The Chief Executive Officer of the National Bank of Greece (NBG), Pavlos Mylonas, underlined the significant strides the country had made in renewable energy sources (RES), highlighting the leading role NBG had played in funding such projects.
Speaking at the annual Energy conference, co-organized by the Greek-American Chamber of Commerce and the Hellenic Association for Energy Economics at the Thessaloniki Trade Fair (TIF), Mylonas also referred to the challenges that lie ahead for a rapid and effective transition to green energy.
Greece has made notable steps in renewable energy, covering approximately 50% of its electricity production, while the capacity (in GW) is expected to double by 2030, the NBG CEO noted.
He added, however, that the rapid growth of renewable energy has brought certain challenges to the surface regarding effective development. He stressed that this required an expansion of the grid and interconnectivity to ensure that renewable energy can be utilized to the fullest extent, and optimal storage capabilities during periods of excess supply.
Regarding the role of the banking sector in the energy transition, the CEO said it is expected to fund roughly a third of the total value of projects earmarked in the National Plan for Energy and Climate, reaching 94 billion euros by 2030.
He underlined that banks will release funds amounting to 30 billion euros in six months, a figure that corresponded to a four-fold rise compared to the current levels.
Mylonas added that apart from the challenges RES in Greece faces, it also offered great opportunities, adding that the country must evolve into a net exporter of electricity, businesses must play their part in this transition, and banks should provide the necessary financing.
