The issue of the cost of the green transition, as it is shaping up for Europe and Greece, within a fragmented international environment, was highlighted by Pavlos Mylonas, CEO of the National Bank of Greece (NBG), in his statement at the Economist Sustainability Summit.In the panel entitled “Green trade wars: is global climate co-operation collapsing?”, Mylonas estimated that European banks will continue to play their role in financing sustainable investments.
Mylonas emphasized that a more flexible approach to the green transition needs to be adopted, so that, on the one hand, the costs for businesses and citizens are manageable, and on the other hand, the competitiveness problem for the European economy is addressed.
The CEO of NBG stressed that “we need common sense, a reduction in bureaucracy and clear priorities,” referring at the same time to the limitations that Europe faces in terms of the ability to subsidize the energy transition, due to the small fiscal space.
Mylonas estimated that, although several banks have withdrawn from alliances, such as the Net-Zero Banking Alliance, most European banks, including National Bank of Greece, will remain committed to their commitment to net-zero goals and sustainable financing.
