Report: Vienna’s green economy – sustainable and profitable

Report: Vienna’s green economy – sustainable and profitable

Green and sustainable projects in the Austrian capital would generate 18.1 billion euros in gross regional product in the coming years

Today the authorities in Vienna presented the Green Economy Report showcasing both the economic gains and the carbon savings the city is set to achieve with its current transition program. The report takes into account projects aimed at developing public transport, green energy and the circular economy, as well as transition to sustainability in the private sector.

According to a statement from the city, under development, these projects should bring in about 18.1 billion euros, as well as 160,000 jobs in various industries like manufacturing, construction and more. This, they estimate, would result in an annual reduction of CO2 emissions of 1.5 million tonnes.

“Green economy” is the buzzword of our time

Mayor Michael Ludwig explained that the report provides insight into what a local economy in transition should look like. He based his statement on the fact that Vienna has been a pioneer in green and sustainable development for decades, with some projects starting as early as the 1980s.

Currently, the Austrian capital is targeting 2040 as the year it will break even in CO2 emissions. Mayor Ludwig pointed out that currently green development in the city is on the cusp of a peak. Therefore, sustainable projects are no longer considered a novelty.

As he said – “Green economy” is one of the most important buzzwords of our time, explaining how various areas have emerged as complementary layers in the local economy, from modern infrastructure to the climate model city. He added: “Climate protection has become an important part of the Viennese entrepreneurial DNA.”

Sensitive, cost-effective and ecologically valuable

According to the report, the included projects, both ongoing and already planned, would contribute €18.1 billion to Vienna’s gross regional product. Additionally, they would create 160,000 jobs during planning and construction. At the same time, once development is complete and fully operational, they would generate 7.6 billion per year and maintain 68,000 jobs.

The bulk of climate development projects in Vienna focus on climate-friendly infrastructure, emission reduction technologies and renewable energy systems, with most of them providing for CO2 savings. While each individual project might seem like a small, incremental step in the right direction, the Green Economy Report claims they would total 1.5 million tonnes of CO2 when finished. To put this into perspective, the city issued about 9 million tons of carbon dioxide last year.

At the same time, private companies are also joining the sustainability transition, mainly in terms of commercial vehicles going from fossil fuels to electric. According to the report, if all commercial vehicles went electric, it would save the city 625,000 tonnes of CO2 per year.

Moreover, according to a survey in the Vienna Chamber of Commerce (WK Wien), a quarter of companies already use electric vehicles. In addition, 75% of respondents said they planned to cwe are completely converting their fleet of vehicles to electric In the years to come.

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