WEBVTT - Greece Prime Minister Kyriakos Mitsotakis Talks Climate Ambitions and Financing

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Well, it is day three of the COP twenty nine

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<v Speaker 2>Climate Conference here in bakuaz de Verjan, and as world

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<v Speaker 2>leaders discuss new ways to finance the climate change challenge,

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<v Speaker 2>Donald Trump's return to the White House remains a topic

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<v Speaker 2>of discussion. Joining me right now is Greek Prime Minister Kariakosminsuttaki.

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<v Speaker 3>Is.

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<v Speaker 2>It's wonderful to have you with us.

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<v Speaker 3>Thank you so much.

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<v Speaker 2>I've been here a couple of days now, and I've

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<v Speaker 2>had talks with several people, from policymakers to some of

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<v Speaker 2>the big leaders, and I've got to say it's difficult

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<v Speaker 2>not to feel a little bit disheartened if you look

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<v Speaker 2>at this state in the direction of travel. Many agencies

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<v Speaker 2>are warning that this is going to be the warmest

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<v Speaker 2>year on record. We continue to see the effects of

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<v Speaker 2>climate change, reeking, disaster and havoc around the continents, even

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<v Speaker 2>in Europe. What is your feeling of where we are

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<v Speaker 2>in climate's ambitions versus where we need to get to.

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<v Speaker 4>Going to these gatherings for many years now, and there

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<v Speaker 4>seems to be a repeating pattern of ambitious targets and expectations.

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<v Speaker 3>Which eventually are not met.

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<v Speaker 1>On the other hand, if you look at Europe, important

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<v Speaker 1>changes are being made towards the energy transition, but we

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<v Speaker 1>all understand that these changes.

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<v Speaker 3>Need to be accelerated.

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<v Speaker 1>I come from a Militaranian country and the Meditarian is

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<v Speaker 1>a hotbed for climate change.

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<v Speaker 3>You saw what happened in Spain. We had similar.

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<v Speaker 1>Floods, thank god, with a less loss of human life

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<v Speaker 1>last year in Greece. So my concern is that as

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<v Speaker 1>much as we focus on long term mitigation, and Greece

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<v Speaker 1>is certainly doing its part, we need to place more

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<v Speaker 1>emphasis on short term adaptation and helping our people cope

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<v Speaker 1>with climate disasters, which we know will happen with increased frequency.

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<v Speaker 1>So when we think about funding, this is not just

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<v Speaker 1>about helping the poorer countries with our energy transition. It

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<v Speaker 1>is also helped be more mature economies dealing with the

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<v Speaker 1>impact of climate change today, which makes a whole debate

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<v Speaker 1>even more complicated.

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<v Speaker 2>Absolutely, but let me just ask you a grease specific question.

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<v Speaker 2>Last year was the minute wildfires their droughts as well.

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<v Speaker 2>I wonder if Greece has to put in a national

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<v Speaker 2>strategy to deal with, say, adequate motor supply in the

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<v Speaker 2>years ahead. Is that something that you're thinking about.

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<v Speaker 1>Well, first of all, when you look at the headline numbers,

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<v Speaker 1>no country has brought down No European country has brought

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<v Speaker 1>down its emissions faster since two thousand and five than Greece.

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<v Speaker 1>We produce more than fifty percent of our electricity from

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<v Speaker 1>renewables and this will go up to eighty percent within

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<v Speaker 1>the next five to six years. So we're certainly doing

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<v Speaker 1>our part in terms of making the energy transition work

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<v Speaker 1>for Greece. At the same time, we understand that we

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<v Speaker 1>need to focus more on adaptation. We're spending more than

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<v Speaker 1>two billion years in civil protection. Our number one obligation

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<v Speaker 1>is to protect human lives when a catastrophic climate event strikes.

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<v Speaker 1>But of course managing our water supplies is going to

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<v Speaker 1>become a critical my priority for the foreseeable future. We

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<v Speaker 1>know we're faced with extreme weather events and with droughts,

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<v Speaker 1>and we have a very ambitious plan to make sure

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<v Speaker 1>that we use our water supplies with a maximum amount

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<v Speaker 1>of efficiency. So for us in Greece, the climate crisis

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<v Speaker 1>is already here. That is why I'm also advertating at

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<v Speaker 1>the European level to devote more funds and cooperation to

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<v Speaker 1>the question of adaptation and the Mediterranean countries will play

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<v Speaker 1>a leading role in this initiative going forward as we

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<v Speaker 1>talk about our inter European financing envelope for climate.

