Green Finance Conference with Energy Efficiency in Focus

The energy crisis and the resulting dramatic increase in energy prices have underscored the importance of energy efficiency over the past year, Deputy Governor of the National Bank of Hungary (MNB), Csaba Kandrács said this Thursday at MNB’s International Green Finance Conference. It featured presentations by representatives of the European Commission and the International Energy Agency, among others. The aim of the conference, organized by the MNB for the fifth time, is to give energy efficiency an even higher priority than it currently receives. The event also served to present MNB’s Green Finance Awards.

Following the high profile events of the past four years, MNB's annual conference discusses the financial implications of environmental sustainability again this year. At the event, 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 highlighted 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 also 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.

MNB also took sustainability issues into account in organizing 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% between 2019 and 2022. The reforestation programs financed by the Bank support the fight against both climate change and environmental degradation.