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Vienna, 28.02.2019 : Löger/Köstinger: Launch of Austria's Green Finance Agenda In the form of a Green Finance Agenda, measures are being drawn up to achieve climate targets, with the collaboration of key players in the financial sector
Vienna (OTS) - With today's kick-off event, Austrian Finance Minister Hartwig Löger and Sustainability Minister Elisabeth Köstinger fired the starting gun for Austria's Green Finance Agenda. Under the joint leadership of the Austrian Federal Ministry of Finance and the Austrian Federal Ministry for Sustainability and Tourism, a focus group has been set up comprising key players from the Austrian financial sector who, over the coming months, will address the question of how the Austrian financial market can make a contribution to achieving climate and energy targets.
According to Austrian Finance Minister Hartwig Löger, "There exists great potential for the financial sector to make a contribution towards climate-friendly initiatives. We know that major investment is required for achievement of international climate targets. At the same time, interest in green-finance products and services is growing. Through the Green Finance Agenda, we are tapping into this dynamic and, jointly with key players in the sector, are developing measures aimed at achieving our climate and energy targets and countering the risks of climate change."
Sustainability Minister Köstinger adds the following: "There is a definite trend towards sustainable investment. This is positive – for we are clear about one thing: investment in combating climate change cannot be achieved solely through the use of public funds. We must succeed in mobilizing private capital, and indeed, when it comes to "green finance", the question of how we invest plays a role that is almost more important still. Whatever we do today in terms of long-term investment must be "Paris-compatible". In this context, a joint Green Finance Agenda is the first significant step."
Through signature of the Paris agreement on climate change and the UN 2030 Agenda for Sustainable Development, the Austrian government has committed itself to the goal of achieving a more sustainable economy and society. Here, above all, the Paris climate change agreement places a central focus on the financial sector.
With regard to implementation at national level, Finance Minister Löger and Sustainability Minister Köstinger attach great importance to a broad-based dialogue, since an understanding of the needs of the market, sharing experience of sustainable financial products, and ultimately the creation of optimum framework conditions, are all vital in order for the financial sector to be positioned as a strong player in the fight against climate change. In addition to experts from the Austrian Federal Ministry of Finance and the Ministry for Sustainability and Tourism, the Green Finance focus group also includes high-ranking representatives from other institutions, both public and private, including representatives from the Oesterreichische Nationalbank (OeNB), the Austrian Financial Market Authority (FMA), the Oesterreichische Kontrollbank (OeKB), the Austrian Treasury (OeBFA) and the Vienna Stock Exchange, as well as companies in the banking and insurance sector, plus representatives from the scientific community. The focus group will hold several meetings this year, and concrete conclusions can be expected by the end of the year.