Background This paper is related to the current stage of development in the Western Balkans. Despite becoming growing instruments to finance sustainable green development, debt swaps and social or sustainability bonds are relative novelties in this region. At the same time, the development needs are huge, especially in the light of the COVID-19 aftermath. Results The review of both historic financial instruments, such as the debt for nature swaps, and more recent ones, such as sustainability bonds in its variations, highlight the potential for use in developing countries. The relatively recent case from Montenegro and the recent issuance of the green bond in Serbia showcase the possibilities. The focus of this paper is an analysis of the public debt position of Western Balkan countries. The growing level of public debt over the past decade points to a lack of adequate interventions and a relatively imminent need for fiscal consolidation. The research suggests that environmental, social, governance/sustainability-linked bonds and debt-for-climate swap investments as innovative financial instruments that hold promise in leveraging additional finance to support the sustainability goals of the six countries of the Western Balkans. This influx of capital would be particularly advantageous, given their needs relative to EU accession and their economic and structural challenges. The recommendations for policymakers are derived based on the history and features of green bonds as well as debt-for-nature swaps and their diverse underlying mechanisms which are adaptable to the respective countries. Conclusions The related countries would benefit from exploring more innovative approaches to finance sustainable societies. In close cooperation with the EU and taking the European Green Deal into consideration, it is recommended that the six countries of the Western Balkans design financing mechanisms that will bring increased transparency to the different policies and more accountability for their implementation. Applying the recommended modality may help keep the problem of the public debt at bay, while additional funds may support implementation of structural reforms.

Background: This paper is related to the current stage of the development in the Western Balkans. Despite becoming a growing instrument to finance sustainable development green, debt swaps and social or sustainability bonds are a relative novelty in this region. At the same time the development needs are huge, especially in the light of the Covid-19 aftermath. Results: We have analyzed the public debt position in the Western Balkans countries which points to the deteriorated new debt accumulation perspective especially in the light of the growing public debt over the past decade. Our research suggests that the ESG/Sustainability-linked bonds and debt-for-climate swaps as innovative financial instruments seem to be promising to leverage additional finance into sustainability goals in the Western Balkans Six given their need on the EU track and their economic and structural challenges. After briefly discussing the methodological approach, we discuss the history and features of green bonds and debt-for-nature swaps and their diverse underlying mechanisms. Then we derive recommendations for policymakers in designing future green bonds and debt-for-nature swaps and apply these to national circumstances in the Western Balkans Six. Conclusions: The related countries need to explore more innovative approaches to finance sustainable societies. In the close cooperation with the EU and related to the European Green Deal countries of the Western Balkans six should feel motivated to design financing mechanisms that will bring in the more transparency into the different policies and the more accountability for their implementation. The EU should stand ready to use its cohesive and pre-accession funds to support such market mechanisms, which can bring the cooperation to the next level. Applying the recommended modality may help keep the problem of the public debt be kept at bay while additional funds may support implementation of thestructural reforms.

The intersection of two or more roads represents the possibility of a conflict between vehicles. Alternative intersection designs can improve intersection performance by changing the configuration of conflict points by redirecting traffic, reducing the number of signal phases, as well as significantly reducing time losses at intersections. Тhe use of alternative intersections such as continuous flow intersections (CFI) (also known as shifted left turns or DLT), divergent diamond loops (DDI), superstreets (also known as J-turns, restricted crossing U-turns, or RCUTs, reduced conflict intersections, or RCIs, reduced conflict U-turns, and synchronized streets), median U-turns (MUTs) became more common, аs traffic demand increases. They are usually more complex than conventional design intersections and they are used when conventional intersection designs do not allow adequate safety improvements or adequate traffic flow. Alternative intersection designs have fewer points of conflict resulting in increased safety for both, drivers and pedestrians.