Magyar Bankholding Joins UN Environment Program Finance Initiative
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Magyar Bankholding has joined the global cooperation established by the United Nations and was among the first Hungarian banks to sign the Environment Program Finance Initiative.
The aim of this international collaboration is to facilitate the shift of the financial sector towards sustainability. With this commitment, the banking group wants to take another step to establish responsible and green operations.
The United Nations (UN) is providing a network of banks, insurers and investors with tools and practical guidance to help them achieve their sustainability goals. These instructions include progressive reductions in greenhouse gas emissions, financial inclusion and other environmental efforts needed to achieve future prosperity. Banks that join the initiative commit to comply with their ESG strategies and to make sustainability a priority in their business activities.
"The rise of ESG is one of the most significant trends in the financial sector currently, both globally and in Hungary. Clients, investors, and regulators are setting new types of expectations for credit institutions, which Magyar Bankholding intends to fully meet and actively shape. The signing of the UN Environment Programme Finance Initiative is a milestone in our work", said Zsolt Barna, chairman and CEO of Magyar Bankholding.
"Since its inception, more than 400 financial institutions have signed these principles, and Magyar Bankholding is now part of an international community that has already taken the first important steps towards a better future. The banking group intends to play a key role in the creation of a sustainable economy in Hungary, contributing to the success of the Paris Climate Change Agreement under the auspices of the United Nations", said András Puskás, presidential chief advisor of Magyar Bankholding, who represented the banking group at the signing ceremony.
According to a press release sent to the Budapest Business Journal, Magyar Bankholding and its member banks have already launched a number of initiatives, which have provided the basis for the ESG Strategy of the group. The banking group plans to increase its use of green energy, aims to achieve full carbon neutrality, and plans to place greater emphasis on ESG risk considerations when assessing loan applications.
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