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The financial sector is ready to finance the net zero transition

Budapest, January 26, 2022: 31% of Hungary’s leading companies have already made a commitment to net zero. Significant financial resources are needed to accompany the expected increase in commitments. Is green funding ready to fill the gap? The Business Council for Sustainable Development in Hungary (BCSDH) and the British Embassy held a business forum with the participation of the Net Zero Advisory Board to present the current domestic and European situation of green financing to business actors.

 

It is important for as many companies as possible to commit to net zero targets, potentially even by joining the UN Race to Zero Campaign, but it is also essential to find the means by which to help them in this process.

“This event helps orientate companies to where they can source funding to decarbonise their operations. I hope it will encourage Hungarian businesses to sign up to the UN’s global Race to Zero Campaign where progressive businesses commit to the Net Zero target by 2050. Not only is this a target driven by government and international commitments and good for the planet, but it makes good business sense too” – said Richard Shackleton, Deputy Head of Mission of the British Embassy in his opening remarks.

The COP26 climate conference in Glasgow was a success in this field and the global financial sector appeared to be ready for action. With the announcement by the Glasgow Financial Alliance for Net Zero (GFANZ) it has become clear that 100+ trillion dollars are potentially available for engaging in climate action. Further, there was the historical launch of the International Sustainability Standards Board (ISSB) – a long-desired global standard-setter for capital market sustainability (ESG) disclosure that will truly prepare the world for the consolidation and standardization of materiality-based reporting on greenhouse gas emissions.

The EU also wants to mobilize its green financial resources.

“Hungary wants to be a net climate-neutral country by 2050, and we have also committed to a 55 percent national reduction by 2030. Companies play a key role in this process, and the domestic financial and consulting sector is also prepared to accelerate the process, for which such forums are essential” – highlighted Attila Chikán Jr., President of the BCSDH, pointing out the long-term positive processes that are just beginning.

“Inevitably, capital market engagement for business will radically change in this decade, and the standardization of ESG disclosure will integrate impacts on natural and social capital into the cost of capital for companies” – he added.

 Csaba Kandrács Dr., Deputy Governor of Hungarian National Bank spoke about “The Hungarian National Bank’s policy in support of sustainable financing in 2022”
Szabolcs Ágostházy Dr., Prime Minister’s Office’s State Secretary for EU Development Projects,  gave a presentation about “EU funds for green investments in the 2021-2027 period”

Ákos Lukács, Head of Sustainability and Climate Change of Deloitte spoke about “Corporate net-zero ambitions matching sustainable finance products”
Gergely Pókos, Director of Green Program Directorate of OTP Bank gave a presentation about “Vision of green banking products in corporate finance practice” 

The BCSDH aims to generate changes in models and business solutions in Hungary that have a real impact on climate change and can generate real responses to domestic challenges due to their take up by other companies. An important step has been the establishment of the Net Zero Advisory Board that has the aim of increasing the focus on economic, governmental, and social factors in the transition to a carbon-neutral economy.

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Race to Zero

The Race to Zero is the UN-led campaign for a zero-carbon world. Close to 5227 businesses, including the likes of Facebook, Tesco, LafargeHolcim, and Magyar Telekom, and 441 of the biggest investors have joined the global Race to Zero campaign, along with over 1049 cities, 23 regions, and 1039 universities. Businesses of all sizes and across all sectors have a clear role to play in climate action, in line with the Paris Agreement.

Over the coming years, every sector in every market will be transformed as the transition to a low-carbon economy is underway. Committing to the Race to Zero goals of net zero carbon emissions by 2050 is also taking the steps necessary to protect and grow your business by reducing costs, by enhancing access to investor capital, by staying ahead of policies and regulations to limit GHG emissions, by increasing your business’ preparedness to external shocks, and by leading on tomorrow’s innovation and transformation.

