The role of the financial sector in the new economy, the development of sustainable finance in the Baltic States, green lending provided by the banks to the businesses and actions to build leadership in sustainable finance are the main topics of discussion at the first conference.
The event, which seeks Lithuania's leadership in green finance, will bring together high-level policy makers, business and international leaders, and experts to share their insights on how to achieve a sustainable financial breakthrough in the Baltic States and reduce the negative impact on climate change.
"The green transition requires enormous resources. It is thus key to efficiently mobilize both public and private funds. Estimates suggest that around 14 bn EUR will be needed to fund Lithuania’s green transition over this decade, with nearly 10 bn EUR coming from the Government’s pocket. The remaining gap will need to be filled by private actors, and we are currently finalizing the Sustainable Finance action plan, which will create a favourable ecosystem for employing and leveraging private funds. I believe that this conference will serve as a platform for exchanging ideas on how to facilitate smooth transition to the green economy – the importance of which is even more highlighted by the current geopolitical events”, said Minister of Finance of the Republic of Lithuania Gintarė Skaistė.
According to the conference organizers, the financial sector is a key tool in the transition to a more sustainable Baltic economy. Lithuanian financial institutions are constantly introducing new sustainability-oriented products, developing climate risk management systems, and large companies are already providing their creditors with greenhouse gas (GHG) emission protocols. However, greening the economy is a complex and long process that poses several challenges: the conference will discuss how business, financial actors and policy makers can work together to make the transition to climate-neutral economy smoother and more efficient.
“From the climate point of view, we cannot afford unsustainable investments any longer. We are obliged to deliver integrated sustainable financial markets to tackle today’s challenges and ensure the future of our citizens. Moreover, the green transition became particularly urgent given the ongoing war in Europe and the necessity to rethink at the very least our energy policies. As EU auditors recently concluded, decisive EU and national action is needed to redirect private and public finance towards sustainable investments to achieve a net-zero emission economy. Furthermore, ESG ratings and disclosures need an adequate regulatory framework to prevent greenwashing and ensure citizens trust in the sustainability of financial markets. The EU auditors stand ready to share their insights”, said Rimantas Šadžius, Member of the European Court of Auditors.
"The European Commission will mobilize at least € 1 trillion over the next decade. Sustainable investment is essential for the economy, and its effective use requires the involvement of all economic actors: politics, finance, and business. We are already seeing a small breakthrough in green finance, with banks and other credit institutions introducing more and more green financing products, and since the beginning of this year, large corporate customers have been asked to provide data on corporate GHG emissions, which are being considered in lending decisions. At this conference, we will try to answer what is needed for businesses to invest faster in greening their operations and what are the needs of financial sector itself to make the transformation gain a momentum,” highlighted LBA President Dr. Eivilė Čipkutė.
Vice-President of the European Commission Valdis Dombrovskis, Lithuanian Minister of Finance Gintarė Skaistė, President of the European Investment Bank Werner Hoyer, Deputy Director of the European Department at the International Monetary Fund Mahmood Pradhan, Director-General for the Structural Reform Support (DG REFORM) of the European Commission Mario Nava, Member of the European Court of Auditors Rimantas Šadžius, Executive Director of the European Securities and Markets Authority (ESMA) Natasha Cazenave, President of the EUROFI David Wright, President of the LBA Eivilė Čipkutė, Chairman of the Board of the Bank of Lithuania Gediminas Šimkus, CEO and the Chairwoman of the Board of Swedbank Lithuania Inga Skisaker, Head of Institutional Markets of the LHV bank Ivars Bergmanis, Country Managing Partner of Sorainen Tomas Kontautas, Vice President at Nasdaq, Head of ESG Solutions Tomas Thyblad, Director Marketing and Sustainability of the AUGA group, AB Gediminas Judzentas, and other experts will take part in the conference.
