Current climate targets can only be achieved if existing buildings in Germany are made more energy efficient. The finance sector plays a key role when it comes to providing the funds needed for this. Berlin Hyp is aware of this fact and has therefore developed an ambitious sustainability agenda that is moving the Bank further along a “green path”.
European Commission President Ursula von der Leyen described the presentation of the European Green Deal in December 2019 as “our man-on-moon moment”. The European Green Deal will provide the framework for the EU to achieve its goal of reducing CO₂ emissions by 55 per cent by 2030 as compared to the base year of 1990 – and then become completely climate neutral by 2050. The moon landing analogy actually makes a certain amount of sense, as the green targets that have been formulated appear just as ambitious today as President John F. Kennedy’s pledge in 1961 to put a man on the moon by the end of the decade. The associated questions are also similar – i.e. “can we even do it”, and “even if it’s possible, how are we going to pay for it”?
A huge amount of investment will indeed be needed in order to achieve the targets. For example, the investment programme presented by the Commission just for the Green Deal has a volume of €1 trillion for the period between now and 2030 – and this investment only covers a part of what will actually be needed.