Meeting the 1.5°C target cannot be achieved without the circular economy

Implementing the strategies for achieving a circular economy would reduce global greenhouse gas emissions by 39%. How to achieve climate goals through the circular transition? – this burning issue was at the heart of the fourth Circular Economic Summit, which was held with the participation of almost 170 people on 25 November 2021.

The world as a whole is a long way from operating as a circular economy. The circular economy involves a number of tools and complex systems and is one of the most effective things we can do to tackle climate change and rebuild biodiversity. The biggest circular event of the year (held with the help of ING Bank) provided a number of corporate and start-up examples of the circular economy and an overview of international processes.

Today, the Circular Economy Platform, which was established at the initiative of the Hungarian Business Council for Sustainable Development (BCSDH), the Dutch Embassy, and the Hungarian Ministry of Innovation and Technology, consists of 94 members. These institutions have highlighted knowledge-sharing, collaboration, and immediate action as the platform’s most important tasks.

Tibor Bodor, CEO Hungary & Head of Wholesale Banking CEE said the following: “we see more and more market-makers emerging in the area of the circular economy. This provides us with a positive view, with the expectation of increasing the speed of sustainable transitions.”

The world is facing three critical challenges: a climate emergency, loss of natural diversity, and growing social inequality. Climate change is not a phenomenon of the future: we are already increasingly experiencing its effects in the form of heat waves and droughts, torrential rain, and even severe windstorms. Most of the effects of the climate change will take place through water-related changes.

A substantial acceleration of ambition and action is needed to meet the Paris Agreement targets. One of the main successes of the now-concluded COP26 is that more ambitious, net zero-emission national commitments have been made. While three weeks before the event global emissions targets covered only two-thirds of those required to reach net zero, after COP26 they had increased to 90%. Hungary wants to be a net climate-neutral country by 2050 and has also committed to a 55 percent national reduction in emissions by 2030.

“Companies also need to act now. A company that does not change in time is taking a serious risk. No longer can ‘low-carbon’ be the sole objective: climate neutrality must be achieved urgently through new technological solutions and the spread of the circular economy and rapid changes in consumption patterns at all levels – highlighted Attila Chikán Jr, President of BCSDH. “As in so many other areas, companies are leading the way, and a growing number of them are already integrating circular economy principles into their strategies. For the time being, these solutions are mostly seen as new business opportunities alongside preexisting ‘material-intensive’ processes. But the aim should increasingly be to replace the latter, as this can only slow down the use of natural resources” – he added.

Of all the natural resources water deserves special attention, as the basis for effective climate adaptation. In addition to an increase in the average temperature, Hungary is expected to be hit hardest by a growing water shortage. Implementing circular water management is urgent and necessary.
This should contribute to keeping water resources in the system for as long as possible, thereby helping to reduce the water footprint.

At present, Hungary is not managing its natural resources wisely, and it is still some way from achieving a circular economy, but it is encouraging that the Hungarian legislative process has started to address the circular economy. These are important steps that will help ensure that Hungary’s further development does not happen at the expense of its natural resources.

The guest speaker at the Circular Economy Summit was Vojtech Vosecky, a leading expert in the field of the circular economy and associate at the one of the world’s leading transition organizations, Circle Economy. He gave a presentation about the links between climate protection goals and the circular economic transition.

Measuring circularity on a company level – and the CTI system and its practical application, as developed by the WBCSD jointly with KPMG – was the topic of the roundtable discussion led by Irene Martinetti, WBCSD Circular Economy Manager.

In addition to learning about a number of international and domestic examples of circular water management, including corporate and start-up solutions, the Circular Regions Project was introduced to provide an overview of the potential of regional cooperation on the topic of the circular economy.

“The Circular Economy is becoming a significant pillar of the Netherland’s diplomatic activities and this region is playing an important role in that. It is good to see that the regional approach is also represented here today, where our practices inspire other countries and we get inspired by the examples of others, showing how the circular transition can respond to the complex ecological issues of our time” – added Désirée Bonis, Ambassador of the Kingdom of the Netherlands to Hungary.

