The energy transition means for banks to draw new sustainability lines, and BCR has managed to incorporate sustainability into the strategic dimension, said Sebastian Staicu, Project and Leveraged Finance Manager, Energy & Infrastructure Finance, BCR, at the Energy Strategy Summit 2022, an event organised by Energynomics.
“The transition from a consumption-based economy to a green economy and a circular economy is now taking place. The inflection point of this paradigm is the Green Deal, a pact signed in 2019. Our bank has incorporated sustainability into the strategic dimension – so from a strategic point of view, we have implemented these principles, and now we want to implement them at the operational level and with respect to lending,” he said.
And lending is changing as capital is redirected at the European level. “That means redirecting European funds, redirecting money from the stock market, redirecting money from banks – to sustainable activities,” Staicu added.
The taxonomy outlined by the Union gives direction and meaning to sustainable activities. “This taxonomy is based on 6 EU environmental objectives, and they are basically common sense: they address the idea that everything you produce should be sustainable, with a long-term perspective. It addresses the idea of not polluting, it addresses the idea of being repairable, it addresses the idea of being as efficient as possible in terms of resources consumed. The taxonomy includes a nomenclature of all relevant activities, with technical criteria – the desire is that this transition is done using science, the taxonomy is so-called science-based,” he explained.
The taxonomy is a work in progress and will change every 5 years, depending on innovations and the market situation. “This transition to a green and resource-efficient economy involves, at first glance, electrification of the economy and renewable energy. This electrification and transition involves major changes of all kinds. The transmission and distribution system must change. The consumer is beginning to play a new, more active role in the energy market. We need certain means, for example on the supply side, so that at times of high energy demand the consumer is motivated not to consume. We need large consumers to be able to stop or plan production so as to balance the national energy system. It means a lot of changes that need to be made carefully. This transition is not easy, but it promises to put us in a better position than today.”
Energy Strategy Summit 2022 was organized by Energynomics with the support of its partners: ABB, BCR, CE Oltenia, Chimcomplex, Eaton, Electrica Furnizare, Electroalfa, EnergoBit, Enevo Group, European Energy, Eximbank, EY, Franklin Templeton, Horváth, ING, Hidroelectrica, Marsh, MET Energy România, Nuclearelectrica, BCR Pensii, Photomate, Powertis, Renomia Gallagher, Schneider Electric, Transelectrica, Volt, wpd.