“Hungarian companies are beginning to understand that sustainability is not a cost, but a long-term investment in resilience,” says Attila Chikán Jr., CEO of listed energy business Alteo Group, and, more importantly for the sake of this particular argument, president of the Business Council for Sustainable Development in Hungary.
As we report inside, the BCSDC was presenting its annual “For a Sustainable Future” awards, and the council was keen to make the case. As one of the organizers put it: “We see a clear shift toward measurable impact. It’s no longer enough to make commitments; companies are expected to show tangible progress. The ‘For a Sustainable Future’ award recognizes exactly that: evidence of transformation.” While you might argue that the BCSDH would say that, it is hardly alone in making the case.
Expats of a particular vintage, and I will gladly admit to being one of those, will know Stephen Saracco, by reputation if not socially. As a side hustle, he was part of a group that bought the 6:3 Borozó a few years back, a wine bar dedicated to the memory of a famous soccer game in which Hungary’s “Golden Team” dismantled the myth of English football invincibility at London’s old Wembley Stadium in 1953. Saracco has also appeared in several small parts in films and TV series as a supporting actor, and most recently shared a scene with Adrien Brody in “The Brutalist.”
But his business is construction, and while in Budapest, he worked for Citi, CIB Bank, and CBRE, among others. He was involved with delivering the CEU building on Október 6 utca, for example, not to mention the 45,000 sqm ExxonMobil office campus in Budapest during COVID. He is now working on public facilities back in Boston, where he says sustainability plays a huge role.
“Boston’s climate targets are among the most ambitious in the country. We’re required to build all-electric, eliminate carbon-based fuels, and pursue net-zero goals. [….] It’s real, and it’s happening fast,” he tells us.
Something similar is happening here. One of the experts we spoke to for the Market Talk feature in our Special Report dedicated to Real Estate Development told us, “ESG is no longer optional for development and redevelopment; it’s a structural part of project feasibility and value creation across office, industrial, hotel and retail. EU regulations [.…] are raising minimum technical and disclosure standards, while capital markets and occupiers are pushing for measurable outcomes.”
Whether it is companies that are “expected to show tangible progress,” and “evidence of transformation,” or capital markets and occupiers “pushing for measurable outcomes,” it seems that ESG is more deeply embedded than ever, and that is not a trend that will change any time soon.
Robin Marshall
Editor-in-chief
This editorial was first published in the Budapest Business Journal print issue of October 17, 2025.
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