Transitioning to a circular economy is a great business opportunity today. The core of the concept is not yet deeply understood by most companies, although the use of this model can increase the resilience of the world economy and facilitate the achievement of the Paris Climate Change Agreement and the United Nations Sustainable Development Goals. The circular economy could generate business opportunities worth $4.5 billion worldwide by 2030.

Thus, within the Circular Economy Platform’s highly successful Circular Economy Academy, participants benefit from insight from renowned experts about circular performance measurement systems, food waste, and circular design. Furthermore, they have been able to learn about the latest circular business models through innovative international and domestic examples. The work continues, while the focus remains on knowledge-sharing, collaboration, and action.

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The Circular Economy

According to the current so-called linear economic model, technical and biological components are extracted from nature, transformed, and are then disposed of without recycling.
In contrast, in the circular economic model, metabolic processes occur in a closed circle, waste is almost 100% recycled, and biological and technological components are returned to the cycle with minimum loss of quality.

Thanks for our Sponsors in 2021:

Lagging companies take a serious risk – ‘What is the next step after COP26?’

The vast majority of the world wants and is ready for the energy transition. The voices protecting the status quo are weakening and it is a financial risk if a company doesn’t join to this train on time. While in the media we heard mostly about the 400 private jets and the closing document, there are further key take-aways what should be highlighted. While COP 26 didn’t ensure yet the decrease to the 1.5 °C with all the commitment and pledges, yet we are going to right direction with a speed we have never experienced before.

‘What is the next step after COP 26?’ working group meeting, our guest speaker, Prof. Dr. Diána Ürge-Vorsatz, climate researcher and professor of CEU shared her firsthand experience and takeaways from the COP26 global event, highlighting the import role of the business leaders as they are the ones, who are actively working on the implementation of the energy transition.

Three weeks ago, 2/3 of the global emission was covered by net zero targets, today it is 90%. A clear message for all the companies as laws are getting introduced. NDCs (Nationally Determined Contributions) were mostly increased, having India and China joining in is considered one of the key achievements of the event, while there are some disappointing contributors as Switzerland, Australia or Brazil who stepped back and became less ambitious than before.  Big loopholes got closed but some smaller ones remained open regarding the Paris Agreement’s article 6 on carbon trading. 80 bln USD fund was created for the developing countries but without global financial facility behind to ensure transparency. Individual sectoral pledges were introduced, a final document and “Coalition of the willing” shaped on coal phase out, greening finance, ending deforestation, methane pledge and electric vehicles – these are only meaningful if they come in addition to NDCs, but many has still key countries and payers missing. – commented Diána.

Could have all these been achieved via Zoom? – the answer is clearly no. COP events are becoming more as a climate jamboree with 50.000+ participants, attracting all type of voices to deliver their messages while the delegates are locked-away for the negotiation phase. The question is raised again… do we need so many people to be present every year? Possibly don’t. Companies yet again have the opportunity to shape a trend, simply by shifting intra-European business travel to train to set an exemplary travel pattern.

What all business leaders need to keep on mind:

  • the world is ready and you have the opportunity to join the train early and lead the change,
  • any financing / investment related to fossil fuels or related infrastructure is associated with substantially increased risks,
  • there is an increased drive for identifying and separating greenwashing from meaningful action,
  • in addition to CO2, other climate forcers are gaining attention.

In 2015, ahead of the Paris Agreement, the CAT estimated a warming of 3.6 °C based on the 2015 policies, and the submitted targets would lead to 2.7 °C. Six years later the warming of current policies has now come down to 2.7 °C and if governments achieve their 2030 NDC targets, temperature increase could be limited to 2.1 °C. We came this far together, and we won’t stop here.

