ECONOMY

Pyatt: Greece ripe for US investment

Energy transition will require 500 billion euros in funding, according to McKinsey

pyatt-greece-ripe-for-us-investment

Greece constitutes a very good investment destination for the US, thanks to the leading position it commands in tackling climate change, US Ambassador Geoffrey Pyatt stated on Wednesday. This is in a country that will require investments of half a trillion euros to meet the emissions reduction targets by 2050, according to a McKinsey study.

Addressing a panel at the 1st Athens ESG & Climate Crisis Summit on Wednesday, Pyatt referred to Washington’s intention for the strategic dialogue to be successful and for the US to create investment opportunities in Greece. He also spoke about the major investments some big names in US entrepreneurship are already implementing in Greece, expressing certainty that US investment will continue to play a significant role in that respect.

Pyatt highlighted the similarities in the conditions Greece is currently facing – due to the wildfires as a result of climate change – with what has been happening in California, and spoke of future synergies between the US and Greece on climate transition.

Soaring energy costs are not an effect of the energy transition, but of the pandemic and the global economy’s emergence from the lockdowns; however, it does reflect how important it is to pick up the pace toward the energy transition, the US ambassador stressed.

By the same token, he accused Russia of using energy matters in order to promote its political interests.

It will take investments of 500 billion euros in Greece for the country to achieve the target of slashing its emissions by 55% up until 2030 and by 100% before 2050, a McKinsey study showed on Wednesday at the conference – the first in a series conceived and organized by Kathimerini.

Presenting the findings, McKinsey’s chairman and managing partner George Tsopelas said €75 billion of that must be new funds, while the rest will concern capital expenditure already scheduled that will now be redirected.

Consequently McKinsey estimated that the decarbonization of the Greek economy will create many jobs and add some €5 billion per year to the economy, or an estimated 3% of annual gross domestic product.