Varga at climate summit: Hungary could be among winners of green transition

“To be successful we must produce and store green energy, and the government will utilise every means to achieve this,” Varga said.

The minister said Hungary was one of a few countries able to increase its industrial production and reduce its emissions at the same time. He added, however, that “green energy is the future of the Hungarian economy” and he said efforts were being made to transform the economy into a modern and sustainable system.

“The new economic world order is being shaped in the competition of national economies and businesses, and since Hungary started making green investments in time, its prospects are good,” Varga said.

The minister mentioned Hungary’s tax policy involving climate targets in the national budget, and issuing green bonds as tools to achieve those targets, adding that “Hungary is especially successful” in this respect.

Varga is in Dubai attending a financial day within the COP28 Climate Conference.