MNB and EBRD Held Conference on International Green Finance
MNB and European Bank for Reconstruction and Development (EBRD) jointly organized the International Green Finance Conference in Budapest. In connection with the program, a seminar was also held for central banks and supervisors of Central, Eastern, and Southeastern Europe under the aegis of Network for Greening the Financial System (NGFS). Representatives of the invited authorities consulted on climate risk oversight, central bank responsibilities, and future opportunities for international cooperation on the issue.
In the conference, Irene Heemskerk, the Senior Strategic Adviser at DNB and the Network for Greening the Financial System (NGFS), stressed the importance of the new climate responsibility of national banks and financial supervisors. György Matolcsy, the Governor of MNB, said that environmental and financial risks are interrelated and climate change mitigation is an element of financial stability that market participants, regulators, and supervisors must support with their own resources. Csaba Kandrács, the Deputy Governor of MNB, outlined the measures planned by the Hungarian central bank to green the financial system. Leaders of the region's leading banking groups, EU and Chinese green finance ambassadors, and interpreters from the European Investment Bank and the Beijing International Institute of Green Finance gave a presentation on the possibilities of lending for environmental sustainability. Foreign and domestic fund managers also discussed new types of investment opportunities with the environmental, social, and governance (ESG) aspects.
The event was attended by a more than 250 participants, representatives of 13 countries (including Austria, the Netherlands, Poland, and Germany), central banks, and financial supervisors. The participants included EBRD, ECB, the European Investment Bank, the International Investment Bank, the Global Green Growth Institute , and the Chinese Association for Asian Financial Cooperation. The entire domestic banking system, many foreign credit institutions, credit rating agencies and, from the state side, the Office of the President of the Republic, the Ministry of Innovation and Technology, and the Budget Council were also present.
Keywords: Europe, Hungary, Banks, Green Finance, NGFS, EBRD, Climate Change Risk, ESG, MNB
Previous Article
SRB Updates MREL Policy to Reflect Changes in CRR 2Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
