The 2024 Technical Cooperation Programme of the Magyar Nemzeti Bank continued with the seminar titled „Green and Sustainable Finances – Introducing the MNB’s Green Program” from 22 to 25 of April 2024 in Budapest. The aim of the MNB's initiative launched in 2023 is to strengthen the international relations, to enhance cooperation with the MNB's partner central banks, and to encourage dialogue on central banking issues. All over the word, central banks and financial supervision institutions are facing new challenges and responsibilities due to climate change, sustainable operation, and the intensification of environmental issues. Therefore, for the second time, MNB presents an opportunity to share knowledge and experience on these topics in the framework of an intense multi-day training.
The MNB has launched its Green Program in 2019 to mitigate the risks associated with climate change and other environmental problems, to expand green financial services in Hungary, to widen the related knowledge base in Hungary and abroad, and to reduce financial market participants’ and its own ecological footprint. In 2021 the objectives were extended by supporting the Government's policy related to economic and environmental sustainability with the MNB’s instruments. To fulfil this mandate, the MNB developed also a green monetary policy toolbox in addition to the Green Program.
During the four-day seminar, central bank experts coming from 15 countries around the world - including the Philippines, Cambodia, Indonesia, Oman and the Balkan countries - were able to learn about these unique programs and gain comprehensive and in-depth knowledge about the sustainability efforts of the MNB's operation, its carbon footprint reduction program and the implementation of its climate stress tests, among other topics.
The seminar also presented the most pressing issues of greening the monetary policy and the management of climate risks, additionally participants could gain insight into the practical part of these efforts through group assignments. In addition to colleagues from the MNB, guest speakers also attended the seminar, drawing attention to the impact of physical risks on the development of financial risks.
The MNB’s Technical Cooperation Programme under the theme „From Tradition to Innovation” offers two additional seminars this year:
on 14-17 October: Financial Infrastructures, Payments and Digitalisation
on 25-28 November: Monetary Policy Instruments and Crisis Management