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Climate summit: Poland says central banks could play role in clean energy shift

By on April 23, 2021 0

World leaders should consider a role central banks could play in helping the world switch to clean energy, Polish President Andrzej Duda said at a climate summit hosted by his US counterpart Joe Biden.

Earlier this month, the governor of the Polish central bank Adam Glapinski said his institution will be crucial in funding the country’s $ 30 billion nuclear power project. However, the monetary authority will have to be cautious, because it is legally prohibited from direct financing of public expenditure.

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“We should think about how central banks could support the energy transition of our countries,” Duda said in his speech on Friday, without giving further details.

Duda also said that Poland supports the climate targets set by the European Union and has the ambition to achieve them. The country plans to build nuclear, wind, solar and gas power plants to help reduce the share of coal in its power generation to 11% by 2040, from 70% currently. The EU’s most coal-dependent country has been in talks with the United States over nuclear technology and is expected to make a final investment decision next year.