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Prime Minister Kyriakos Mitsotakis warned Wednesday that prolonged disruption successful the Strait of Hormuz could substance inflation, weaken maturation and strain planetary vigor markets, while insisting Greece is amended positioned than galore European countries to weather a prolonged crisis.
Speaking astatine the “Energy Transition Summit: East Med & Southeast Europe” successful Athens, organized by the Financial Times successful concern with Kathimerini, Mitsotakis said Europe indispensable urgently rethink its attack to vigor information alongside its clime ambitions.
“We person a clime alteration policy. I’m not sure we person an vigor information policy,” Mitsotakis said during an interrogation with Financial Times Europe exertion Ben Hall.
The Greek person said Athens supports a diplomatic solution to the struggle involving Iran and stressed that “Iran cannot person a atomic weapon” while insisting that “the state of navigation successful the Straits of Hormuz needs to beryllium afloat restored.”
He warned that immoderate prolonged closure oregon disruption would person planetary repercussions.
“Every week that the Straits of Hormuz stay closed adds further strain to the planetary supply chain,” Mitsotakis said. “We unrecorded successful an interconnected world. We cannot judge that a important disruption successful the carnal supply of lipid and lipid products is going to permission anyone unaffected.”
Mitsotakis said Greece was preparing for imaginable economical fallout, including “a important spike successful inflation” and little maturation rates, but noted the state had much fiscal flexibility than during past crises due to the fact that it is generating superior fund surpluses.
“Preserving fiscal stability is the biggest governmental and economical bequest of this government,” helium said, highlighting Greece’s crisp simplification successful nationalist debt. “For the archetypal time, Greece astir apt astatine the extremity of the year is not going to beryllium the astir indebted state successful Europe.”
On vigor security, Mitsotakis argued that Europe had prematurely dismissed fossil substance infrastructure.
“We whitethorn think that we’re done with fossil fuels successful Europe, but fossil fuels are not done with Europe yet,” helium said.
The premier curate said Greece was afloat self-sufficient successful refined substance products, including pitchy fuel, and faced nary contiguous supply concerns contempt concerns astir imaginable disruptions affecting Europe’s tourism manufacture during the summertime travel season.
“We person nary contented successful terms of supply, and we’re exporting products besides to the remainder of Europe,” helium said.
Mitsotakis defended Greece’s strategy of expanding liquefied earthy state infrastructure and positioning itself arsenic a determination vigor hub for southeastern Europe, while besides pursuing renewable vigor development.
He said Greece had reduced greenhouse state emissions by astir 50% from 2005 levels and present generates much than fractional its energy from renewable sources.
Still, helium argued earthy state would stay indispensable for decades.
“Natural state is going to beryllium with us for the foreseeable future,” Mitsotakis said. “I similar to nutrient my ain earthy state alternatively than wage to import it.”
He confirmed Greece would statesman progressive drilling successful the Ionian Sea successful aboriginal 2027 and noted that Chevron was progressive successful exploration south of Crete.
The premier curate besides renewed calls for stronger European concern successful energy grids and interconnections, arguing the European Union still lacked a truly integrated vigor market.
“We don’t person a European vigor market,” helium said. “We person fragmented vigor markets.”
Mitsotakis additionally defended a much pragmatic European attack to decarbonization, saying clime policies indispensable relationship for concern competitiveness and affordability.
“If we lone look astatine decarbonization without taking into information our competitiveness, our concern basal and the well-being of our citizens, the reply is yes,” helium said when asked whether the EU had gotten its decarbonization strategy wrong.
“Should we termination our manufacture to decarbonize? No.”
On defence and maritime security, Mitsotakis said Greece was prepared to lend to aboriginal planetary missions safeguarding navigation routes, noting that shipping remained cardinal to the Greek economy.
“Shipping is our lifeblood,” helium said.
He besides reiterated support for targeted European borrowing for strategic priorities such arsenic defense, while rejecting wide caller EU borrowing to cushion economical shocks.
The Greek person said Europe should stay cautious astir restoring vigor dependence connected Russia contempt precocious vigor prices.
“There is nary appetite successful Europe to recreate caller dependencies and caller semipermanent vigor relationships with countries that person proven profoundly unreliable,” helium said.
Prime Minister Kyriakos Mitsotakis is interviewed by Financial Times Europe exertion Ben Hall during the ‘Energy Transition Summit’ successful Athens connected Wednesday. [Studio Kominis]
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