GREECE
Macro/Political:
- Michael Argyrou, the Prime Minister’s Chief Economic Adviser, said that Athens is pursuing investments in water and energy infrastructure in tourism hotspots while examining measures to improve insurance coverage against climate-related losses. Argyrou added that climate-related events are becoming a more significant and, in many respects, more frequent and severe risk, noting that this represents a medium- to long-term fiscal risk not only for Greece but for the wider Mediterranean region. To address these risks, the government is pursuing an investment strategy aimed at strengthening water and energy infrastructure in tourism hotspots, from Mykonos to Santorini, while also seeking to attract private capital, Argyrou told Reuters. The strategy also targets Epirus, the North Aegean islands, Thessaloniki, Crete, Rhodes and the Peloponnese. Hotter summers are extending the tourism season, drawing visitors from as early as April through October and November, a trend that Argyrou said was helping to support tourism revenues.
Source: Reuters
Markets:
- PPC announced that it is now ranked among the world’s leading energy companies in terms of ESG performance, having achieved ISS STOXX Prime Status. Its overall performance score increased to 50.83 from 47.04, resulting in an upgrade of its overall rating to “B-” from “C+”, further strengthening the Group’s international recognition for its ESG performance. The announcement also highlighted that achieving Prime Status represents a major distinction for PPC Group, certifying that it ranks among the companies meeting ISS STOXX’s highest sustainability standards for the Electric Utilities sector.
Source: Euronext Athens
CYPRUS
Macro/Political:
- A group of US lawmakers has called on Secretary of State Marco Rubio and US International Development Finance Corporation (DFC) chief executive Ben Black to make the Great Sea Interconnector (GSI) a priority, arguing that the project is strategically important for strengthening cooperation, energy security and US interests in East Med. More specifically, the initiative was led by Congressmen Brad Schneider and Gus Bilarakis, who sent a letter to Rubio and Black urging greater US support for the electricity interconnection lining the power grids of Greece, Cyprus and Israel.
Source: Cyprus Mail
