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Energy transformation. Alfonso Garcia Mora comments

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The key element is that we are in the midst of an important process of economic transformation in the world, but also in Europe. Poland plays an important role in this transformation, said Alfonso Garcia Mora, vice-president of the International Finance Corporation for Latin America and the Caribbean, on TVN24 BiS. He also pointed out that “the rule of law is of great importance to create certainty, trust and can allow long-term investment.”

Alfonso Garcia Mora, Vice-President of the International Finance Corporation for Latin America and the Caribbean, was the guest of the “Day in the World” program on TVN24 BiS. He commented on the involvement of this organization on the Polish market.

– The key element is that we are in the middle of an important process of economic transformation in the world, but also in Europe. Poland plays an important role in this transformation, he noted.

Energy transformation. “Poland can benefit a lot”

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He explained that the Polish economic structure is still largely based on coal.

– We are in the process of energy transformation. Changes in supply chains across Europe lead to the fact that Poland can benefit a lot. And it actually happens because it is the second largest manufacturer of batteries for electric cars. This area will continue to grow, he said.

He drew attention to the role of Poland in the reconstruction Ukraine and referred to the forecasts related to energy.

– 75 percent of the energy mix is ​​still coal. We need huge investments in the energy sector so that renewable energy will account for 30 percent in 2030 and 40 percent in 2040, he said.

He stressed that this is a critical transformation for the Polish economy. It’s not just about investing in renewable energy sourcesbut also about the method of production, for example, as part of the circular economy – he explained.

The rule of law and long-term investments

Alfonso Garcia Mora pointed out, based on global experience, that “the rule of law is of great importance to create confidence, trust and can allow long-term investment.”

– All the time, investments are at the level of 16 percent, and the European average is 20 percent. So the Polish economy needs much more investment. An additional 4 percent of the investment area in relation to GDP will also lead to a strong increase in the coming years. It is estimated that if this gap is filled, we will get an additional 0.5 percent of GDP in the next decade – he predicted.

He also commented that inflation is the worst tax for the poor.

Read also: There has never been such a scale. Rapid increase in the number of refusals to connect RES installations

Main photo source: Shutterstock



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