8 May 2020

At the end of March 2020, the MNB initiated a consultation with environmental specialists, non-governmental organisations and institutions on the ecologically sustainable recovery of the economy after the pandemic situation caused by the coronavirus. The proposals received indicate that there are wide-ranging opportunities for economic recovery while observing ‘green' principles.

In February 2019, the Magyar Nemzeti Bank (MNB) announced its Green Programme to mitigate risks linked to climate change and other environmental issues as well as to raise funding for the green economy in Hungary. Under the Programme, the MNB supports participants of the financial intermediary system to make a significantly greater contribution to environmental sustainability. Details of the Programme can be accessed on the Bank’s green microsite.

The pandemic situation arising from the coronavirus has not only led to people contracting the virus and a deterioration in their health status, but it also has had adverse effects on the economy. The MNB seeks to facilitate an effective economic recovery after the acute pandemic situation. However, it is also key that this economic recovery should be sustainable in ecological terms.

The MNB received immensely useful proposals from 17 non-governmental organisations, scientists working on environmental protection and climate protection and energetics experts: the Community-based Research for Sustainability Association (CRS), Energiaklub, Greenpeace, Kislépték Egyesület (National Association of Interest Representations for Small-scale Producers and Service Providers), Klímastratégia 2050 Intézet (Climate Strategy 2050 Institute), Követ Egyesület (KÖVET Association), the Clean Air Action Group, the Hungarian Energy Efficiency Institute (MEHI), the Association of Environmental Enterprises, the Hungary Green Building Council (HuGBC), the National Society of Conservationists (MTVSZ), Nyíregyházi Kosárközösség (Nyíregyháza Basket Community), Csaba Vaszkó, WWF and the Zöldpolitikai Központ (Green Policy Centre). In addition, such renowned researchers were also involved in the consultation as Dr Zsolt Hetesi and Professor Diána Ürge-Vorsatz.

The proposals presented, e.g. the modernisation of the building stock in Hungary in terms of energetics, the improvement of the production of renewable energy, greening the agriculture, the development of short supply chains in different industries and all the ideas about water management point to wide-ranging opportunities in an innovative, green economic recovery.

The Bank will assess the proposals over the coming period, consulting with NGOs, and governmental and market counterparties to develop measures and proposals supporting green investment.

Over the long term, the MNB wishes to continue to cooperate with NGOs and participants of scientific research in additional areas.

Magyar Nemzeti Bank