 Good morning and welcome back everybody to the World Economic Forum program and we're here just to start the session which we'll be discussing and looking in details at one of the most burning issues and the most burning topics here at the WEF annual gathering and in general in Europe and worldwide. European Green Deal Anyone. This is the name of the session we're about to have. With its ambition to make Europe climate neutral by 2050 the European Commission led the roll out of era defining green legislation during its current term and it aims to mobilize at least one trillion euros in sustainable investment over the next decade. Now, as the European Green Deal faces political headwinds in the run up to the 2024 parliamentary elections, what does the future look like? This is what we're going to be discussing here now this morning with our speakers. I'm very pleased to introduce them to you, Prime Minister of Greece Kiryako Smitsotakis. Thank you. Executive Vice President for European Green Deal from the European Commission from Brussels joining us Maro Sevkovich. Thank you very much for being here. As their budget, President and Chief Executive Office Novozyms in Denmark, Alliance of Sea of Climate Leaders. Thank you. And Maxim Timchenko, Chief Executive Officer at DTAC Ukraine. Thank you very much for being here. We will have 45 minutes for this conversation. There might be an opportunity at the end to ask a few questions. If you are following this online or if you're here in the room, please do not forget to use the official hashtag of WEF24, so we can see your comments and get your questions. This is really important to get your view on this very important for all of us subject. And to start with, I would like to ask one question to all of the panelists as a scene setter, and then we can talk more in details about what you're going to say. Prime Minister, against the backdrop of European elections in a few months, political headwinds that the Green Agenda is facing, are you more bearish or are you more bullish about the future of the European Green Deal? I continue to be profoundly bullish about the future of the Green Deal because when this discussion started a few years ago, the main argument in support of the Green Deal had primarily to do with the importance of reducing emissions in order to protect the environment. We've been subject to catastrophic floods. For example, there's some of the necessity to play a leading role in this transition since then. We've had a geopolitical shock, and it has also been incredibly clear that some of the solutions offered by the Green Deal also make profound economic sense. Just look, for example, at Greece, our penetration of renewables, how cheap renewables are. I mean, there are hours during the day when we actually have negative prices. So I think there is a general understanding that we need to push forward with this agenda. And essentially, probably segmented into three sectors, those technologies which are very mature and competitive, where we can actually play a leading role, those technologies which may need some additional help, additional subsidies in order for them to actually be able to become effective, and those technologies which are still further into the horizon where we need to be sure that at least Europe plays a leading role in terms of actually developing them. So from the perspective of Greece, and again, as a country which plays a dominant role in the production of electricity from renewables, I continue to be very, very bullish about the Green Deal and very much supportive of the initiatives by the Commission. Granted, this is not something that may reflect the political realities in all member states, but I think it is important to highlight. The progress that we have been made, and to add on top of that the significant resources provided by the RRF regarding the green transition. For Greece, this total envelope exceeds 36 billion euros. More than 25% of that is directed towards the green transition. So I would argue that we also have significant financial firepower from the European Union in order to make that happen. Thank you so much. Executive Vice President for the European Green Deal, inter-institutional relations and foresight European Commission, Mara Sapkic, your view on that. I am all bullish and bearish. Of course. I'd be surprised if you were bearish. I am bullish, and I am in a category which I understand is described by the political scientists as a happy warrior. I mean, being in this business, you have to be optimistic because you see, you know, what kind of distance we have already covered, and I totally agree with the Prime Ministers that Europe was really leading power in promoting the Green Deal policies, tackling the climate change. And I think every single year, every single summer, we are reminded that we have only one planet and that these weather-related disasters are bearing more and more costs, lots of human tragedies, and simply there is no alternative. So that's, I would say, the very big picture. But coming, you know, to the economic aspect of it, I mean, for Europe, the Green Deal, it's our growth strategy, and through the Green Deal, you see that there is actually huge international competition about what I would describe future-oriented technology. So we simply have to be there. We have to be strong in that regard because we are not competing now who would make a better diesel car, diesel cars, but we are competing, you know, who would be able to store energy better, who will be able to manufacture better EVs? How can we get more renewable energy into our grids? How can we digitize them? How can we use the new technologies about which my colleague would talk in a moment in biotech? And I think nobody disputes in the world, and that's my also assessment of all the talks I had here in Davos, that we really have the most advanced state of our legislation. What we need to develop is stronger business case for the Green Deal, for our investors. We have to be in close