“The main problem currently facing investments in raw materials and energy has to do with uncertainty regarding future technologies. This reduces the safe payback period for an investment and thus increases the risk.The president of the Hellenic Federation of Enterprises (SMEE) highlighted these points at the 4th NAVIGATING THE FUTURE - Advanced Manufacturing & Logistics Conference, which is taking place today in Athens.
In his remarks, Mr. K. Yiazitzoglou spoke about “energy resilience,” an area in which the European Union has not achieved significant results in recent decades.
- “Energy resilience depends on technology and fuel,” he added, noting that, in terms of technology, Europe was once a leader in nuclear power, which it has now abandoned.
- In terms of fuel, Europe primarily relied on solid fuels (coal, lignite), which it has also now rejected
- In the field of renewables—which is currently the main pillar of European energy policy—the EU has neither the technology nor the raw materials (minerals) nor the equipment manufacturing capacity
In closing his remarks, Mr. Yazitzoğlu noted that “we have become accustomed to discussing major events such as the pandemic, armed conflicts, and changes in international trade rules
- it is worth mentioning factors that create instability and usually go unnoticed
- There is instability in European competitiveness. Policies and the regulatory framework are eroding European competitiveness slowly but steadily (see the Draghi report)
- There is also extreme uncertainty regarding future technologies. The European Union is completely dependent on third countries—primarily China—for raw materials.
- Artificial intelligence presents us with uncertainty in various areas, including the sustainability of the technologies we use today.