The MNB’ Green Programme

Civic Review· VOL 17. Special Issue, 2021, 153–163., DOI: 10.24307/psz.2021.0011

Viktória Deák, junior analyst, Magyar Nemzeti Bank (This email address is being protected from spambots. You need JavaScript enabled to view it.).


This paper establishes that central banks, supervisors and the financial system play a key role in mitigating climate change and other environmental anomalies. However, the situation in Hungary highlights the challenges faced by the financial system that make it difficult to assess, manage and measure financial risks related to climate change. In order to maintain the stability of the financial system and promote sustainable finance in Hungary, the Hungarian central bank launched its Green Programme. The paper examines the measures taken so far in this initiative and their results. Finally, it notes that since the start of the programme, the domestic green financing environment has likely improved, but additional tools will be required, in particular to increase the preparedness of the financial sector for financial risks related to climate change.

Journal of Economic Literature (JEL) codes: G28, O16, Q54
Keywords: green finance, sustainability, climate change, financial system, central bank