Poland Says Central Banks May Have Role in Clean Energy Shift

Andrzej Duda - Sean Gallup Getty Images

Global leaders should consider a role that central banks could play in helping the world shift to clean energy, Polish President Andrzej Duda said during a climate summit hosted by his U.S. counterpart Joe Biden.

Earlier this month, Polish central bank Governor Adam Glapinski said that his institution will be crucial in financing the country’s planned $30 billion nuclear energy project. The monetary authority will need to tread carefully, however, because it’s legally banned from direct financing of government spending.

“We should think how central banks could support energy transition of our countries,” Duda said during his speech on Friday, without elaborating.

Duda also said that Poland supports the climate goals set out by the European Union and has ambitions to reach them. The country plans to build nuclear, wind, solar and gas-fired plants to help reduce the share of coal in its power generation to as low as 11% in 2040 from 70% now. The EU’s most coal dependent country has been in talks with the U.S. on nuclear technology and is set to make a final investment decision next year.

Source: Bloomberg

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat. Stuart is on Board Member of ASN Productions, DI Communities Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.