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<v Speaker 2>One of the conversation topics looming large here again in

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<v Speaker 2>the Climate conference is the return of President Trump to

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<v Speaker 2>the White House. The US, for the last couple of

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<v Speaker 2>years have gained a lot of credibility on the climate front.

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<v Speaker 2>There is a concern that some of that US leadership

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<v Speaker 2>may fall to the wayside, given that President Trump's own

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<v Speaker 2>stance is a bit more skeptical towards many of these

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<v Speaker 2>climate ambitions and the climate agenda. Who do you think

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<v Speaker 2>will pick up the helm. Is it going to be

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<v Speaker 2>Europe leading the charge forward on climate discussions or is

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<v Speaker 2>it going to be China.

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<v Speaker 1>Well, first of all, let's see what President LEC. Trump

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<v Speaker 1>will actually do, and I do hope that we won't

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<v Speaker 1>see a repeat of the US leading, you know, the

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<v Speaker 1>Paris Agreements.

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<v Speaker 3>Two quick points.

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<v Speaker 1>First of all, Europe is leading on the climate transition,

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<v Speaker 1>but we account for six percent of global emissions, so

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<v Speaker 1>we clearly cannot do this on our own. But we

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<v Speaker 1>do understand that focusing on clean tech also from our

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<v Speaker 1>perspective of strategic autonomy is going to be particularly important

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<v Speaker 1>for Europe, and we do intend to dedicate significant funds

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<v Speaker 1>toward that direction. When I look at the US, there's

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<v Speaker 1>national policy, but there's also a clean tech revolution taking

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<v Speaker 1>place in the US, financed primarily by private by private capitals,

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<v Speaker 1>or the US being a very innovative economy. I do

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<v Speaker 1>expect that many innovative solutions which will help us address

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<v Speaker 1>the climate prices will still come from the US.

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<v Speaker 2>Reading that you actually have had a call with the

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<v Speaker 2>President ELEC. Trump, can you give us any insights into well,

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<v Speaker 2>not specifically what was discussed, but what you were expecting

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<v Speaker 2>in his second term visa v relations with Europe.

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<v Speaker 1>Well, I had a very friendly called with President Trump.

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<v Speaker 1>I am a relatively experienced leader, so I had an

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<v Speaker 1>opportunity to work with him during his first mandate, and

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<v Speaker 1>of course I stressed the importance of the Greek US relations.

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<v Speaker 1>Greece is a pillar stability in the Eastern Mediterranean and

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<v Speaker 1>we've worked very closely with the US and I do

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<v Speaker 1>expect this relationship to continue. When I look at what's

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<v Speaker 1>happening in the US from Europe's point of view, I

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<v Speaker 1>think it emphasizes the need to work very hard to

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<v Speaker 1>support our strategic autonomy and to make sure that the

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<v Speaker 1>European economy becomes more competitive. Flip back to what Draugi

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<v Speaker 1>told us in his report. We discussed this as the

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<v Speaker 1>last European Council. I think it is time to move

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<v Speaker 1>from words to actions. We have a very clear list

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<v Speaker 1>of deliverables in terms of how we can make Europe

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<v Speaker 1>more competitive. I think there was already a sense of

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<v Speaker 1>urgency that we're lagging behind even before the election of

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<v Speaker 1>President Trump to the White House. I think we will

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<v Speaker 1>address this question with a renewed sense of urgency.

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<v Speaker 2>Now, what if President Trump starts applying terrorifts on European goods?

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<v Speaker 2>Will there be an incentive for Europe to retaliate? Then

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<v Speaker 2>you enter into this tit for tat trade war.

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<v Speaker 1>I'm a big believer in free trade and I don't

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<v Speaker 1>believe in teris in principle, and I think that a

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<v Speaker 1>trade war would be bad both of the US and

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<v Speaker 1>for Europe. I do think there is a possibility on

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<v Speaker 1>the US European relationship to work with President Trump and to.

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<v Speaker 3>Find a win win a solution.

