24th Capital Market Conference in Bukowina

The 24th Capital Market Conference in Bukowina is behind us — the largest financial market event in Poland, which was attended for the first time by representatives of POLSIF.

We paid special attention to the challenges related to the financing of climate change in Poland, whose needs are estimated at close to EUR 300 billion (PLN 1.2 trillion) by 2050.

The main potential recipients of the new capital are cities and municipalities and the corporate sector, both large high-carbon entities and SMEs. All of the above need to modify their sources and modes of energy transmission (renewable) and modification of production and transport processes - to those that limit GHG emissions.
We talked about examples of Jastrzębska Spółka Węglowa SA's approach and its methane recovery and utilization strategy — a PLN 1.6 billion project currently financed by a consortium of Polish commercial banks.

We also talked about the important role of development banks such as the EBRD or Bank Gospodarstva Krajowego in initiating financing with the participation of many institutions that, through their programs and capital support of investments, remove part of the investment risk and allow access to projects by global investors, through, among others, sustainable and green bonds, guarantees or participation in the nature of project finance.

An important link in this system are also commercial banks, which are currently increasing their commitment to green or transformational projects and defining new strategies for decarbonising their loan portfolios, as in the case of ING bank, whose activities were described by Joanna Ałasa - Member of the Management Board of POLSIF.

Last but not least, we also talked about the need to increase financing using the hashtag #labelledbonds (green, social and sustainable bonds), the supply of which in Poland is too low - and the investor market is now ready to embrace them, as is happening in other countries. However, for this we need courage on the part of issuers, projects and transfer of knowledge on this subject, among others related to emission standards, legal requirements or entities providing SPO (Second Party Opinion) services.

An important role in the development of sustainable finance in Poland will also be played by the Financial Supervision Commission, whose representative, Director Piotr Koziński, assured of readiness to support the development processes of the Polish sustainable capital market.

Thank you for the opportunity to discuss and invite the Chamber of Brokerage Houses and speakers:
- Joanna Alasa, ING
- Robert Adamczyk, EBRD
- Pawel Nierada, Bank Gospodarstwo Krajowego
- Piotr Koziński
- Aleksander Korsak, Jastrzębska Spółka Węglowa SA
as well as to the host: Krzysztof Kamiński, CFA, DI, CFA Certificate in ESG, President of the Management Board Sustainable Investment Forum Poland (POLSIF)

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