The energy transition in practice was the focus of a discussion entitled “Energy Industry Insights: A discussion on Market Trends and Innovation”, at the Delphi Economic Forum, which attracted the interest of the participants.
Georgios Triantafyllou, Chief Strategy Officer of the Motor Oil Group, along with Sven Smit, Senior Partner of McKinsey & Company and president of the McKinsey Global Institute participated in the panel.
During the debate, Triantafyllou stressed the importance of supporting the current energy system with investments as a prerequisite and not as an alternative to the energy transition: “For me, the energy transition is like trying to change an airplane engine mid-flight. It is a difficult undertaking and to succeed we need to recognize that the existing engines keep us in the air and also make sure that the new engines will also keep us there in the future safely.”
Moreover, he underlined that: “If you look at Motor Oil’s plan, we are investing 2.5 billion euros in the transition of the Group, but we are also investing 1.5 billion euros in the resilience and expansion of the capacity of the existing energy units that constitute a pillar of energy security for the country,” while closing his presentation he referred to the importance of the circular economy.
“I think there is a lot that can be done in the area of the circular economy. We can make use of our waste. There is a lot of energy content and we should use it. It is a cheaper solution than developing other forms of renewable energy. We should use our waste to create energy for our future.”
