Time to act against climate change, push for green growth in post-pandemic era: forum

ATHENS, May 12 (Xinhua) -- Climate change is by far the most pressing challenge for humanity today, Yannis Stournaras, governor of the central bank of Greece, said on Wednesday while delivering a speech during the Delphi Economic Forum VI that takes place in Athens and online from Monday until Saturday.

For example, climate change will cost the Greek economy cumulatively some 700 billion euros (846 billion U.S. dollars) by 2100, if effective policies are not implemented, he warned, citing a report conducted for the bank.

"This is the moment to act," European Investment Bank President Werner Hoyer said, urging for the creation of a model of viable growth to halt climate change also beyond EU countries.

World Bank Vice President for Europe and Central Asia Anna Bjerde commended the European Green Deal as a clear and bold policy to decarbonization.

Green energy opportunities will play a vital role in the post-pandemic economic recovery, speakers said.

The green transition encompasses multiple opportunities, such as modernizing industry and infrastructure, Bjerde said.

"The transition to a sustainable economy will create more jobs than the current economy," Executive Vice President of the European Commission Frans Timmermans added.

"There is a huge opportunity. The transition period from fossil fuels to renewable energy sources (RES) will be short and there will be financial support," he said.

The world should act against climate change and push for sustainable development to reduce future risks, as it emerges from the COVID-19 pandemic, according to the forum, a non-profit, non-partisan organization, which is committed to deliver and promote innovative ideas for sustainable and competitive growth for Europe and the wider Eastern Mediterranean region. (1 euro = 1.21 U.S. dollars)