interaction with our citizens, therefore we started with the Green Dialogues. We have to listen to the CEOs of the companies across the Europe because they will tell you, you know, we can do much more if you would remove this technological block, or if you would create real single market for the Green Deal, or if we simply buy state aid, support this or that technology because it's not that mature. And I think there you see that we are also doing a lot of rethinking because we have to react on what is happening on the global level. The massive subsidies offered by IRA in UIs, of course, massive subsidies by which China is supporting its exports also towards Europe. So we are adjusting our policies as well, and I was quite happy that last week we did this first landmark decision where we authorized state aid for the North World to actually build the next Jiga factory in Europe and not in the EES. And I think this would be something what we would need to think through when the next College of Commissioners will sit around the table by the end of the year because the second half of this decade would be absolutely crucial on positioning Europe in this very tough economic competition. Well, you said we need to listen more to the CEOs. Let's do that. Esther Bajet, President and the Chief Executive, Office of Novosibirsk, Denmark, Alliance of CEO Climate Leaders, bearish a bullish. I'm extremely pleased with everything I heard. Otherwise this would be a very short session. But maybe I can build on everything I've said with the further insights or for the data supporting every single comment that you've made. I believe that in times of uncertainty that we are, geopolitical uncertainty, in some cases war uncertainty, economic uncertainty, it's when you have to be even stronger, even bolder on your direction. It's this situation that we're living today shows the value of de-risking, the value of having optionality, the value of resilience. Our dependence to fossil base, it's way too strong. And we need to bring alternatives. It is all about, I hope that's no problem. It is all about the value of de-risking. It is all about the resilience of multiple options and then moving faster into that direction. The peak of fossil-based solutions, it's just here. The era of fossil-based solutions, it's over. We're going to pick fossil-based demand during this decade. So now is the time to even bolder and start investing faster on that solutions of the future, of the new era. And yes, it is green electricity, yes it's solar, yes it's wind, let it hydrogen, power to X, and yes it's bio solutions. Green deal, it's moving all of us in the right direction. Then it's about implementation and speed and agility. Here's where we are, can do better. And can do better, it is can do better. We companies, we have the responsibility to sit at the table and show what we think good looks like and whether unnecessary roadblocks. Beautiful what you said. There are unnecessary roadblocks that make our life complex for no value. Let me give you a couple. We're investing collectively 8 trillion US dollars per year, subsidizing the past. 8 trillion US dollars, that's 8% of the global GDP. It goes into subsidiaries into fossil-based solutions. It's not that we're not subsidizing the future enough, it's that we're subsidizing the past. We have regulation that creates unnecessary roadblocks. It takes six years to get the permit for a windmill. It takes six to eight years to register a microbe to replace fertilizers and bring sustainable agriculture. It's much faster in US. So in US it takes maybe two years to register a microbe, to replace fertilizers. So it's, yes, the competition with IRA from a subsidiaries point of view, there is an influx of investments from Europe going into US, close to 30 projects were announced in IRA. But the main driver, and that call us also part of that, being a European company, we're investing in US. It's not because of the subsidiaries. It's because of the demand, it's faster. A regulation that accelerates the implementation of the solutions of the future, and that's where we invest. We companies, we have to invest closer to where the demand is, and we live in a global market. So you have our commitment, and also through the CEO Climate Alliance, which is a group of CEOs that they are fully committed to reach the path of neutrality, not only on how we reduce scope one and two, but also on how we lead, and on a scope three, to work, to co-create, to sit at the table, and to develop together this regulation that will move us faster and unleash the potential that this geography has. Thank you, sir. Maxim Timchenko, Chief Executive Officer, DTAC Ukraine. Ulish or bearish? Absolutely, Ulish. And I can say from corporate side, every single energy company incorporated green deal goals and mechanism into the strategy. And I don't think that any energy company think to exist without being aligned with the European green deal. But from perspective of Ukraine, it's even more important. Second month of full-scale invasion, we asked the world to help us. And specifically talking about synchronization of our electricity and connection of Ukrainian electricity grid with European. And the request was, please, help us now, and we will help you in the future. Help you in building energy security of European Union and bringing more green power from Ukraine. We have enormous potential in wind and solar. We have developed infrastructure. We can be the place, as President Zelensky already said, green energy hub for Europe. That's why all these plants, and I believe that green deal goals will be at the core of economy restoration of Ukraine after the war. And even now we develop all strategic plans, as I said, not only for energy companies, but for the whole economy to be aligned with European green deal. So we have no any choice, be very much bullish about that. Thank you. Prime Minister, let me continue with you. You mentioned during the COP28 that Greece can be provider of energy security for many