(L-R) Magnus Brunner, Austria's Federal Minister of Finance; Yuriko Backes, Luxembourg's Minister of Finance; Paschal Donohoe, Ireland's Minister for Public Expenditure, President of the Eurogroup;
Credit: MFIN
On Thursday 31 August 2023, Luxembourg's Minister of Finance, Yuriko Backes, visited Austria at the invitation of her Austrian counterpart, Magnus Brunner, Federal Minister of Finance.
During the 78th edition of the European Forum Alpbach, Minister Backes took part in a panel discussion called "Are we Bold enough - Green Finance for Various Challenges". This discussion, focusing on the need for major investments for a climate transition, highlighted the essential role of the private sector in addition to the public sector in financing sustainable projects. The panel, moderated by Austrian journalist Rosa Lyon, also saw the participation of Minister Brunner as well as Ralph Hamers, senior advisor to the UBS group.
Speaking on the issue, Minister Backes said: "The challenges of a green transformation in line with the objectives of the Paris Agreement require a coordinated approach at all levels. The financial sector is at the heart of this approach, acting as a catalyst to mobilise private investment, in synergy with public contributions. To carry out the green transition, it is imperative to rely on a solid pan-European financial infrastructure, capable of supporting companies and governments in the quest for growth that respects the environment. In this regard, the capital markets union is proving to be a cornerstone. It must promote the know-how of the Member States, such as Luxembourg's leadership in sustainable finance, and work in close collaboration with the national regulatory authorities, while benefiting from the advantages of a unified market, supported by a regulatory framework promoting financial stability and investor security.”
On the sidelines of the forum, Minister Backes had an informal meeting with the President of the Eurogroup, Paschal Donohoe, and Minister Brunner, to discuss the main current European issues.
Since 1945, the European Forum Alpbach has made a name for itself as a place of exchange and dialogue between various spheres, whether scientific, political, economic or academic. This year's central theme is "Bold Europe".
Minister Backes concluded: "The European Forum Alpbach embodies the union of ideas, innovations and collaborations. It is an honour for me to participate in this prestigious conference and to exchange with many of my European peers, as well as with young people and women leaders on the perspectives that will shape the future of our continent."
