Jak udržitelně financovat klimatickou neutralitu v České Republice?
How to sustainably finance climate neutrality in the Czech Republic?

Author(s): David Němeček
Subject(s): Environmental and Energy policy, Green Transformation
Published by: EUROPEUM - Institut pro evropskou politiku
Summary/Abstract: To achieve truly sustainable climate neutrality, systemic changes in the approach of financial sector actors will be needed. The field of sustainable finance deals with this issue. In addition to spending on reducing emissions, the government can develop so-called green budgeting approaches, introduce environmental taxes or manage ministries based on climate targets and metrics. Regardless of the global practice of climate risk management and the recommendations of European regulators, the Czech National Bank is very skeptical about the climate agenda. At the same time, the bank has a whole range of tools with which it can contribute to the sustainability of the economy: disclosure obligations, climate stress tests or support for risk management. Although social and environmental responsibility does not currently play a fundamental role for Czech investors, it is a matter of time before trends such as the disclosure of investment portfolios, impact investing according to ESG factors or so-called green and transition bonds reach the Czech Republic. However, a sustainable future will not depend only on the right choice of tools, it will involve a fundamental reassessment of the economic system in general.

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