European countries. How will the geopolitical landscape impact the continent's move towards green energy? First of all, may I address a very interesting point that was made, which I think we need to register and listen very carefully to the business leaders developing innovative green solutions. What you mentioned I think is particularly important. When it comes to regulation and leveraging the full potential of the single market. When you tell us that it takes, for example, two years to obtain the necessary registration in the US versus six years in the European Union, this is something we should take note of, because we talk a lot about the single market. It is our main advantage when it comes to convincing companies that they should invest in Europe. But if there are bureaucratic restrictions, or bottlenecks of this type, then we will be in a position of disadvantage rather than advantage when it comes to encouraging companies to invest in Europe with a primary focus on the European market. So I think this is something that we should take note of. And as we go into the next cycle of the European elections and as we all roll out our agenda for the next five years, the completion of the single market, which may seem mundane, boring, bureaucratic, not something that may move the masses towards a common goal, is something which should be very, very high on our priorities. No, sorry for the digression, because I thought the point that you raised was very, very important. Let me come back to your question. Energy, security, and what could Greece's role be in this evolving landscape? We are currently a net importer of energy. And just to put this into context, when Greece decided four years ago to aggressively move away from coal, we decided to use natural gas as a transition fuel. We don't have a nuclear, so it was the only obvious choice. We spent 7 billion euros in 2022 importing natural gas. Normally this bill is 1 billion, just to put things into context. So we said that in the short term, we want to be an energy provider for at least the Balkans by building strong interconnections, pipelines, floating storage and regressification units in northern Greece, leverage our unique geographic potential. Possibly even if necessary, export gas up to Ukraine, because if you actually look at the map, the distance is not that far. But in the medium to long term, we aspire to be exporters of green energy by harnessing the significant potential that we have, in particular when it comes to offshore wind. If you look at the map of the Mediterranean, the place where you have the maximum amount of sustained, constant, strong winds is the Aegean Sea. So part of our medium to long term plan is to really make a breakthrough when it comes to offshore wind. But in order to do that, we also need to be the necessary interconnections. If we want to have a European market of renewables that seamlessly sends energy across the continent, we need to focus more on grids and interconnections. I think we realized with some delay that this is a necessary investment that we can make. And if you look at the macro picture of how European renewable energy is produced, you will realize that you have a surplus of wind energy in the north in the winter, and you have a surplus of solar energy in the south in the summer. But we can still not leverage these geographic realities. So we aspire to play a leading role in the short term as providers of energy security to help also some of our bulk conference decarbonize faster. But we also hope that we will be a net exporter of green energy in the medium to long term. I can tell you there is already a lot of interest to invest in this sector. Finally, we should also look at the interconnections with Africa. Africa has significant, if not unlimited potential to produce green energy, particularly from solar. We are in discussions with Egypt to build an interconnection that will connect Greece to Egypt. And of course, I think these are all projects that should be within the project of European common interest framework, because they're not particularly important just for Greece or important for Europe as a whole. Can I say, can I add? Thank you. And it's extremely kind and responsible from you to follow up and bring in your comments. Let me just add one thing. It's not if it's we are losing. It's not wood. It's happening. The level of complexity that we're hindering in Europe, it is constraining the competitiveness and the implementation of solutions that they already exist. There is a sense of urgency that we need to all collectively bring in. And I fully embrace the responsibility that companies have to proactively come and not complain. This is not a complaint. This is a statement that there is a sense of urgency and there is a beautiful opportunity for Europe to capitalize on the era of the new solutions of the future. Because main leading companies sit here. This is job creation. This is wealth. The transition to a green economy will increase, it's projected to increase more than 4% of the global GDP. It's $26 trillion growth that could generate. For every job in biosolutions, it's four that they're being created in the value chain. So there is an opportunity here ahead of us that it's going to happen. It's in Europe, in US, in China, it's going to happen. The question is, what can we do to make it here faster and not let it go somewhere else? Because the world is moving there. It's just whether jobs will be created, whether wealth will be created. Vice President, that was also something I would love you to comment on first. Yeah, if you allow, just to comment also on very important remarks of the Prime Minister and of course of my colleague to the left. What I think it's very important indeed is that we have to get our sequencing better. So we invested a lot in renewables. I mean, last year, we've been very proud that for the first time we produced more energy from renewable than for cell fuels. But Prime Minister knows very well that very often all that