Pekao Bank targets energy transformation sector as EU throws big money at the problem

In terms of the share of renewable energy sources in final energy consumption, Poland ranks 22nd among EU countries, according to a new research-report “On the brink of a green revolution” published by Pekao.

The energy transformation in Poland is inevitable and unstoppable. Global trends in the development of renewable energy sources do not spare Poland. Despite the progressive popularization of renewable energy sources, their economic role – write the authors of the Pekao report “On the brink of a green revolution” – is still quite limited in the country, and what’s more – the distance in this respect in relation to the EU average has widened even further in the last decade .

Pekao argues, however, that the development of renewable energy in Poland will accelerate. This will be influenced by the EU climate policy, an increase in prices of CO2 emission allowances, an increase in the costs of conventional energy with a simultaneous decrease in costs for renewable energy.

“We are in a very important time – a new financial perspective is beginning. The Union presented a budget of EUR 1.8 trillion. It is to allow the implementation of the most important economic strategy of the EU, the so-called Green Deal and achieving climate neutrality in 2050”, said Kwieciński during a meeting.

Poland will be one of the largest beneficiaries of this budget, but also of the reconstruction fund. “It is estimated that PLN 770 billion may flow to Poland. 30 percent including funds for climate policy – added Kwieciński. In his opinion, for Bank Pekao, which recently announced a new strategy for 2021-2024, one of the most important dimensions of its activity is to support investments related to the green deal. – We want to be perceived as a green bank – he stressed.

The report shows that in the next two decades, expenditure on the energy transformation in Poland will reach as much as PLN 1.6 trillion, which means that in a greatly simplified scenario, an average of PLN 80 billion should be invested each year. – A huge range of activities will be needed. This requires efficient cooperation of the state, local governments, and institutions such as banks – emphasized Kwieciński.

When asked about the amount of Pekao’s involvement in renewable energy projects, Kwieciński admitted that it was too early to judge. – We will see what the plans of the government and energy companies will look like. Today we can say that in the case of large companies, we serve approx. 25 percent market. We are the leader in financing projects in the public sector. We will want to maintain our leadership position here, announced Kwieciński.

Bank Pekao, which is interested in financing various renewable energy projects, including offshore wind farms, does not rule out establishing a special investment fund.

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