Melina Travlos: The global energy transition is inextricably linked to shipping
The Union of Greek Shipowners participated in the summit organized by the International Chamber of Shipping (ICS), at the iconic Museum of the Future in Dubai, in the context of COP28. The Summit was attended by over 300 shipping and energy leaders as well as government officials from 30 countries.
At the start of the proceedings of the summit, the president of the Union, Melina Travlos, presented the situation in global shipping and the challenges towards the energy transition.
“The global energy transition is inextricably linked to shipping”
The president of the Union sent the message of the international shipping community in every direction about the decarbonization of the sector. A message which – as she emphasized – concerns the imperative need for cooperation and coordination of all the involved parties of the shipping chain in order to achieve the goals of the International Maritime Organization (IMO), the international maritime legislator. She stressed the need for a specific approach from governments, regulatory authorities and stakeholders. The president of the Union of Greek Shipowners addressed a public invitation to the governments of the states for active and effective support of the ambitious work of the IMO, so that there is a convergence of all points of view towards the common goal.
“Time passes, with great challenges remaining and new ones emerging,” she said and added “if we manage to work together to achieve our common goals, the reward will be greater than ‘green’ shipping, because it will concern the green transition of all industries.”
“We cannot even discuss, let alone achieve, a global energy transition without shipping and its role as a catalyst in every aspect of socio-economic change and progress. So today, here at the Museum of the Future, starting from this solid foundation that we have built, I invite all of us to work together more closely than ever, for this future. The future of shipping. The future of our world. Shipping has always led developments. It has contributed to global change with determination and vision. Now, we are called to inspire and lead, once again. Shipping has always built bridges to growth and prosperity. This is our purpose, our task and our commitment to the world,” she underlined.
Howden appoints Andy Cox as Head of Energy Transition
Howden, the international insurance broker, today announces the appointment of Andy Cox as Head of Energy Transition, effective immediately. This appointment underlines Howden’s continued investment in, and commitment to, insurance as a solution to the world’s transition to a low-carbon economy, and as a force for good.
Cox is based in London and brings with him over 30 years of experience in the energy sector. He will support practitioners from across Howden as they advise clients and investors on de-risking the financing into energy transition projects, as well as guiding the development of new products.
Cox previously served as a Partner at KPMG, his most recent positon was UK Chair of Energy & Natural Resources. He was responsible for KPMG’s advisory and consulting services across a range of oil and gas and power and utilities clients. He oversaw KPMG’s key relationships in the sector and played a leading role in addressing the energy transition for some of its most prominent clients. Cox also established KPMG’s Global Energy Deal Advisory team, supporting blue chip clients with strategy, origination, valuation, due diligence and execution through to integration and/or separation.
In addition to his role at Howden, Cox holds various positions including Chief Impact Officer for Forward Institute and Non-Executive Director to the Energy & Infrastructure team at Browne Jacobson.
David Howden, Chief Executive Officer, Howden, said: “We are committed to the role insurance has to play not only in the here and now of climate change, in areas such as disaster relief and loss and damage, but also in helping to build a sustainable, equitable future by working collaboratively with clients and insurers to address the risks of tomorrow. To do this we must attract diverse talent into our group and the wider industry as we work to accelerate the insurance market’s role in the global energy transition. Andy’s appointment represents an important step for us as we support our clients on this journey.”
Charlie Langdale, Head of Climate Risk and Resilience, Howden, added: “Our clients are increasing their investments into the energy transition by the billions and it is crucial that we have expert talent to identify how to mitigate and manage the risk. Andy will be essential in the growth and expansion of our offering. Not only will he support product innovation, but he will ensure that the insurance market plays a part in the largest ever reallocation of capital in human history. Andy’s unique expertise and perspective will be key to helping our clients realise their growth opportunities that would otherwise be unavailable.”
Greece: EIB backs 826 MW Mytilineos power plant to support energy transition
EIB agrees EUR 125m financing for EUR 322m power plant
Key security of energy supply in context of closure of all lignite power generation in Greece
Investment provides flexible generation to support growing share of intermittent renewables in the Greek electricity network.
Project backed by the European Union under EFSI guarantee.
The European Investment Bank has agreed to support construction of a new power plant in Greece by Mytilineos S.A.
The new 826 MW CCGT Agios Nikolaos power plant will allow greater use of renewable energy resources in the country and enable the phasing out of lignite power generation in Greece by 2023, as well as supply long-term energy demand.