potential of wind and solar we cannot use. We have so-called costelment because our grids are not able to carry the electricity to the final consumers. Because the grids do not have that capacity or because we lack enough interconnectors in Europe. And therefore, I think we really need to make sure that we would be investing in the grids and building them to be ready not for the next year, but to be ready for the climate neutral future for 2050. I just set with our transmission system operators. And I made a proposal that we should create something what we did for the batteries, European Alliance for Batteries, which I found it five years ago. We need the same alliance for the grid operators. And I'm talking, of course, about electricity. I'm talking about the gas transmission operators. And I'm talking also about the hydrogen operators in the future, but also those who are building charging stations. And then we also have to talk to the cable manufacturer, substation operators, so the whole value chain. Because we simply need to upgrade the grid in a way which would be ready for the climate neutral future. And coming to the technological roadblocks, I totally agree with you that we need to focus on it as a laser beam, because I see it in many aspects. It'd be more too cautious or we kind of develop the legislations or the technologies several years ago. And simply the advancement is much faster. And if it comes to the complexity of the decision making, I would say most of the complaints I hear in Davos is about permitting. And there I think it's our joint role. Because I mean, very often we do not make it easier from the European level, but very often, as prime ministers, there is also a lot of gold plating happening on the level of member states. And it has to be our joint task. So now we are creating new opportunity. We propose so-called Net Zero Industry Act. But a big part of it is, what can we do with the faster permitting? We want to use the overriding public interest principle, which would help us to move much faster, which would motivate us in the commission, but also our member states. And if it comes for the strategic project, there will be sort of one-stop shop where we would help with the permitting, where we would be able to provide, I would say, the guidance to the market operators. How can we help you with different funds we have in Europe? Because sometimes it's very complex and you really need some kind of agency to help you with all the advice, just simply to make things much faster. And last point, on a single market for the Green Deal. I totally agree with the prime minister. The single market brought Europe's access, thanks to the single market, removing the internal barriers among the member states. We actually grew up the biggest economy in the world. And we have to make sure that it's also fine-tuned to this new economy of the 21st century, which is building on the green technology. I'm particularly happy that they managed, gradually, to link up more and more Ukraine to the single market. I remember when I was responsible for the energy union in the last mandate, when I was getting the advice from the experts, they were telling me that to connect the electric grids between Ukraine and Europe, it would take years. And then you see what we can do in Europe, because we're started and we did what in three, four weeks. Actually, three weeks, three weeks, which is remarkable. So I mean, it just shows that there is a huge potential in European creativity. We know how to do the things. Unfortunately, sometimes we need to be pushed, but I agree with you that now we are pushed. The sense of urgency clearly is here because we see how this competition is heating up, and we have to put our act together and to show that we can act autonomously. We need to work on this strategic autonomy because the world has become a rougher place. Well, let's go, Maxim Timchenko, let's go to you now, because I would like you to comment on how the possibility and how did it happen within three weeks, because Ukraine has a specific case, obviously, nowadays. And with the EU leaders deciding to open the accession negotiations with Ukraine in December 2023, how can Ukraine contribute to supporting the continent's decarbonisation efforts and the future energy security, both as a future member and today as well? Just a follow-up from our synchronisation story. On the first day of full-scale invasion, we disconnected from Russia and Belarus' electricity grid. It was part of our three-day testing, as part of our synchronisation process we should be taking place in 2025. And I think that that day we disconnected forever, but we stay in isolated regime. So we were not connected either to their grid or European, and war started. And I'm so grateful to our European partners, European Commission, and to all parties involved that in three weeks' time we managed to connect. It was emergency connection, but it still helped us to survive because we get some electricity out of Europe. And of course, after this moment, historical moment for our sector, we stayed. Now it's time for us to think how we can help Europe. And even now, during two years of war, we really do that. Our company built 114 megawatt windfront during the war, invested 200 million Euro. Just one month ago we announced the second phase of this windfront, investing 450 million in support of Denmark and supply of turbines from Vestas. During the war, we restored transmission line with Poland so that we improve our interconnection. And moreover, we green deal and all the goals we realized in European countries. And I'm glad for your comments, Prime Minister about Greece, countries huge potential. And today our trading company already working in the deal LNG, bringing us to and use Ukrainian gas storage, which is the largest in Europe and bring a lot to energy security of Europe. Today we develop the first battery storage project in Poland, the tech as a Ukrainian company. Last month we commissioned first wind farm built in