By Vaso Aggeletou

 

 

Studies have shown that the cost of climate change is about to increase, as long as no measures are taken to mitigate the phenomenon, Bank of Greece (BoG) governor, Yannis Stournaras, said in his greeting during the presentation of the revised National Plan for Climate and Energy.

 

Stournaras pointed out that dealing with the climate crisis primarily concerns the political leaders of the states, however, the central banks have already taken an active role in climate and sustainability issues, always within the limits of their mandate.

 

More specifically, as he pointed out, the European Central Bank is implementing an integrated and ambitious action plan for the further integration of climate factors in its strategy and the more systematic consideration of sustainability issues in its actions.

 

Multiple crises and geopolitical challenges

 

Stournaras stated that humanity is called upon to face multiple crises and geopolitical challenges, with international competition intensifying alongside the negative effects of climate change.

 

"At national and above all at European level – as analyzed in the recent Draghi report – it is necessary to have a coherent framework of action for phasing out fossil fuels, which will be based on our strategic advantages, such as renewable energy sources, development green technologies combined with the creation of suitable storage areas for the generated electricity and interconnection networks. There is no room for complacency, but a need for decisive and, above all, coordinated action," the BoG chief said.

 

He pointed out that "at the Bank of Greece, we have been systematically dealing with climate and sustainability issues for the last 15 years. Since 2009, with the creation of the Climate Change Impact Study Committee, we have been contributing through research to the critical issue of climate change. Our studies have shown that the costs of climate change are projected to keep increasing unless measures are taken to mitigate the phenomenon.

 

"Undoubtedly, minimizing the cost of an ambitious energy transition, with proper planning and taking appropriate actions, is of critical importance and for the benefit of the national economy. In such a context, we welcome the effort to create a comprehensive strategy with an emphasis on renewable sources and energy conservation, increasing the capacity of energy storage systems, electrification and the development of the electricity distribution network," Stournaras concluded.