MIT is also counting on companies to become carbon neutral – a unique CEO consultation on “Fit for 55”

Budapest, October 25, 2021: At the request of the Net Zero Advisory Board, established in January, the Business Council for Sustainable Development in Hungary (BCSDH), together with the British Embassy, held a unique ‘Fit for 55’ CEO consultation. Company leaders and business sector representatives were able to meet and consult with Dr. Barbara Botos, Deputy Minister of State of the Ministry for Innovation and Technology (MIT). Discussions touched on the plans of the Hungarian government and the position of the business sector in relation to achieving the EU’s ambitious climate goals in Hungary. 31% of leading companies already have a net zero commitment.

At the British Ambassador’s residence, the Deputy Head of Mission of the British Embassy, Richard Shackleton – representing the host country of the COP26 climate change conference that starts on November 1 in Glasgow – hosted BCSDH member company executives, members of the Net Zero Advisory Board, and Dr. Barbara Botos, Deputy Minister of State on behalf of MIT, for a CEO consultation..

“The UN Climate Summit will start in a few days. We are all in the same boat. For climate neutrality by 2050, it is essential that everyone acts – companies, governments and individuals. We cannot delay any longer,” Richard Shackleton pointed out.

In July this year, the European Commission adopted a package of proposals for helping make EU climate, energy, land use, transport, and taxation policies capable of contributing to a reduction in greenhouse gas emissions by at least 55% by 2030 compared to the level of 1990. This more stringent target is necessary for achieving the EU’s 2050 net-zero-emission target. To this end, the European Commission has revised its climate and energy policies and transportation-related legislation to align with the 2030 target and the road that leads to it.

“Hungary wants to be a net climate-neutral country by 2050, and we have also committed to a 55 percent national reduction by 2030, but it is extremely important that all this is achieved with the support of society. In the recently adopted National Clean Development Strategy, the government is exploring potential ways to achieve climate neutrality, as enshrined in law” said Dr. Barbara Botos, ITM Deputy State Secretary.

“It is also important that we place the business sector at the forefront of our goals, so it is essential to know the position of companies: what are the challenges they see, and what are the opportunities they need to overcome to make the green transition economically viable” – she added.

Climate change is already happening. A drastic acceleration of ambition and action is essential for achieving the goals of the Paris Agreement. To do this, we need to make our economy carbon neutral by 2050. Companies play a key role in this process. But even for them, low-carbon emissions alone cannot be the goal: climate-neutral operations must be achieved as soon as possible. This requires new technological solutions at all levels and a rapid change in consumption patterns. A supportive legal and regulatory environment is also essential.

“The BCSDH aims to generate changes in models and business solutions in Hungary that have a real impact on climate change and can generate real responses to domestic challenges due to their take up by other companies. An important step has been the establishment of the Net Zero Advisory Board that has the aim of placing greater focus on economic, governmental, and social factors in the transition to a carbon-neutral economy” – said Márta Irén, Managing Director of BCSDH. “Such consultations are crucial for speeding up the process,” she added.

 

We held our fourth ESG working group meeting this year

Our fourth ESG working group meeting on 19th October exceeded all our expectations. Our guests speakers were Sándor Baja, Managing Director of Randstad Hungary Kft. and Björn Claussen, Regional Head of Multinational Coverage – Central Europe BNP Paribas, winner of the “For a Sustainable Future” Award in Change Leader category.

Sándor led us through the current Hungarian labor market situation, summarizing the challenges and possibilities, partially driven by Covid-19. We can currently see a clear gap between the number of people retiring vs. the number of 18 years old population. As the Eastern European countries are seemed to recover faster than the Western countries, we can witness some migration back to Hungary. Additional challenges are given by the facts that governance is decreasing the number of work permit issued, meanwhile the number of high education graduates are also decreasing. Hungary is not well prepared for the future job market, where continuous automation plays a key role, making mid-level jobs disappear. Today we can say that automation is creating more jobs then eliminates. STEAM education is rising in the western countries while in Hungary we are only around 20% and female students are even more underrepresented in the area. Regarding mobility we see a rising trend on urbanization as well as connecting small villages to the big company circulation due to remote and hybrid work possibilities.