Romania for the last 10 years as a Ukrainian company, bringing all engineering from Ukraine. Just some examples what can be done during the war and what role Ukraine can play, even under current circumstances. So I think that green deal and all the goals we discuss here will be driving force for Ukraine and will be one of the important factor of European integration of our country, starting from reforms. And I think most of economic reforms we need to do one other way they're connected with the European green deal. Through to investments, foreign companies coming to Ukraine potentially can realize. And basically that's the foundation of our future. Thank you. Let's talk a little bit more about the companies. Let me ask you here. The private sector is responsible for over 80% of greenhouse gas emissions in the European Union. In light of this political headwinds, will it have to be the private sector that takes a leadership role in advancing the ambitions of the European green deal moving forward? Given everything we have heard, of course, from Prime Minister Mariuszewko. I think the private sector and this forum is a beautiful example of that. It's taking its fair share of responsibility, which is extremely strong. A beautiful example is the CEO Climate Alliance that I am in. And I have the privilege and the honor to co-chair. This is a group of more than 100 CEOs. Collectively, we represent a revenue of more than $4 trillion US dollars. And also, CO2 emissions that are quite relevant for the overall world. We have collectively committed to reduce our CO2 emissions, first of all, one of two, remove emissions with the same magnitude of the emissions of Japan. And we're moving forward in that direction. Since we started to embrace our journey, we have already reduced the emissions faster than the globe. Is that fast enough? Obviously not. But we're moving faster than the globe. What I'm extremely pleased about the power of this coalition, it is not only the CO2 emissions that we reduce, it is also the ones that we invite others to reduce. If you think about the top biggest 1,000 companies, the top 1,000 companies, they're scoped three emissions. So the emissions of their suppliers, they are 25% of the global emissions of the globe. So there is an immense potential to have an impact, not only on what you do, but also on what you ask the people that supplies you. And by triggering that dialogue, by asking your suppliers to invite them to move into CO2 emission reduction, that's when you multiply your effect. So yes, I fully agree. And I mean, in a company that I am in, we are fully embedded in that direction. We have, in Novo Zimes, since we started this journey, since 2018, reduce the CO2 emission 68% while increasing the revenue 25%, more than 20% because we have not published yet. So a little bit more than 20%. And then, also without compromising the margins. So I think it's very important to have in perspective that doing the right thing for the planet, doing the right thing for the society, it's also doing the right thing for you shareholders. And it's also a driver of growth because you are investing on the solutions of the future. And that's what drives sustainable growth. And at the same time, it gives you the right to attract the very best talent. Because the talent of the future will only want to work in the companies that they feel that they belong, that they feel that they're proud. So having values, so investing on the future, investing on the solutions where there's going to be demand. I think that's a check, good thing for companies to do. Attracting the very best people, I also believe it's important, milestone for delivering shareholder value. So there is a strong commitment and a need for companies to continue to transform on the Green Deal, to continue to move on the right direction, because that's the way that we generate shareholder value creation, and that's the way also that we contribute to the globe. I would like only to make one comment. We're talking a lot about energy, which is extremely relevant. We have to fit full the wall more sustainably and decouple from fossil base. But we also have to fit the wall. So let's keep both in balance. That it's extremely important that we also realize there is an increase of protein demand that's going to double in the next years, that cannot be fulfilled by the solutions of the past. That we need sustainable agricultural, that Ukraine is also heavily investing, that we need plant-based solutions, that we need more novel ways of how we feed cows and kettles without while reducing the methane emissions. It's not great focus on full, yes, but also remember on feeding the wall sustainably and moving into that future ahead of us with respect to the climate and to the nature. If I can make few comments on top of what was said, and I totally agree with that, is that I think we, and I think that's very important message for our audience here. And I believe that we share it with the Prime Minister that we in Europe, we are prepared and ready to fight for our economy and to fight for our industry. One of our companies not only to stay, but to prosper in Europe. And clearly what we need to do for that is that we need to improve the business case for many of the policies and technologies we are developing in Europe. I'm a strong believer in using as often as possible so-called competitive sustainability principle by what I mean that if you are, let's say, using public procurement, we cannot look at the price as the only criteria. We clearly deployed it with the battery regulation. We adopted a couple of weeks ago the wind energy package, but we clearly stated that we would like to frame the public procurement in the future in a way that we have to reward the companies which have low carbon footprint, which are operating in a sustainable manner, which are treating the workers decently. We have to reward these values and not to punish them that then we buy the cheapest alternative which comes somewhere from age. Because