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Climate change both a menace and an opportunity, says OTP Bank

One of the biggest Hungarian commercial lenders, OTP Bank, says climate change is not just a menace but also an opportunity for businesses, agroinform.hu reports.

Young Hungarian climate change protestors at an event in Budapest on May 5, 2019. Photo by Jambor Orsolya/Shutterstock.com

Citing a study compiled by the Institute for Economic and Enterprise Research (GVI), the bank says Hungary should definitely prepare for significantly longer heat alerts, higher average temperatures, and many fewer frosty days.

While it will have an inevitable effect on agriculture, it will also bring opportunities to firms doing business related to climate change, such as alternative energy companies.

Air conditioning is not a long-term, sustainable solution to survive increasingly hot summers. Appropriate thermal insulation will become more and more common, and the production and installation of modern doors and windows and the development of insulation technologies will be more popular in the medium-term, the study explains.

In terms of tourism, waterfront accommodations will gain higher importance. Overall, analysts say, it is very difficult to forecast the exact impact of climate change on the Hungarian economy, agroinform.hu added.