The Minister of Finance analyzed the planning and adoption of seven actions for the timely and efficient green transition of the economy, promoting as a necessary condition a model of responsible business governance.
“Greece undoubtedly has the opportunity to emerge through the new dynamics that are formed in the international business and investment map”, said, among others, the Minister of Economy Christos Staikouras during the opening speech of the second day of the Green Deal conference of the TEE on green infrastructure.
As he said, “despite the unexpected, exogenous, multi-level crises we are experiencing, the Greek economy has shown remarkable resilience and strong momentum, confirming the European Commission’s estimates that rank it, in the short and medium term, among its fastest growing economies.” In fact, he pointed out the “historic decision of the Eurogroup in Luxembourg for the exit of Greece from the Enhanced Supervision regime and its return – after 12 years – to European normalcy”.
In particular, the Minister analyzed the planning and adoption of seven actions for the timely and effective green transition of the economypromoting as a necessary condition a model of responsible business governance.
As Mr. Staikouras made known:
- The “Greece 2.0” program
“It was designed and implemented in harmony with the UN Agenda 2030, aiming at the emergence of a new model for the country. A model that will lead to strong recovery and sustainable economic growth, without exclusions, through reforms and investments that promote the green economy, innovation and digital transformation, the strengthening of social solidarity and justice. As he made known, 37% of their expenses are related to the climate and 20% to the promotion of the digital transition of private companies “.
- Tools and tax policies
“Actions that support the reorientation of the economy’s resources in favor of the green transition. “We have recently provided an incentive for a 100% discount on small and medium-sized enterprises’ costs related to the green economy, energy and digitization, further enhancing the provision of tax incentives for investment in these – key to sustainable development – sectors,” he said.
- Sustainable Financing
In cooperation with the European Commission and the European Bank for Reconstruction and Development, we are promoting the upgrading of the Greek capital market through the strengthening of the “sustainable financing” and Fintech sectors. At the same time, we are launching a technical assistance project by the European Commission for the preparation of a “National Strategy for Sustainable Financing” through the design of appropriate financial tools to fill the financial gap to the green transition “.
- Working Group on Sustainable Financing and Green Economic Transition.
“In parallel with our systematic cooperation with European and international institutions, the Ministry of Finance has set up a working group – which includes the Bank of Greece, the Hellenic Capital Market Commission, the Hellenic Banking Association as well as reputable academics and private sector experts – will proceed. in the coming months in the preparation of strategic directions, with the aim of highlighting the appropriate sustainable financial instruments and economic policies for the green transition of the real economy, with special reference to small and medium enterprises “.
- Transparency and sustainability in corporate governance
“Already since 2020 – and in the midst of a global health crisis – with law 4670 we have promoted the reform, strengthening and modernization of Corporate Governance of Societes Anonymes and the Capital Market, promoting with this new framework the transparency and sustainability of the corporation. governance, said Mr. Staikouras.
- Adoption of the “green” budget
“We continue and accelerate the integration of the climate dimension into the planning and mapping of fiscal policy. Specifically, as early as March 2020, the General Accounting Office of the State cooperates with the OECD for the gradual adoption of the “green” budget. The State Budget of 2021 was the first with an explicit reference to the climate dimension. The next step is to integrate the climate parameters into the performance of the Performance Budget methodology “.
- Government “green” bond in 2022
“We plan to issue a government green bond within 2022, provided the appropriate financial conditions exist.”
“The seven actions mentioned above focus on the formulation and implementation of sustainable macroeconomic, investment and financial policy strategies and the integration of the climate dimension into fiscal policy-making. Achieving sustainable development requires courage and insight. With the “compass” the implementation of coherent policies. We are shaping a new productive and developmental model of social justice, modern, extroverted, competitive, investment-friendly, knowledge-based and innovative, with respect for the environment. A model that will be the springboard for achieving strong, sustainable, smart and without social exclusion development “, concluded Mr. Staikouras.
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