‘Fit for 55’ CEO Consultation

At the request of the Net Zero Advisory Board, established in this January, the Business Council for Sustainable Development in Hungary (BCSDH), together with the British Embassy, held a unique ‘Fit for 55’ CEO consultation.

Company leaders and business sector representatives were able to meet and consult with Dr. Barbara Botos, Deputy Minister of State of the Ministry of Innovation and Technology (MIT). Discussions touched upon the plans of the Hungarian government and the position of the business sector in relation to achieving the EU's ambitious climate goals in Hungary. 31% of leading companies already have a net zero commitment.

At the request of the Net Zero Advisory Board, established this January, the Business Council for Sustainable Development in Hungary (BCSDH), together with the British Embassy, held a unique ‘Fit for 55’ CEO consultation. Company leaders and business sector representatives were able to meet and consult with Dr. Barbara Botos. Discussions touched upon the plans of the Hungarian government and the position of the business sector in relation to achieving the EU's ambitious climate goals in Hungary. 31% of leading companies already have a net zero commitment.

At the British Ambassador's residence, the Deputy Head of Mission of the British Embassy, Richard Shackleton – representing the host country of the COP26 climate change conference that starts on November 1 in Glasgow – hosted BCSDH member company executives, members of the Net Zero Advisory Board, and Dr. Barbara Botos, Deputy Minister of State on behalf of MIT, for a CEO consultation accompanied by afternoon tea.

"The UN Climate Summit will start in a few days. We are all in the same boat. For climate neutrality by 2050, it is essential that everyone acts – companies, governments and individuals. We cannot delay any longer," Richard Shackleton pointed out.

In July this year, the European Commission adopted a package of proposals for helping make EU climate, energy, land use, transport, and taxation policies capable of contributing to a reduction in greenhouse gas emissions by at least 55% by 2030 compared to the level of 1990. This more stringent target is necessary for achieving the EU's 2050 net zero emission target. To this end, the European Commission has revised its climate and energy policies and transportation-related legislation to align with the 2030 target and the road that leads to it.

“Hungary wants to be a net climate-neutral country by 2050, and we have also committed to a 55% national reduction by 2030, but it is extremely important that all this is achieved with the support of society. In the recently adopted National Clean Development Strategy, the government is exploring potential ways to achieve climate neutrality, as enshrined in law,” ITM Deputy State Secretary, Dr. Barbara Botos, said.
“It is also important that we place the business sector at the forefront of our goals, so it is essential to know the position of companies: what are the challenges they see, and what are the opportunities they need to overcome to make the green transition economically viable,” she added.

Climate change is already happening. A drastic acceleration of ambition and action is essential for achieving the goals of the Paris Agreement. To do this, we need to make our economy carbon neutral by 2050. Companies play a key role in this process. But even for them, low-carbon emissions alone cannot be the goal: climate-neutral operations must be achieved as soon as possible. This requires new technological solutions at all levels and a rapid change in consumption patterns. A supportive legal and regulatory environment is also essential, a BCSDH statement stressed

“BCSDH aims to generate changes in models and business solutions in Hungary that have a real impact on climate change and can generate real responses to domestic challenges due to their take up by other companies. An important step has been the establishment of the Net Zero Advisory Board that has the aim of placing greater focus on economic, governmental, and social factors in the transition to a carbon-neutral economy,” according toBCSDH Managing Director, Irén Márt. "Such consultations are crucial for speeding up the process," she added.