Sándor also shared a new Randstad survey, what was conducted with the involvement of 7600 people, covering the topics of Covid-19 effect, employer of choice, remote work, employee retention and employee drivers.

Some of the key highlights are the following:

  • The IT sector is currently the most attractive, followed by telecommunication and business services. Retail industry is gaining popularity and currently finance is the less attractive option for the candidates.
  • There is a clear message for companies about remote work. Only 10% would like to go back to the office 100%, 25% prefers not to return at all and 65% is opting for hybrid solution.
  • There were job losses due to Covid in a higher % then we see in the official statistics, but many people were able to integrate to another sector. In 2021 21% was still worried to lose their job due to Covid-19.
  • The topmost important drivers are attractive salary and benefits, pleasant working atmosphere, job security, financial health, and good work-life balance. Sándor was suggesting using these parameters for job postings.
  • The results also show that from ESG point of view, giving back to society and company reputation are on the 9th and 10th place of the list. For around 30% of the people is important the ESG factor when looking into employers’ offering. We can see a bit higher number in case of women and high education graduates. Sándor was suggesting keeping this information available, but not to build the job advertising strategy around it.

Björn, representing the finance industry, started with a reflection on the Randstad report, how the sector lost its charm and now aims to offer more attractive opportunities for candidates. The role of a finance expert is becoming more and more advisory, who supports their clients to gain knowledge on global emerging trends, risks, and opportunities for a sustainable future. BNP Paribas has been carbon neutral on its operational scope since 2017 and was recognized multiple times for their work around ESG and sustainability worldwide.

The bank is redesigning its strategy to be even more action oriented by realigning their activities with the SDGs and how they can land money in another way. 15% of their investments is contributing strictly to the achievement of the UN SDGs. During the last 5 years they tripled their investment on renewable energy sector and reached their goal with two years in advance. They also started to invest in startups for energy, energy transformation, and efficiency areas, where after the 1st 100 million EUR spent, they partnered with another organization to further invest in the energy transition.

Bjorn also shared with us, what are the roadblock in their journey and how they are trying to overcome them. To reach their 2 Celsius commitment, BNP Paribas is gradually exiting some of the key industries as tobacco and coal. To make clients realize that the change is happening, they roll-out their exit strategies at the same time on a global scale, talking to clients one by one. Challenges are differently present in countries, where the governance is not committed on the same way towards the massive emission reduction. Beside the advisory approach, Bjorn continuously highlighted the importance of education and raising awareness around ESG, what is also part of their client management strategy.

BNP Paribas also conducted a survey on ESG recently. Some of the core findings are the following:

  • ESG know-how: 3 groups identified, leaders, explorers, observers
  • More investors are integrating ESG in their portfolio, data remains the primary barrier for integration and the social pillar is the hardest to measure
  • Investors engage with clients about ESG as part of their strategy
  • Shift from marketing to brand reputation as primary driver for ESGs

To watch a short video about the survey, click here.

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This approach is necessary for the transition to a carbon-neutral economy – participants of “The Future Leaders Talent Program” 2021 received their certificates

Graduates of the 2021 class of the Future Leaders Talent Program received their certificates at BCSDH’s business lunch on October 7. Together with this year’s 32 participants (the eighth year of the program), nearly 250 young leaders have now already graduated from the Future Leaders Talent Program of the Business Council for Sustainable Development in Hungary (BCSDH).

“Our unique Future Leaders Talent Program in Europe has never been more important than it is now. The attitude and knowledge obtained here are extremely important for moving towards a carbon-neutral economy as soon as possible” said Márta Irén, Director of BCSDH.

During the diverse program, participants can learn about ethical operations, strategy, and sustainability, not only from recognized experts but also from practicing leaders, while being introduced to mentor companies. There are nearly fifty mentors per class: corporate leaders, civil, academic and corporate experts help participants get to know about opportunities in the business sector from as many perspectives as possible.

