Speech by Bank of Greece Governor Yannis Stournaras at the informal dinner on the occasion of the ECB Governing Council meeting in Athens
26/10/2023 - Speeches
Dear colleagues, dear friends,
As we are approaching the end of our meeting in Athens, I would like to take the opportunity to share with you a few thoughts on a topic close to my heart.
These past months, we have been shaken by humanity’s multiple crises, driven by geopolitical, energy and climate issues. Nature is at unprecedented risk.[1] Economic growth during these last decades has been achieved at a significant cost for nature – we would now require 1.6 Earths to maintain the world’s current living standards.[2] Extreme weather events have become more frequent and more intense. Consider the devastating wildfires and floods in Greece during the summer and early fall, which claimed lives and caused severe losses for the local economies. A stark reminder that our economies are embedded within nature – not external to it.[3]
We all have a role to play in addressing climate and nature-related risks for the benefit of our economies and our societies. Indeed, we, the Eurosystem and the ECB, are already taking an active role within our mandate, both on monetary policy and supervisory fronts. Climate change considerations are incorporated into our policy framework, and we systematically reflect sustainability parameters in our work,[4],[5] with the objectives of managing climate-related risks, supporting the green transition and fostering wider action.
Having said that, the current challenging environment should drive more forceful and decisive action. Our efforts to address global warming and scale up sustainable growth should be accelerated and well-coordinated.
At the Bank of Greece, climate change and sustainability have always been high on our agenda. We started addressing these issues back in 2009, when we established an interdisciplinary committee of scientists to study the impact of climate change in Greece. Ever since, we have been systematically working on climate and sustainability across multiple business areas.[6] For our operations, we are committed to monitor and improve our environmental performance, we use renewable electricity and apply energy-saving policies. Additionally, in the context of the Governing Council meeting in Athens, we took extra mitigation measures, giving preference to environmentally responsible practices, catering and accommodation services and promoted environmentally sound behaviour among participants. In fact, tonight’s venue, Delta restaurant, has a sustainable gastronomy Michelin star, combining culinary art with a commitment to the principle of “no loss, no waste.”
Last but not least, on behalf of the Governing Council, the Bank of Greece will make a donation to a non-profit organisation, Ecogenia, echoing the Greek word Οικογένεια that means family, an organisation that implements climate action through educational and civic service programmes for the youth. Ecogenia’s mission is to mobilise youth through civic service to accelerate sustainable impact for Greece. Current programmes target particularly natural disaster management in affected areas, in collaboration with top international actors, to equip the young generations in building a resilient future.
We trust that by investing in the youth and instilling a sense of purpose, we drive positive change and we keep the vision of a sustainable future alive.
Thank you.