The S of ESG: VIG's commitment to affordable housing
09/06/2022
1 min.
An episode of the "Österreichischer Nachhaltigkeitspodcast"
In the third episode of the podcast with VIG, Petra Ringler and Dieter Pscheidl from the European Affairs and ESG department talk about affordable housing and Vienna Insurance Group's commitment to the S of the three famous sustainability letters ESG (Environment, Social, Governance). Dieter Pscheidl explains why affordable housing is such an important topic that VIG is dedicated to:
In the area of housing, there has been a very clear development in recent years to the disadvantage of everyone who has been looking for flats and houses. Prices for flats have increased by 75% in the last 10 years, and in the area of rents by almost 50%. This very clear development is also aggravated by five factors: disruptions in the supply chains not only resulting in higher construction costs, but also in a shortage of craftsmen on construction sites. Then there is inflation, which is still in the single digits here, but in Eastern Europe it is reaching double digits. Then there is the issue of the ECB's interest rate turnaround; one can assume that loans for house builders will become correspondingly more expensive. Then there is the energy crisis, which has now arisen and is getting worse, and the fifth aspect is EU environmental policy.
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