Participants of the eighth class, as in previous years, were typically young leaders at BCSDH’s member companies who work in a variety of disciplines. This year started in a virtual space, but thanks to the new structure of the professional days and the alleviation of the pandemic, the summer events and the Deepening Day could be organized in a hybrid form, with an increasing number of participants meeting face to face.

“With more and more new techniques, we have made the online days even more colorful and interactive, including domestic and international news such as the labor market challenges of the relaunch, and the transition to a carbon-neutral economy. Participants were able to obtain first-hand information about sustainability and the current challenges of sustainable corporate operations from a number of domestic and international authorities. Our speakers included Prof. Dr. Diána Ürge-Vorsatz (IPCC), Dr. Gábor Bartus (NFFT), and Sándor Baja (Randstad) through a virtual lecture and discussion. And the project work related to the climate-neutral economy was an excellent example of the participants’ start-up thinking,” said Zita Szederkényi, head of the program.

During the training days, the BCSDH’s Comprehensive Interpretation of Corporate Sustainability management recommendations cover each point, the theoretical background, and corporate practice (Strategic Approach, Responsible Corporate Governance, Respect for Core Values, Environmental Responsibility, Partnership with Stakeholders, Ethical and Transparent Sustainable Products, Services and Innovation, which have been present for the last three years). The 32 graduates of year 2021 were able to receive their certificates at the BCSDH business lunch on October 7. Together with this year’s graduates, the Alumni organization of the Future Leaders Talent Program now includes graduates from eight iterations of the course, involving nearly 250 young leaders.

 

The “For a Sustainable Future” Award for 2021 have been awarded

The BCSDH Business Lunch hosted a ceremonial award ceremony for the Sustainable Future Award. This year, the organization of 109 member companies – which produce about 30% of Hungary’s GDP – presented the ‘For a Sustainable Future’ award for the fifth time in the following categories; Change Leader, Leading Woman, Business Solution/Business Model Change, and Social Responsibility Program, recognising the extraordinary achievements of leaders and companies in terms of helping achieve the Sustainable Development Goals (SDGs), as well as outstanding action taken during the pandemic.

Márta Irén, director of BCSDH and also a member of the professional jury, explained that “in 2021, we announced the ’For a Sustainable Future’ Award for the fifth time, as established by BCSDH. The Social Responsibility category that was launched in connection with the pandemic was maintained, in addition to the previous Change Leader, Leading Woman, and Business Solutions categories. Reading the applications, we were pleased to see that although the protracted situation with the virus has taken significant resources away from companies, significant progress has been made in many areas of sustainability”.

Winners were selected by a five-member professional jury: Gábor Bartus Dr, Szilvia Krizsó, Irén Márta, István Salgó, and Diána Ürge-Vorsatz

The winners of the “For a Sustainable Future” Award in 2021:

CHANGE LEADER AWARD:

Björn Claussen
Regional Managing Director
BNP Paribas Multinational Clients

Björn Claussen’s personal example through his leadership role draws attention to the sustainability opportunities and responsibilities of the inventors.

 

 

 

 

 

LEADING WOMEN AWARD:

Nóra Hevesi
Head of Communications and Campaigns
TESCO Hungary

Barbara Szigeti
Head Of Country People Operation
TESCO Hungary

Both women are leaders who support taking a comprehensive approach to many classic and innovative areas of human sustainability. Their work, impact, and collaboration as female leaders are exemplary.

 

 

 

Zsuzsa Pálfalvi
Managing Director
Graphisoft Park Services

On the one hand, her managerial influence on the company is outstanding, while on the other hand she is having a great positive influence on the environment, society, and the attitudes of other companies.

 

 

 

 

 

Katalin Urbán
Environment, Health and Safety Manager
Grundfos Manufacturing Hungary

Katalin develops and inspires innovative solutions inside and outside the company. Her leadership virtues and the results achieved by the company are impressive.

 

 

 

 

 

 

BUSINESS SOLUTIONS AWARD:

Hungarian National Bank– Green Program

A program that comprehensively represents the sustainability potential of the financing side, with which MNB has adopted a pioneering role. This is having a significant impact on the behaviour of the sector in general and, through it, on the economy as a whole.

