The energy crisis and the resulting dramatic increase in energy prices have underscored the importance of energy efficiency over the past year, said Deputy Governor Csaba Kandrács at the MNB’s International Green Finance Conference. The event featured presentations by representatives of the European Commission and the International Energy Agency, among others. This year, the MNB’s Green Finance Awards were won by UniCredit Bank, Aranykor Voluntary Pension Fund and Amundi Asset Management. The aim of the Conference, organised by the MNB for the fifth time, is to give energy efficiency an even higher priority than it currently receives.
Following the high profile events of the past four years, the Magyar Nemzeti Bank (MNB) is organising its annual conference discussing the financial implications of environmental sustainability again this year. At this year’s event, which can also be followed on the MNB’s YouTube channel, participants will look at how energy efficiency can be made a higher priority for policy makers, local governments, the financial and corporate sectors and, indirectly, the general public. The event will provide an opportunity to address this question among stakeholders, helping to build knowledge and working relationships.
Csaba Kandrács, Deputy Governor of the MNB stressed at the opening of the Conference that Hungary’s dependence on energy imports is significant, while there is a large potential for energy savings, for example through improving the low energy efficiency of the domestic building stock. He pointed out that by making energy use more efficient, dependency can be reduced, macroeconomic indicators can be improved and CO2 emissions can be cut at the same time.
The event included presentations and discussions on the macroeconomic impacts of energy efficiency, international and domestic financing, as well as on energy efficiency measures at the EU, government and municipal levels, and the challenges faced by households and businesses, among others.
In addition to the management of the MNB, the speakers included representatives of renowned international organizations and a wide array of domestic institutions and market players engaged in energy efficiency.
At the conference, the Green Finance Awards for financial institutions were presented. This year’s Green Bank Award went to UniCredit Bank Hungary. The Green Insurance and Pension Fund Award was given to Aranykor Voluntary Pension Fund and the Green Investment Fund Manager Award was given to Amundi Asset Management.
The MNB also took sustainability issues into account in organising the event, which was reflected in the ingredients of the food served at the Conference. The environmental approach permeates the entire operational activities of the MNB, which has led to a reduction of its carbon footprint by almost 60 percent between 2019 and 2022. The reforestation programmes financed by the Bank support the fight against both climate change and environmental degradation .
Magyar Nemzeti Bank