Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure AT-2021-36/2977 – measures in Austria
|Country||Austria , applies nationwide|
|Time period||Temporary, 01 September 2021 – 28 February 2023|
|Context||Green Transition, Restructuring Support Instruments|
|Type||Other initiatives or policies|
Reorientation of business activities
– Change of production/innovation
|Author||Bernadette Allinger (Forba) and Eurofound|
|Measure added||04 November 2022 (updated 09 November 2022)|
The initiative Green Finance Alliance launched by the Ministry for Climate Action supports financial companies on their pathway towards achieving climate neutrality. The initiative calls on financial companies to make a voluntary yet binding pledge to align their portfolios with the 1.5 degree climate target set by the Paris Agreement.
The first members of the Green Finance Alliance are nine companies from the Austrian financial sector, which have voluntarily commited to transition their core business towards climate neutrality: Allianz Elementar Versicherungs-AG, BKS Bank AG, fair-finance Vorsorgekasse AG, HYPO Oberösterreich, Raiffeisenbank Gunskirchen eGen, UniCredit Bank Austria AG, UNIQA Insurance Group AG, VBV Pensionskasse AG andVBV Vorsorgekasse AG.
The list of criteria contains measures relating directly to the company's core business. The focus is on alignment with the 1.5 degree target and thus the continuous reduction of greenhouse gas emissions (phase-out of coal, petroleum, and natural gas). Compliance is verified through an annual monitoring process. The list of criteria focuses on requirements for the phase-out of fossil fuels, the expansion of green business activities, and transparent annual climate reporting. Other criteria relate to operational ecologies, such as a travel policy or the use of electricity generated by renewable energy sources.
As part of the support there are workshops, webinars and bilateral talks for members to provide technical as well as scientific information for the implementation of the criteria.
Members pay an annual fee in order to provide financial support to cover part of the costs occured: €4.000, 00 for financial companies with less than €5 billion in total assets €6.000, 00 for financial companies with l €5 billion to €30 billion in total assets €9.000, 00 for financial companies with more than €30 billion in total assets
The membership is voluntary for financial companies. Due to the Ministry for Climate Action the biggest benefit for members is making a real contribution to climate protection as well as securing a liveable future for "our children". Members have the opportunity to position themselves as credible, green pioneers in the eyes of their customers and society. At the same time, the membership provides support and guidance regarding necessary steps for the transformation. Challenges differ significantly from company to company.
|Does not apply to workers||
Sector specific set of companies
||Does not apply to citizens|
Company / Companies
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement||No involvement|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
There is no involvement.
As of November 2022, there are no reactions to the measure.
|Economic area||Sector (NACE level 2)|
|K - Financial And Insurance Activities||K66 Activities auxiliary to financial services and insurance activities|
This case is not occupation-specific.
Eurofound (2022), Green Finance Alliance , measure AT-2021-36/2977 (measures in Austria), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/AT-2021-36_2977.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.