The award was received by  Dr. Csaba Kandrács, Deputy Governor of Hungarian National Bank.

 

 

 

 

SPAR Hungary – SPAR Hungary is implementing a circular business model by selling products from ‘Máltai Manufaktúra’

The environmental and social aspects of sustainability of this initiative are also exemplary. They involve a harmonious unit for business education support, with a focus on significant forward-looking achievements and delivering concrete results.

The award was received by  Márk Maczelka, Head of Communications of SPAR Hungary.

 

 

 

 

TESCO Hungary  – TESCO for carbon neutrality

The virtue of this food waste reduction program is its complexity and horizontal extension.

The award was received by  Nóra Hevesi, Head of Communications of TESCO Hungary.

 

 

 

 

 

SOCIAL RESPONSIBILITY AWARD

 

Budapest Airport – BUD Group Foundation for Employees

This is a humane, exemplary solution for the further employment of staff during a drastic downturn due to the pandemic.

The award was received by  Chris Dinsdale, CEO of Budapest Airport.

 

 

 

 

 

 

Güntner-Tata – 30 years 30 good things for the community

This is a nice initiative and a good example of a local company taking responsibility for local goals, combined with having a positive impact on employees.

 

The award was received by  Tamás Schwarczenberger, CEO of Güntner-Tata.

 

 

 

 

CONGRATULATION!

Main Sponsor: Legrand, Highlighted sponsors: Alteo, Essity

A climate-neutral economy is the only way – BCSDH Business Lunch with Julian Hill-Landolt

„The world is facing three critical challenges: a climate emergency, loss of natural diversity, and growing social inequality. The COVID-19 pandemic has shown that these challenges are closely interconnected and our systems are not prepared for such shocks. Vision 2050 – Time to Transform – also available in Hungarian – outlines where systemic change is needed and sets out a new framework, with nine transformation pathways” – said Julian Hill-Landolt at BCSDH’s annual Business Lunch. The professional program of the event focused on accelerating systemic change and transition to a climate-neutral economy.

At the event, with the announcement of the ‘For a Sustainable Future’ award, the extraordinary achievements of leaders and companies in terms of helping achieve the Sustainable Development Goals (SDGs), as well as outstanding action taken during the pandemic, were recognised in four categories. And the graduates of this year’s “Future Leaders” Talent Program received their diplomas in the same ceremonial setting.

Budapest, 7th October 2021 – Global average temperatures are already 1.2°C above the pre-industrial level. A substantial acceleration of ambition and action is needed to meet the Paris Agreement targets. What will it take to generate the same rate of change (that is similar to the rapid digital switchover generated by Covid) in other areas? What can the business sector do? The “Vision 2050: Time to Transform” transition schedule and business sector’s net-zero commitments were presented at the business lunch of the Business Council for Sustainable Development in Hungary (BCSDH).

Vision 2050: Time to Transform-  presented by Julian Hill-Landolt

The WBCSD has described the necessary systems transformations in Vision 2050: Time to Transform. To move to a world where more than nine billion people all live well within planetary boundaries requires companies – like yours – to set ambitious net-zero and nature positive targets and, more importantly, to put in place operating plans to deliver these targets and create transformational collaboration across value chains.

“Going beyond business as usual is essential for accelerating the transformation. Business leaders need to shift their mind-sets in three areas: developing a form of capitalism that rewards true value creation; focusing on building long-term resilience; and engaging in regeneration.

The business sector is taking a leading role, but it must work with academics, regulators, and investors, developers, and consumers to promote system transformation together. This collaboration at unprecedented levels is the only way to deliver the rapid change needed to ensure that all people can live well within planetary boundaries by 2050” – said Julian Hill-Landolt, director of the WBCSD.

You can download the Hungarian version of Vision 2050: Time to Transform from here.

