The MNB’ Green Programme

Deák, Viktória (2021) The MNB’ Green Programme. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 17 (Spec.). pp. 153-163. ISSN 1786-6553 (print); 1786-8823 (online)

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Abstract

This paper es­tab­lishes that cent­ral banks, su­per­visors and the fin­an­cial sys­tem play a key role in mit­ig­at­ing cli­mate change and other en­vir­on­mental an­om­alies. However, the situ­ation in Hun­gary high­lights the chal­lenges faced by the fin­an­cial sys­tem that make it dif­fi­cult to as­sess, man­age and meas­ure fin­an­cial risks re­lated to cli­mate change. In order to main­tain the sta­bil­ity of the fin­an­cial sys­tem and pro­mote sus­tain­able fin­ance in Hun­gary, the Hun­garian cent­ral bank launched its Green Pro­gramme. The paper ex­am­ines the meas­ures taken so far in this ini­ti­at­ive and their res­ults. Fi­nally, it notes that since the start of the pro­gramme, the do­mestic green fin­an­cing en­vir­on­ment has likely im­proved, but ad­di­tional tools will be re­quired, in par­tic­u­lar to in­crease the pre­pared­ness of the fin­an­cial sec­tor for fin­an­cial risks re­lated to cli­mate change.

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