Green Finance Will Promote Transformation of the Lithuanian Economy
On Tuesday, in the discussion "Green Finance: the Key to Economic Transformation?", organized by the Ministry of Finance, experts and policymakers shared their insights on green finance, its development and the opportunities it opens up for Lithuania. At the same time, great attention is paid to the Green Finance Action Plan, which is currently being completed, and its goals: to promote the development of green public and private investments, creating a favourable ecosystem for both business and financial market participants.
"In the context of geopolitical challenges, we are accelerating the green transformation even more, so together with experts from different fields, we prepared the Green Finance Action Plan. The measures provided for in it will allow efficient mobilization of public and private investments, will significantly contribute to changes in the economy, increasing resilience to the challenges of climate change and consolidating the goal of Lithuania as an energy-independent country," said Minister of Finance G. Skaistė.
The action plan envisages the establishment of the Green Finance Institute, which will ensure cooperation between the public and private sectors in the creation of new financial instruments and will increase public awareness of sustainability and green financial products. It is also planned to develop a centralized sustainability database, strengthen regional cooperation, prepare a public sector green bond programme, etc.
It is planned that by 2025 green state budget expenditure will make up to 75 % of total funds, and all public procurement will become green. It is also expected that more private funds will be attracted for the implementation of green projects, and in 2023-2024, they will amount to EUR 0.5 billion (EUR 220 million were raised in 2021-2022).
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During the event, the new plan was presented by Minister of Finance Gintarė Skaistė, who later took part in the discussion, which was joined by: President of the Lithuanian Banks Association Eivilė Čipkutė, Head of the Start-Up Association "Vienaragiai LT" Inga Langaitė and President of the Confederation of Lithuanian Industrialists Vidmantas Janulevičius. The discussion was moderated by Vice-Minister of Finance Vaida Markevičienė.
The broadcast recording of the event is available here.
Last updated: 20-02-2023
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