Climate Hub in the Ministry of Finance Ministry of Finance pools resources and expertise for cost-effective transformation and strengthening of the economy and employment location and achievement of climate goals
Finance Minister Magnus Brunner announced the establishment of a Climate Hub in the Ministry of Finance. This brings together important know-how on climate and energy policy issues that is currently available in the seven directorates in one place. The aim is to make Austria a pioneer in strategically linking the topics of finance and climate.
Finance Minister Magnus Brunner: “The areas of environment, climate and energy are central topics for the future, the high relevance of which will also be reflected in the 2024 budget. With the Climate Hub, the Ministry of Finance is taking a significant step on our path to cost-effectively transforming our country's economy and society towards climate neutrality. In the Climate Hub, we combine the specialist knowledge of the experts in our various directorates and work on reducing greenhouse gases cost-effectively and regulating the use of CO2 sustainably and efficiently. The requirement is that Austria remains an attractive business and employment location with secure and highly qualified jobs. We want to be pioneers in linking finance and climate and use common sense to set the course for a sustainable economy,” said Finance Minister Magnus Brunner.
Ministry of Finance European pioneer
The Austrian Ministry of Finance is the first in the European Union to set up a Climate Hub. The main goal is to harmonize budget, economic and tax policy as well as climate, environmental and energy policy with a globally oriented location policy.
In particular, knowledge in the areas of budget, tax and economic policy, digitalisation as well as mining and raw materials is combined.
Magnus Brunner: “Achieving the climate goals is a major challenge that we must not work on in a one-dimensional way, but rather thoughtfully and carefully. In particular, we must ensure that we do not overburden anyone and that we maintain and expand our attractive business and employment location in international comparison. An eco-social financial policy also makes an important contribution to this and the Climate Hub will ensure this.”
Several measures are now being implemented in the Ministry of Finance as part of the Climate Hub. The development of a climate or transformation strategy begins internally. In addition, experts from the relevant specialist departments will work together to develop recommendations for a nationwide carbon management strategy, the further development of the carbon markets or the strengthening of the expansion of hydrogen capacities. The green budgeting approach developed by the climate team in the budget section of the Ministry of Finance, which is already receiving great international attention, also plays a central role.
The Climate Hub will be fully staffed by ten to 15 employees from all seven directorates of the Ministry of Finance. The head of the climate team will be Dr. Jose Delgado.