BGK / On energy transition and 3W at COP28 in Dubai

Representatives of Bank Gospodarstwa Krajowego were present at this year's most important climate conference held under the auspices of the United Nations - COP28 in Dubai. This nearly two-week event brought together world leaders, decision-makers and experts from around the world.

Each year, COP participants meet to set plans regarding climate protection measures. One of the key provisions of this year's summit is to establish the principles of Lost and Damage Fund that is to assist developing countries affected by climate change. 118 countries pledged to triple the world's renewable energy production by 2030, while Poland adopted a declaration to triple its nuclear power generation capacity by 2050.

Our bank plays a key role in Poland and in the region when it comes to financing the energy transition. In Dubai, BGK was represented by Beata Daszyńska-Muzyczka, BGK CEO, Radosław Kwiecień and Marek Tomczuk, board members, Adrian Malinowski, managing director of the Foreign Affairs division, and the 3W team.

Several days of presence in the UAE were full of meetings, discussions and participation in events that accompanied the main event. BGK representatives:

• met with H.E. Dr. Thani bin Ahmed Al Zeyudi, Minister of State for Foreign Trade at the UAE Ministry of Economy, and discussed trade cooperation, investment, cooperation opportunities and potential further economic involvement of the UAE in Poland and the Three Seas region.
• met with Khalifa Al Qubaisi, Deputy Director General of ADFD at Abu Dhabi Fund for Development - the conversation covered topics of investment cooperation both on projects in Poland, in the Three Seas region, but also about the potential for cooperation on projects in Africa and Asia.
• Dr. Tarifa Al Zaabi, Director General and Dr. Charbel Tarraf, Chief Operations and Development at the International Center for Biosaline Agriculture, with whom we discussed BGK's involvement in sustainability projects, opportunities for cooperation in the 3W area with ICBA and other agencies under H.E. Mariam Almheiri, UAE Minister of Climate Change and Environment.
• participated in the inauguration of Masdar's investment in 8 projects from the Polish company Domrel. These are photovoltaic and onshore wind farm projects with a capacity of more than 1 GW, which will power more than 223,000 households in Greater Poland and reduce CO2 consumption by 1.8 million tons per year.
• in addition, they met with representatives of companies and institutions, such as:
  • Thomas Rebermark, Director, Swedish Water House, discussion on commitment into the 3W platform and potential cooperation on Blue Deal policy,
  • Kai Rintala, Managing Director, Stephen Butler, Investment Director - TAALERI Energia,
  • Mohammad Abdelqader El Ramahi - Chief Green Hydrogen Officer, Andreas Bieringer - Business Development & Commercial Masdar Green Hydrogen; Florian Merz - Head of Business Development; Amalia Giannakukou - Head of Development and Investment.

The theme of BGK's presence at COP28 was the 3W stand. It was a platform for visitors from around the world to meet and discuss how the development of technologies based on three resources - water, hydrogen and carbon - contributes to the energy transition and thus the fight against climate change.

The discussion entitled "3W - a gateway to sustainable business in Europe" was opened by Beata Daszyńska-Muzyczka, saying: "The direction of the energy transition is not changing. Giving up coal and meeting all energy needs at the same time is a huge challenge. As Orison Swett Marden said: don't wait for extraordinary circumstances. Grab ordinary opportunities and make them great."

Beata Daszyńska-Muzyczka also took part in a panel organized by the Atlantic Council think-tank entitled Laying the Groundwork: energy corridors of the future. Marek Tomczuk, in turn, took part in a panel discussion organized at the Bulgarian Pavilion - Transition finance: policy trends and instruments.