Davos 2023: Jerry Kalogiratos on Greek Shipping, Sustainable Financing and Global Leadership

In the context of the World Economic Forum at Davos, Greek House Davos also organized its own conference. In a discussion with Hans-Paul Brueckner, Global Emeritus Chair of Boston Consulting Group and Irene Vantaraki, Chair of Greek House Davos,Jerry Kalogiratos, CEO of Capital Product Partners LP, analysed the strategic importance of Greek Shipping and the need for sustainable financing and global / supranational leadership in the transport sector.

Jerry Kalogiratos stressed that Greek shipping controls about one fourth of the global fleet, “a small country controlling the fates of international trade.” As a global transport sector, shipping  carries more than 90% of goods globally, yet it is responsible for only  3% of global emissions. However, as Jerry Kalogiratos stressed, “although shipping is an environmentally effective way to transport goods, it has to reduce its environmental footprint.”

Jerry Kalogiratos, CEO and director of Capital Product Partners LP

“Business must be offered market based measures that encourage green investment”

Regarding sustainable financing, Jerry Kalogiratos highlighted the fact that “the capital that will be required to achieve net zero by 2050 has been estimated to be around 9.2 trillion and this requires sustainable financing and leaders that are in a position to use it in an effective way.” In this context, he referred to a personal story in order to stress the importance of sustainable financing and the need for leadership at the global or supranational level. According to the CEO of Capital Product Partners LP, “businesses must be offered market-based measures that encourage green investment and the use of alternative fuels. To achieve this leadership at the global level is required. The EU has made important steps forward, and the same should do the IMO».

Referring to Greece’s position in the European energy market, Jerry Kalogiratos stressed that Greece is fortunate enough to to have in place the necessary infrastructure in Revithousa and Alexandroupolis to reduce dependence upon natural gas that is transported via pipelines. If we also take into consideration the upsurge in renewable energy in Greece, it seems that the country is in relatively better position than other European countries. “Greece has been transformed and has shown that it can be a responsible energy player in Europe with the potential to also become a major energy exporter to the rest of the continent.”

Regarding Greek shipping, Jerry Kalogiratos stressed that its role is particularly crucial because “during the energy crisis that erupted, the fact that Greece controls about one fourth of the global LNG fleet was particularly important, and also insisted the “the transport sectors should also be considered a strategic industry for the EU and need to be supported with the necessary infrastructure.”