National Bank Launches New Afforestation Program

The National Bank of Hungary (MNB) will offset its annual carbon footprint in Drávaszentes, in the area of the Danube-Drava National Park in southern Hungary, with large-scale afforestation and grassland reconstruction, again in close cooperation with WWF Hungary, thus neutralizing its carbon emissions.

The central bank says in a statement that it first offset the emissions of its 2019 Green Conference by establishing an evergreen forest in the municipality of Pápateszér, and then a large-scale afforestation near the village of Geszt to neutralize its carbon footprint from its entire operational activities.

The MNB also aims to lead the way in ‘greening’ its own operations in Hungary as part of its Green Program, which it launched in 2019. It has therefore declared in its Environmental Strategy for 2020-2022 that its operational activities will become fully carbon neutral. To this end, it will neutralize the carbon emissions from its operations – while gradually reducing them – through ecological offset programs in partnership with the environmental NGO WWF Hungary (WWF). Habitat restoration programs, which are part of nature-based solutions, provide ecosystem services in addition to carbon offsetting, thus contributing to biodiversity conservation and mitigating the effects of climate change.

To offset its annual carbon footprint, the Central Bank is once again implementing a habitat restoration program identified by WWF, this time in Drávaszentes, in the Danube-Drava National Park. The afforestation and grassland reconstruction project will involve the creation of at least 32 hectares of species-rich grassland and forest habitat, the planting of shrubs, the creation of mowing and wetland meadows and their aftercare. The project will be implemented with the active involvement of WWF and the Danube-Drava National Park Directorate.