Pavlos Mylonas referred to the important steps that Greece has taken in the field of renewable energy sources, as well as the leading role of the National Bank of Greece in the financing of relevant projects, during his speech at the Energy Conference organized every year by the Hellenic-American Chamber of Commerce and the Hellenic Energy Economy Association, in the framework of the TIF. 

The CEO of the National Bank of Greece also highlighted the challenges that exist for a rapid and effective energy transition, as well as the solutions that could be provided.

Greece has made great strides in RES, covering about 50% of electricity production, while the capacity (in GW) is expected to double by 2030, he noted. However, the rapid growth of renewables has revealed some challenges to effective deployment, requiring: a) grid expansion and interconnectivity so that renewables are used to the maximum extent possible and b) optimal storage capabilities in times of oversupply.

According to him, Greek banks are expected to finance about one third of the National Energy and Climate Plan, which will reach €94 billion by 2030. Therefore, the banking sector will allocate about €30 billion in lending over 6 years, or €5 billion per year, which is a fourfold increase compared to the current level of financing of the energy sector. 

As Mr.Mylonas stressed, Greek banks have both the capital and liquidity to support the financing of the energy transition. "It is also necessary to create specialized project finance teams, and at the National Bank of Greece we are proud to have a leading role in this field, and that is why we are called the country's Energy Bank," he added, noting that the National Bank of Greece will continue to focus on this sector. "In fact, we have recently created and launched a new innovative energy product, which offers fixed energy prices to both consumers and energy producers, thus reducing uncertainty in terms of their cash flows," he added. 

In conclusion, the CEO of the National Bank said that apart from challenges, there are also great opportunities. The country will have to become a net exporter of electricity, businesses will have to play their part in this transition, and banks will have to provide the required financing.