Most of BCSDH’s member companies have made climate-related commitments, and 31% have net zero commitments as well.

“This year is the year of action. Countries must commit to net zero emissions by 2050. Ahead of the COP26 in Glasgow, governments will have to submit much more ambitious national climate plans. Companies must do the same if they want to protect people, themselves, and the economy from the catastrophic consequences of climate change. No longer can ‘low-carbon’ be the sole objective: climate neutrality must be achieved urgently through new technological solutions and rapid changes in consumption patterns at all levels” –stressed Attila Chikán Jr., president of the organization.  – “The BCSDH aims to generate changes in models and business solutions in Hungary that have a real impact on climate change and can generate real responses to domestic challenges due to their take up by other companies. He added that “committed leaders and change makers are vital to making sustainable economic activity more strategic. The mission of BCSDH is to support its member companies to be active agents in shaping the necessary changes”.

 

Márta Irén, Director of BCSDH, moderated the “How to lead the Transformation?” CEO-roundtable, which was attended by leaders already at the forefront of system-wide transformation such as:

  • Zsolt Csavajda, Managing Director, DSM Nutritional Products Hungary
  • Csaba Kandrács Dr., Vice President, Hungarian National Bank
  • Tímea Pesti, CEO, Leaseplan Hungária

Main sponsor of the program: Nestlé. Highlighted sponsors: Deloitte, Sió-Eckes, sponsors: Alteo, E.ON, Folprint, Hungarocontrol, HVG, MOL, Leaseplan, Unilever

Kinga Recsetár-Maioli is the new Head of Corporate Programs at BCSDH

From 1st October, 2021 onwards, Kinga Recsetár-Maioli is taking over the position of Head of Corporate Programs of the Business Council for Sustainable Development in Hungary (BCSDH).

The new project leader will primary focus on the Vision 2050 program, renewed by WBCSD, as the time has come to shift from the world of words towards the rapid acts. During the Vision 2020 program numerous good practices have been initiated and even more goals have been set, but the pace of change is lagging behind the global trends (population growth, gradually deteriorating ecosystems, climate change, etc.).

Kinga Recsetár-Maioli, with 10 years of multinational and 6 years of regional and global leadership experience behind her, decided to focus on her “side job” and join BCSDH. While focusing on lean transformation, automation, and operational excellence in her leadership roles, she also held additional roles such as; Eastern European Volunteer Council Leader and later Country Sustainibility Leader. The NGO sector is not far from her either, as a volunteer leader she has worked on numerous projects in collaboration with numerous local and global NGOs. She is committed to spread the culture of pro bono volunteering and integrate pro bono elements into the corporate culture. She represented GE’s Eastern European region at several international conferences on the subject and gained professional recognition for the company.

In addition to the adaptation of Vision 2050 in Hungary, the tasks of the new project leader include reviewing the strategy of the Action2030 program, developing specific actions and recommendations, managing the Race to Zero and ESG programs on the part of BCSDH and coordinating the related professional working groups.

Kinga’s primary goal is to shift the focus from theoretical thinking to the field of deeds in a transparent, measurable, and easily replicable form.

She also considers it important to shape individual attitudes through personal experience and exposure. She believes that responsibility cannot be passed over purely to companies or governments, as these organizations are also run by individuals, so personal development and commitment are essential to change.

Sustainable World 2021 Portfolio Conference

With the professional support of our organization, BCSDH, and the cooperation of Portfolio.hu, the Sustainable World 2021 – Company of the Future conference will take place on September 7, at Anantara New York Palace Budapest Hotel. At the conference, several of our member companies (Hell Energy, Alteo, Met, KPMG, PWC, Amundi, Spar – the full list of speakers is available at the link below) will  present their good practices. Similar to last year,  topics will be about sustainability, green financing and investments, the current situation of energy companies, and the challenges and opportunities of green companies.

For more information please click the link below.

Business Council for Sustainable Development in Hungary
1118 Budapest, Ménesi street 9/a.

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