Chinese resources to flood the Hungarian green energy market

The Hungarian state has already issued two green panda bonds. The reason was to attract finance from China for various climate-friendly investments. Hungary’s climate ambitions have been boosted by the European energy crisis. Now, they need capital to finance these expenditures.

Green panda bonds

“Projects to help Hungary’s transition into a low-carbon and environmentally sustainable economy are about to get a big push. Hundreds of millions of dollars will pour into the country’s budget thanks to the cooperation between China and Hungary,” Chinese state news channel CGTN starts its article on Hungarian green panda bonds. “Harvesting the sun’s energy, turning wind power into electricity, and reducing dependence on fossil fuels requires ingenuity and financial commitments,” the article continues.

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Cooperation

“Green investment is crucial for our global efforts against climate change and to achieve sustainable development,” CGTN quotes Zhao Lei, Assistant CEO of the Bank of China, as saying. Zhao Lei went on to say that the bank had worked with the Hungarian government to help the transition to clean energy. They did it by allowing them to access the Chinese green bond market, the world’s largest green financing framework, napi.hu reports.