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MNB publishes proposals for environmentally sustainable economic growth

Following consultation with civil organizations and environmental protection experts, the National Bank of Hungary (MNB) on Monday published a collection of proposals and initiatives it has taken to promote environmentally sustainable economic growth, according to a report by state news wire MTI.

Image by Jessica Fejos

The central bank put out a call for proposals in March 2020 and collected responses from 18 NGOs, environmental scientists, climate protection and energy experts. 

Recommendations for "green taxation" measures included modifying taxes on vehicles and transportation that would improve air quality, lowering taxes for investments improving the energy efficiency of homes, extending carbon taxing system, raising environmental charges and fees and reclassifying green energy production by farmers as part of the agricultural sector to unlock financial incentives. 

MNB noted that a significant portion of the proposals raised in the civil consultation fall outside its competence but the central bank promised to forward proposals to the relevant ministries, and by publishing the proposals, it wants to contribute to professional discussions and public thinking on the topics.