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<v Speaker 1>For example, Europe will be looking to import a more

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<v Speaker 1>liquified natural gas from the US, and I'm talking about

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<v Speaker 1>LERG because we understand that in the interim, until renewables

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<v Speaker 1>hit their full potential, we will need a natural gas

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<v Speaker 1>for the foreseeable futures. That will certainly help us in

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<v Speaker 1>terms of our trade.

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<v Speaker 3>Balance with the US.

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<v Speaker 1>So I think there are ways to discuss with the

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<v Speaker 1>US administration and to find the win win solutions. I'm

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<v Speaker 1>a big believer in the Transatlantic partnership, and I think

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<v Speaker 1>when we look at the big global challenges of the

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<v Speaker 1>world the station, we need to continue to work strongly

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<v Speaker 1>with the US to address those challenges.

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<v Speaker 3>Yeah.

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<v Speaker 2>Well, one thing that I do question is Trump's approach

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<v Speaker 2>to multilateral frameworks, and we know from his first term

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<v Speaker 2>that he's sort of preferred by lateral approach with leaders

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<v Speaker 2>around the world. What does that do to your collective

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<v Speaker 2>standing and stands visa v approaching some of these relationships specifically,

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<v Speaker 2>you know, when you talk about trade and when you

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<v Speaker 2>talk about defense, is Europe going to be unified?

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<v Speaker 1>I think that's a good question, and I think we

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<v Speaker 1>all have, you know, bilateral relations with the US.

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<v Speaker 3>Preseradly has one.

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<v Speaker 1>We have a Defense Corporation agreement because you know, defense

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<v Speaker 1>is a national prerogative. But when it comes to trade,

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<v Speaker 1>I do need to point out that this is a

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<v Speaker 1>competence of the European Commission, and we will negotiate with

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<v Speaker 1>the US as a European Union, and of course we

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<v Speaker 1>have much more leverage in doing so. I think you

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<v Speaker 1>will see a combination of US strengthening our bilateral ties

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<v Speaker 1>but also speaking with one voice when it comes to Europe.

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<v Speaker 1>The challenge for Europe is to first of all get

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<v Speaker 1>to the point where we speak with one with one

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<v Speaker 1>voice on these issues. But again, as I told you,

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<v Speaker 1>there is a renewed sense of urgency in terms of

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<v Speaker 1>focusing on European competitiveness, and we have a European Commission

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<v Speaker 1>that is very much committed in moving towards that direction.

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<v Speaker 1>So I'm cautiously optimistic that we will be able to

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<v Speaker 1>deliver on our general.

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<v Speaker 2>So let me just stand on a Greece specific question

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<v Speaker 2>on the economy. Greece actually has been growing much faster

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<v Speaker 2>than other economies in Europe the last couple of years.

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<v Speaker 2>Poor European countries is struggling. Career free countries are actually

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<v Speaker 2>doing much better. Do you see Greece's economy as being

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<v Speaker 2>able to continue and sustain the momentum that's in place.

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<v Speaker 1>I don't think many people would have placed their beds

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<v Speaker 1>five or six years ago that Greece would be a

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<v Speaker 1>country with very stable public finances, growing much faster than

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<v Speaker 1>the Eurozone, bringing down our debt at a very very

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<v Speaker 1>fast pace, attracting investment, creating new jobs. Yes, very optimistic

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<v Speaker 1>about the Greek economy in the short two medium term.

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<v Speaker 1>We have three more years in our term. We have

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<v Speaker 1>a stable government that is able to deliver on reforms,

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<v Speaker 1>we continue to bring in investment. We had a record

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<v Speaker 1>year when it comes to tourism. We're investing a lot

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<v Speaker 1>in cutting edge sectors, including tech. So I think we

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<v Speaker 1>have a very good growth story which is certainly attracting

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<v Speaker 1>the interest of the international financial community, and I do

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<v Speaker 1>expect Greek growth to continue to deliver.

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<v Speaker 3>My number one focus is on making.

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<v Speaker 1>Sure that we converge which Europe at a fast pace

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<v Speaker 1>and we sort of make up for.

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<v Speaker 3>The lost ground of the last decade.

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<v Speaker 1>And of course bringing up our wages and addressing the

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<v Speaker 1>cost of living crisis is my number one priority these days.

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<v Speaker 2>Fantastic Prime Minister, Thank you so much for speaking with us.

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<v Speaker 2>That was the Greek Prime Minister Kiriakos Mitsotakis. Thank you

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<v Speaker 2>very much.