otherwise we will not kind of promote this smart way, future-oriented way, how to produce, how to manufacture, and we always would go to the lowest common denominator which is price. And then we have to change because Europe is the economy where we create high value edit and we simply have to also adjust the policies in that regard. And I totally agree with you that energy is important, but of course Green Deal has many more aspects. We have to be very sensitive if it comes to agriculture because we know how important it is to also have forward-looking policies in the agro sector, how we need to interact very intensively with our agriculture community, with those who are looking after our forests because I mean the guardian of the nature, these are the major sinks for the carbon and we have to also listen to them and look for the good solution for them. And maybe last point which I think will be a very, very important is how to use the political and economic weight of the European Union. Just two examples, I think we did extremely well with the common purchase of vaccines. I'm also responsible for the common purchase of gas and I think we should use this mechanism always when it fits so we are putting together the framework for common purchase of critical raw materials. We would like to do the same for hydrogen simply to benefit from the fact that we are major economy, our biggest trading broke in the world and we should use that economic weight simply to get better deals from the international suppliers. If I could just add two points. First of all, just to build upon what you said regarding the leverage that we have which sometimes we seem to be reluctant to use. We had discussions at the level of the European Council during the big energy crisis of 2022 and it took us months and months and months to agree the Council with the support of the Commission which actually had come in favor of the solution way before others realized its importance to place, for example, ACAP on natural gas and to use our power as big buyers of gas to address what was clearly an obvious market distortion. So we did it, but we didn't do it fast enough. On the other hand, when it came to COVID and vaccines and the RRF, we were incredibly effective and when it comes to supporting our businesses and improving European competitiveness, let me just flag one concern which I have representing a medium-sized European country that is just now emerging from a very painful 10 year crisis. We have done a lot at the European level to pool European funds to support strategic priorities of the European Union, the Green Deal being one of them and that is an extra generation EU and I can tell you that the restrictions and the conditionalities imposed by the European Commission are incredibly strict. So as big recipients of RRF funds, we need to do our homework and we need to be extremely diligent in terms of making sure that what we submit to the European Commission meets the strict regulation that was put in place. But this is a European solution and we have distributed the funds based on tested European principles. On the other hand, we have state aid and we know that we relax state aid rules during COVID and I think we probably did, you obviously did the right thing, but may I just argue that the solution is not a significant relaxation of state aid rules to support companies in countries that have the fiscal space to actually do so because if you look at where the state aid money went, 75% went to two countries. This is distorting the single market in favor of those countries that actually have stronger economies. So I would very much urge us to keep the balance, right? I'm not saying that we should not rethink our competition rules, but we need to be aware of the fact that there are countries that have the fiscal space to support their companies whereas there are other countries that simply do not have this capacity and this is something that needs to be acknowledged. Thank you. I'm gonna do the final question here because this is something that I want to ask all of the speakers, please, to answer this one. With the legislative framework for the European Green Deal, if we're working on this, is largely said, I want you to comment on how can its implementation be accelerated in a socially just way because this is another very important aspect. Marisa, of course, would you start, please, on this? I love you too. Because I mean, it's absolutely important. Without public support, there will be no Green Deal. Without socially fair transition, you will very quickly hate the political obstacles and I think Prime Minister is very experienced politician, so I'm sure he feels the same what I feel that there is anxiety build up in our society. Simply, I mean, we went through a very difficult period. We had the COVID-19 crisis, the energy crisis. We have a war in Ukraine. We have another war south of our borders and I feel that anxiety in the society which is linked with what would be the cost of living standards. I would cope with all the challenges ahead of us and therefore we have to be absolutely conscious that we need to make this green transition and implement a Green Deal in an absolutely socially fair manner. One of the instruments we build in the system is a social climate fund which should be operational already in two years time, which would be in a tune of more than 80 billion euros and I think it would be up to the European leaders, the heads of states and government and the commission to kind of prepare the use of this fund in a way that we are able to help those who are most affected by the green transition also in, I would say, the financial way because this would clearly be very, very important because you, because, and then I think, and I totally agree again with the statement that we cannot do it without private business, without industry, without the creativity which private capital brings to the table because I just came across with a very good, I would say new financial mechanism which