The Athens Chamber of Commerce (ACCI) and the Institute of Energy for SE Europe (IENE) joined forces in organizing an afternoon meeting on May 27, at ACCI premises, in order to inform the business community of financing opportunities for low carbon projects through the issuance of green debt, for companies involved in low-carbon emission projects, such as renewable energy sources (RES) and energy efficiency. A select group of panelists from Greece and abroad covered the whole range of applications which are suitable for green financing and expanded on the role of green finance through the issuance of Green Bonds. To view all presentations and the video from the event see here.
In his welcome address, the President of ACCI, Mr. Ioannis Bratakos, underlined that “green financing is not a mere environmental solution but rather a strategic investment for the future of Greek companies and of the national economy”. He pointed out the great and imperative necessities of green transition, which require the development of innovative and sustainable financing mechanisms from the markets. In this context, Mr. Bratakos noted that green bonds have emerged as one of the most dynamic tools of green financing worldwide, with their share in the European bond market reaching 6,8% in 2023, while in countries such as Denmark and Sweden it exceeds 16%.
Referring to the Green Bond market in Greece, the President of ACCI acknowledged that it is still at an early stage, which implies “great scope for maturation and development”. In particular, the new EU Green Bond Standard (EU GBS), according to Mr. Bratakos, is a positive development that can enhance transparency, consistency and comparability in the green bond market.
From his part, the Chairman and Executive Director of IENE, noted that “IENE has been studying the green bond market since 2021 and is involved in their issuance within the framework of its co-operation with the world's most specialized organization, the UK-based Climate Bonds Initiative. Within the framework of this co-operation, IENE has prepared relevant studies as well as in the certification of green bonds for projects in Greece and Cyprus. Green bonds, in addition to being an effective financial tool, are part of a broader trend regarding the spread of low-carbon projects in the energy sector, and the major shift that is now being attempted towards clean forms of energy.
Moreover, it has to be stressed that the Institute of Energy for SE Europe (IENE –www.iene.eu), having the promotion of clean forms of energy as a high priority on its agenda, and within the framework of its co-operation with Climate Bonds Initiative, has become, since 2021, the first organization in Greece and SE Europe to be granted Approved Verifier status under the Climate Bond Standard. The Institute has already participated in a series of related certifications for companies in the region that led to the issuance of green bonds.
Climate Bonds Initiative (www.climatebonds.net) is an international not-for-profit organization working to mobilise global capital for climate action. Climate Bonds has played a central role in transforming the green bond market from a niche concept to a mainstream source of capital for sustainable development, driving quality of issuance through the development of science-based green definitions in line with the Paris Agreement.
Mr. Alexandros Karolos Makropoulos, Member of the Board of Directors of the Athens Chamber of Commerce and Industry and Head of the Energy Sector, said that "The energy transition can be the fuel for accelerating the growth of all sectors of the Greek economy. At the same time, it must become one of the key axes of the new production model on which the Greek economy needs to be based, aiming at the export of cheap, green energy to the entire European Union".
Speakers also included Ms. Anna-Maria Spiriouni and Ms. Marina Strovolidou, Head of Europe and Head of Certification of the Climate Bonds Initiative respectively, Mr. Alexandros Floros, ESG Officer of Athens Exchange Group, Mr. Dimitris Verelis, Senior Director, Development & Sustainable Banking of Piraeus Bank and Mr. Panagiotis Kontis, Vice President of AMERESCO.
The event was moderated by Mr. Nikos Sofianos, Independent Energy Consultant and Chairman of IENE’s Renewables Committee.
Supporters of the event were the Athens Stock Exchange, Piraeus Bank and EnSCo, while Energia.gr was the Media Sponsor.
