ATHENS – A post-pandemic Greece is seen as a fertile field for investments by American companies – and even during the health crisis – US Ambassador Geoffrey Pyatt said.
He attributed much of the interest to Greece moving ahead with combating climate change in the wake of wildfires and floods and a brutal heatwave this summer that was blamed largely on the phenomenon.
Greece will require 500 billion euros ($581.93 billion) in investments to meet emissions reduction targets by 2051, according to a study by the McKinsey firm, said Kathimerini.
Speaking to a panel at the 1st Athens ESG & Climate Crisis Summit, Pyatt referred to interest by American companies in Greece, with Prime Minister Kyriakos Mitsotakis trying to lure more Foreign Direct Investment (FDI) to help an economy battered by COVID-19 lockdowns.
Presenting the findings, McKinsey’s Chairman and Managing Partner George Tsopelas said 75 billion euros ($87.29 billion) of must be new funds, while the rest will concern capital expenditure already scheduled that will now be redirected.
McKinsey estimated that the decarbonization of the Greek economy will create many jobs and add some 5 billion euros ($5.82 billion) per year to the economy, or an estimated 3 percent of the annual Gross Domestic Product (GDP) of 172.1 billion euros ($200.3 billion) the report added.