I would describe as a green leasing. The people are worried, you know, I have to change the boiler, heat pump is very expensive, how am I going to do it? But there are other companies across the Europe already offering you the complete solution that will build the heat pump into your house and they're not going to charge you for this enormous sum. They will lease it for you on monthly payment which is acceptable, which is fine. The same thing we have to do with EVs, with other technologies and we have to find a way how we would help these type of companies to the risk to offer counter guarantees to use EIB in a more creative way to bring much more financial firepower into this transition that we would kind of address this social concerns which are created there because without public support in democratic societies like we have in Europe, you simply cannot pursue the policies. Thank you. Maxim Timchenko, could you please comment on this? Because Ukraine has another, it's a different dimension when it comes to the social just way of implementing the transition. Absolutely. We are in a situation where we have to balance. Coal mining and coal power generation play a crucial role in national security at the moment. In the generation mix we have about 25 to 27% and we cannot in one day change it and we have thousands coal miners working in Ukraine at the moment. From the other side, Ukraine is committed to follow all standards and regulation coming from Europe. Committed with C-bomb, ETS to be implemented in Ukraine in time when we agreed. So for us, they extremely pointed that it's done fair way for the next 10 years. We don't ask for exclusion from the rules but we need some time for that. And again, taking as an example our company, we are the major coal producer in the country but at the same time we are the major renewable company and it takes us many years to move from coal to renewables wind and store in Ukraine building battery storage. So as it was already mentioned, Ukraine is playing very important role in security of Europe. So we talk about energy security, definitely defense, it's clear for everybody. Food security is already was set but I think Ukraine can play important role in supply chain security. Moving production to Ukraine and that's another example how the social way, how we can train our people released from coal industry or other industries not aligned with the green and build new production, new manufacturing, solar panels or parts of wind turbines or any other way with such a skilled people with such a background in engineering in production we have in the country. First, I'll start briefly on this please. How to do this implementation socially just and then you're going to have to comment on, sorry. Because you mentioned also earlier that it's not, it is very important the fact how it is the right thing for society as well and for people. I know, but I want you to develop it, but briefly though. We have to continue to stay firm on where we're going without blinking and then we should not jump unconsciously. There is a strong dependence to fossil base that we cannot simply ignore. Then the investments need to be for the future. Every single investment needs to be for green energy, for solar, for wind, for methane, for power to x, injecting the cash, the investments on these precious dollars, these precious euros on the solutions of the future. Same for food, for agriculture, investments on regenerative agriculture, investments on plant-based protein, investments on what are we going to move faster to this moving the era of fossil base behind us. This should be a gradual move and that would generate growth and that would generate jobs. The comment on the talent and the employees is extremely, extremely important. And maybe also building on the single market, single market of goods, single market of people, it's becoming harder. I mean, there's pensions from every country. That is, when we say single market, please think bold on what single market means. So we can really leverage the talent that we have within our country and bring the best out of it. Because we need different, the skill sets of the future are gonna be different from the skill sets of the past in the same way that they're different from the skill set of 2,000 years ago. But we need to gradually move there and the mobility across our country is going to move us faster than that. Thank you, Prime Minister. Well, I'm not gonna take any time out of it. No, please. As you were right out of time, but... I know that's fine, one minute on call. We have reduced our production of electricity from coal by 90%. This has affected one particular region of Greece because coal is a very regional, a very local problem. And you need to commit significant resources. We have our just fund fund to help build a better future for these regions. This is a given. Otherwise, it will simply not happen. The resistance is gonna be massive. And second, start when you wanna build public support. Start with the obvious win-win solutions. Retrofitting houses, for example, is a win-win proposal. We have used European funds very effectively in this direction. Or go to a small island and explain to them why decarbonizing is actually easier than they think. If you build a PV plant, there may be some resistance in the beginning, but when they see the electricity bills and they realize they pay much less for electricity, you will start building support. So start with the quick wins and be very careful with agriculture. Because agriculture in its own is a very, very complex topic, very difficult to decarbonize. And we need to be very sensitive when it comes to reactions from our farmers. Thank you very much. Kyra Krasmitsovakis, Prime Minister of Greece, Maros Efkovic, European Commission Executive, Vice President for the European Green Deal, Esther Baijet, President and Chief Executive Officer. Novo Zaem, Zen Maksim Tymchenko, Chief Executive Officer, DTAC. Thanks a lot to the speakers and thanks for everybody here.