“TRANSATLANTIC PARTNERSHIP TO ADVANCE ENERGY SECURITY AND THE CLEAN ENERGY TRANSITION” was the title of the speech of H.E. Geoffrey R. Pyatt, Assistant Secretary, Bureau of Energy Resources, U.S. Department of State at the 24th Annual Capital Link Invest in Greece Forum.
The event in its 24th year anniversary entitled “Sustaining Growth & Investment Momentum” was held on Friday, December 9, 2022, as an in-person event, at the Metropolitan Club in New York. The Forum is organized in cooperation with the New York Stock Exchange, the Athens Stock Exchange and major Global Investment Banks and Organizations. The Forum is organized with the support of the General Secretariat for Greeks Abroad and Public Diplomacy – Ministry of Foreign Affairs, under the Auspices of the Consulate General of Greece in New York. JP MORGAN & Tsakos Energy Navigation (TEN) Ltd. are Lead Sponsors of the Forum.
The Forum, which also receives the strong support of the Greek business and financial community, has become an international summit about Greece through the years. With a 24-year track record of success, the Forum has been engaged in a systematic effort to highlight Greece’s profile to a global business and investment audience. The event gathered top level executives from the business world, bringing together a number of international investors, entrepreneurs, banking executives, technocrats and Government officials from Greece, Europe and The United States. The Forum’s agenda featured top level speakers who addressed a global audience discussing topics of major importance.
H.E. Geoffrey R. Pyatt, Assistant Secretary, Bureau of Energy Resources, U.S. Department of State
H.E. Geoffrey R. Pyatt, Assistant Secretary, Bureau of Energy Resources- U.S. Department of State, stated:
“Greece will continue to play a central role in European energy security and energy transition and be a strong, stable partner for the United States and U.S. businesses. Now that Russia has demonstrated once and for all that it is an unreliable supplier of energy, Greece’s role as an energy hub for southeastern Europe, with access to supplies from around the world, is more critical than ever. American LNG suppliers and service providers have ramped up their exports to Greece and the rest of Europe.
Greece’s emergence as an energy hub was made possible by years-long investments in projects like the Interconnector Greece-Bulgaria, the Revithoussa LNG terminal, and the Trans-Adriatic Pipeline. Its regional importance will continue to grow when the Alexandroupoli FSRU and the Interconnector Greece-North Macedonia come online. Improving and expanding this type of infrastructure while minimizing its carbon footprint present yet another promising area for investors to consider.
Greece hosts a burgeoning renewable energy sector, with potential for growth in wind, solar, and green hydrogen. The $369 billion in the recently passed Inflation Reduction Act will greatly spur research, development, and market deployment of these technologies both in the United States and abroad. American ingenuity and investment acumen will play an important role in boosting this sector. This strongly complements Greece’s efforts to leverage EU recovery funds to fuel its leadership on the green transition.
There are many fantastic examples of Greek leadership in the energy transition, from Prime Minister Mitsotakis’ bold decision to accelerate the phaseout of lignite, to the pathbreaking example of Boston-based Advent Technologies’ Green HiPo hydrogen project in Western Macedonia and the rise in wind power investments from American companies like 547 Energy and Ameresco. Meanwhile, Greek battery company Sunlight is expanding its manufacturing operations in the U.S. to supply the thriving market for energy storage, and Hellenic Cables is investing in a greenfield manufacturing plant in Maryland that will replicate its Corinth facility. These transatlantic investments demonstrate how the clean energy transition is a win-win for all our economies, and for the planet.
At COP 27 in Egypt, the United States and Norway launched the Green Shipping Challenge, which will generate investment opportunities in Greece, a leader in the shipping industry. Compared with country emissions, shipping ranks among the top 10 largest emitters globally. The Challenge encourages governments, ports, and companies to commit to initiatives that will decarbonize the shipping sector, a goal which Prime Minister Mitsotakis has highlighted.
U.S.-Greece relations continue to be strong – politically, economically, and militarily. We celebrate our investor partnerships and will continue to strive for energy security for Europe this winter and beyond, all while growing investment in the clean energy transition. Greece is seen as an attractive investment destination, and the U.S. government looks forward to working to support American energy businesses interested in investing in or creating joint ventures in Greece, as we also welcome investments by Greek companies in the United States.”