Greek Prime Minister Kyriakos Mitsotakis said his country is pushing ahead with the green transformation of its economy as it plans to become a global leader in the decarbonisation of the shipping industry.
Mr Mitsotakis, who became prime minster in July 2019 in a landslide election victory that put him in charge of the country’s first majority government in more than a decade, said Greece is focusing on sectors where it feels it can be a leader in the global climate agenda.
“Greece controls 25 per cent of global merchant shipping. They should be at the forefront of shipping decarbonisation,” he said in a seminar hosted by Confederation of British Industry president Lord Karan Bilimoria during the CBI's annual conference.
“It's not clear how this is going to happen, but we want to make sure that we leaders are not laggards."
Greece is among a number of important shipping nations to back an International Chamber of Shipping proposal for a $5 billion research and development fund, the IMO Maritime Research Fund, which was first put forward in 2019 and is under discussion at a key International Maritime Organisation meeting this week.
Paid for entirely by the industry, at no cost to governments or taxpayers, the fund would accelerate the rapid increase of technology-readiness levels to ensure zero-carbon fuels can be used on large ocean-going ships - making net zero shipping by 2050 a reality.
As Greece rebounds from its second economic crisis in 20 years, the prime minister said the country is focusing on green and digital job creation, strong economic growth, sustainable tourism, and tax reform.
Mr Mitsotakis praised the UK’s handling of the recent Cop26 environment summit in Glasgow as well as the conclusions of the event.
“Cop26 was an important step in the right direction. Of course, we would have liked some countries to be more ambitious, but I fully understand the complexities of negotiating with so many stakeholders,” he said.
Mr Mitsotakis said while a lot of the focus at Cop26 was on coal, with more than 40 countries agreeing to phase out coal power, Greece made the decision to move away from the non-renewable energy source two years ago.
“We were very dependent, and still are to some extent, on lignite, which is the dirtiest form of coal,” he said, adding that it would close down all of its old lignite electricity plants by 2023.
Lignite, often referred to as brown coal, is a combustible, sedimentary brown, soft rock formed from naturally compressed peat and is considered the lowest rank of coal as its high moisture content and lower carbon content results in more carbon dioxide emissions than harder black coals.
“We will keep one [lignite plant] active, the latest until 2028, and then will use natural gas as a transition fuel and of course, aggressively move into renewables,” he said.
The Greek leader said the country is blessed with wind and sun with “a lot of room to progress when it comes to the penetration of renewables”.
“We're looking at offshore wind, which is a topic the UK has done well on, and we're very much looking at the UK's regulatory framework, but also to possibly attract companies that have been active in the UK to develop our offshore wind potential,” he added.
Another area of focus Mr Mitsotakis wants to take a global lead on is the decarbonisation of the country’s small islands.
The government has launched a couple of pilot projects on two islands ”to really demonstrate that this is possible with relatively low amount of investment”.
On the island of Astypalea, for example, Greece has tied up with Volkswagen on a six-year project to transition all transport systems to electric vehicles and renewable power generation to serve as an example of climate-neutral mobility.
The island in the southern Aegean Sea, which covers an area of about 100 square kilometres and has a population of approximately 1,300, will become a carbon-free tourism destination for the 72,000 visitors that come each year.
The project, which started in the summer, will replace the island’s 1,500 cars with electric cars, install multiple charging points and introduce ride-sharing concepts.
A hybrid energy system will also replace ageing fossil-fuel based generators in a bid to cut energy costs by 25 per cent reduce CO2 emissions by 50 per cent in the first phase of the project.
“In terms of changing our tourism products, in my mind, there's only one way for us to go and that is towards sustainability. So we're going to be ruthless in terms of making sure that we protect our prime tourist destinations and make sure that we drive all the new investment in tourism towards sustainable tourism,” Mr Mitsotakis said.
Other green initiatives include an aggressive plastics strategy to help clean up the sea around the Greek islands and directing 25 per cent of the €32bn in loans and grants the country has available to it from the EU’s Recovery and Resilience Fund, towards green initiatives.
“For example, we have a very aggressive programme to retrofit our buildings. These are great programmes because they create lots of jobs, they support local business, they reduce the carbon footprint, but also the energy bills of households,” Mr Mitsotakis said.
He added that the soaring natural gas prices faced by Europe in recent months should spur all countries into renewables.
“If anything, we need to double down on all these initiatives and a rapid move towards renewables. They are by far the cheapest form of energy," he said.
“And of course, any programme that reduces the energy consumption of households, in my mind is a clear winner. And there's a lot of European money to support these programmes and make them economically attractive.”
Mr Mitsotakis said that Greece received record investment inflows into the country during 2021 after it followed “the basic playbook of how you make a country attractive to foreign investors”.
Strategies to achieve that include “significant tax cuts” to improve the business environment, simplification of licensing processes for businesses and a restructuring of the labour market that led to “the sharpest decline in unemployment during Covid, of all European countries”.
“My goal is very simple,” he said, adding that he wanted to use the expression levelling up, "which is very popular in the UK”, as the country strives to ensure it is “no longer the laggards of Europe”.
“If anything, I think we've demonstrated that we can be rather innovative in terms of our policies. So the message that I want to send is that the Greece of 2021 has no comparison to the past decade.“
With Greece and the UK having a strong economic partnership, with a long history of co-operation, as well as strong education and cultural links, Mr Mitsotakis wants to grow these ties by not only encouraging the UK to invest in the country but also by attracting more tourists to visit and Britons to live, work and retire in the country.
“Greece is becoming more multifaceted when it comes to its economy and business,” he added.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
AT%20A%20GLANCE
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
UAE currency: the story behind the money in your pockets
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204-cylinder%202.0L%20TSI%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Dual%20clutch%207-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20320HP%20%2F%20235kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20400Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20%2449%2C709%20%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
World%20Food%20Day%20
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Company%20profile
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UAE currency: the story behind the money in your pockets
