at the Company Level

Representatives of the Center for Green Economy, Dr. Dejan Jovanović, Dr. Nemanja Lojanica, Dr. Goran Bošković, and Dr. Mladen Josijević, successfully completed the training for consultants titled "Carbon Accounting and Management at the Company Level (Carbon Management Service)" organized by the German Corporation for International Cooperation - GIZ, from September 20 to 29, 2023. The training was conducted by representatives of the consulting firm Adelphi.

Conference "Decarbonizing Production in Serbia- a Case for Corporate Climate Action"

Representatives of the Center for Green Economy, Dr. Dejan Jovanović and Dr. Marija Gačić, participated in the conference "Decarbonization of Production in Serbia – Case of Corporate Climate Action" on June 28, 2023, in Belgrade. The conference was organized within the framework of the Initiative for Global Solidarity project by the German Organization for International Cooperation - GIZ, Responsible Business Hub (RBH), and the German-Serbian Chamber of Commerce (AHK).