“The importance and vision of the Agios Nikolaos power plant to contribute to a cleaner energy future for Greece has been recognised by EIB’s first ever loan to Mytilineos. The new long-term EIB loan, shows how the EU Bank supports transformational investment in this country.” said Evangelos Mytilineos, Chairman and CEO of Mytilineos SA.
“The European Investment Bank has unique technical and financial expertise in the energy sector and is a valuable partner to enable Greece to deliver on climate goals and move away from lignite use by 2028. We welcome the EIB’s recognition of the importance of supporting the energy transition in Greece and the new support for the Agios Nikolaos facility.” said Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank.
“The European Investment Bank is supporting energy transition in Greece. As part of the EIB Energy Lending Policy agreed in 2019, we committed to supporting a pipeline of gas projects already under appraisal, before moving to renewables-only lending from 2021. That’s why EIB is pleased to provide EUR 125 million to Mytilineos S.A. to support Greece’s energy security. The EIB looks forward to working together with Mytilienos and other leading energy project partners to support future clean energy investment across Greece.” said Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Greece.
European financial backing
The EIB will provide a EUR 125 million 8 year loan to finance construction and connection of the new EUR 322m plant at Agios Nikolaos Viotias in central Greece alongside an existing energy generation center and industrial site.
The EIB loan is guaranteed by the European Union under the Investment Plan for Europe.
Crucial investment in the context of lignite power plant closures and expansion of renewable energy in Greece
Once operational the new 826 MW natural gas CCGT plant will contribute to ensuring sufficient generation capacity to support the shut down of all -except one- lignite power plants in Greece by 2023. Lignite currently accounts for 4 GW of power generation in Greece, 22% of total capacity in the country.
The Agios Nikolaos plant will also provide flexibility to allow greater use of intermittent wind and solar power in the future and enable increased electricity network interconnection between mainland Greece and the islands.
The new plant will be the most efficient gas power plant in Greece and use state of the art CCGT technology. The new investment by Mytilineos S.A. will also help to diversify power generation in Greece and increase competition in the energy sector.
Environmental monitoring and public consultation
The project promoter will monitor environmental impact of the facility during construction and initial operation. This will include specialist monitoring of aquatic fauna in the Gulf of Corinth close to the site.
Prior to government consent being granted for the project a detailed public consultation exercise involved regional authorities, local community and stakeholders. No negative opinion was expressed in the scheme by stakeholders or interested parties.
EIB energy lending review
The new Agios Nikolaos power plant is expected to generate absolute carbon emissions of 320 gCO2 / kWh.
This is within the European Investment Bank’s emission performance standard of 550 gCO2 / kWh in place when the project was approved.
Since the EIB board approved the project the EIB has introduced a new Energy Lending Policy that will end all financing for unabated fossil-fuel power generation by the end of 2021.
Societe Generale joins the Hydrogen Council, supporting the development of hydrogen for energy transition
Through this membership, the Bank commits to leveraging its expertise in innovative financing and energy advisory to help create tomorrow’s low-carbon hydrogen solutions. Societe Generale has joined the Hydrogen Council, a global CEO-led initiative launched during the 2017 World Economic Forum in Davos bringing together large corporates from the industry, shipping, transport and energy sectors. The 77 member companies worldwide, including financial institutions such as Societe Generale, are convinced that hydrogen has the capacity to accelerate the transition towards green and sustainable energy at both a global and local level. By 2050 low-carbon hydrogen solutions could meet 18% of the world’s energy demands and avoid 6GT* of CO2 emissions, highlighting its potential regarding the energy transition.
Societe Generale has more specifically joined the Investor Group, a newly-created group within the Council that will be responsible for creating new economic models for low-carbon hydrogen solutions to aid their future large-scale commercialisation.
“As an active supporter of the energy transition, Societe Generale is confident in low-carbon hydrogen’s potential and wants to contribute to further developing these solutions, in light of our pioneering initiatives in solar and wind energy. Natural Resources and Infrastructure financing is a core franchise of the Bank, which seeks to put its innovation, advisory and structuring capacities at the service of this promising energy.”
Olivier Musset, Global Head of the Energy Group for Societe Generale Corporate & Investment Banking
“Low-carbon hydrogen is already a reality but the means to finance it on a large-scale are not. We are proud that Societe Generale, an active supporter of energy transition and a leading player in the field of renewable energies for over 10 years, will leverage its expertise to solve this economic question.”
Louis-Aynard de Clermont Tonnerre, Head of Power, Utilities & Infrastructure Industry Group