Report: Vienna’s green economy – sustainable and profitable

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

Today, authorities in Vienna presented the city’s Green Economy Report showcasing both the economic and carbon savings gains that the city stands to make with its current transitional agenda. The report takes into account projects that aim to expand public transport, green energy and the circular economy, as well as the shift towards sustainability in the private sector.

According to a statement by the city, during development, these projects should bring in around 18.1 billion euros, as well as 160,000 jobs in various sectors like manufacturing, construction and more. This, they estimate, would cause an annual reduction of CO2 emissions of 1.5 million tons.

‘Green Economy’ is the buzzword of our time

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

Currently, the Austrian capital has set its sights on 2040 as the year when they break even on CO2 emissions. Mayor Ludwig pointed out that at the moment, green development in the city is at the cusp of a peak. Consequently, sustainable projects are not considered a novelty anymore.

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

Sensible, profitable and ecologically valuable

According to the report, the projects that were included, ongoing and already planned, would contribute 18.1 billion euros to Vienna’s gross regional product. Furthermore, they would create 160,000 jobs during planning and construction. At the same time, after development is complete and they are fully operational, they would generate 7.6 billion annually and sustain 68,000 jobs.

The bulk of climate development projects in Vienna focus on climate-friendly infrastructure, emissions-reducing technology and renewable energy systems, with most of them projecting some CO2 savings. Though each individual project may seem like a small incremental step in the right direction, the Green Economy Report claims that they would add up to 1.5 million tons of CO2 when completed. To put this in perspective, the city emitted around 9 million tons of carbon dioxide last year.

At the same time, private companies are also joining in the shift towards sustainability, mainly in terms of commercial vehicles moving from fossil fuels to electric. According to the report, if all commercial vehicles go electric, this would save the city 625,000 tons of CO2 annually.

Furthermore, according to a survey in the Viennese Chamber of Commerce (WK Wien), a quarter of companies are already using electric vehicles. Additionally, 75% of those surveyed stated that they plan to convert their vehicle fleet completely to electric in the coming years.