Energy investment can boost post-crisis economy: Poland’s Climate Minister

Investments in the energy sector can be a driving force behind economic recovery after the crisis caused by the COVID-19 pandemic, Polish Climate Minister Michał Kurtyka told a Friday video conference organised by the International Energy Agency.

The Friday meeting which gathered energy ministers from 11 countries and nine presidents of large companies, focused on the impact of the pandemic on the electricity sector, the climate ministry wrote in a statement.

During the meeting, Michał Kurtyka cited conclusions from Poland's analysis of the epidemic-related crisis in the context of the energy sector. "We must use our experience and stimulate the economy by increasing the resilience of our energy systems, launching new energy investments and stimulating innovation," he said.

In his opinion, an economic slowdown after the pandemic is inevitable, hence there is an urgent necessity to strengthen cooperation between countries.

"A changing energy sector, which must continue its transformation, can be a driving force for the economy to rebound. In this particular situation, it will be necessary to stimulate new and ongoing investments in the energy sector through an ambitious recovery plan and a solid multiannual financial framework", Mr Kurtyka said, adding that the combination of these elements presents a challenge for the energy sector - of how and where funds should be invested.

According to Mr Kurtyka, the focus should be on building energy security locally. "The transition from a centrally managed energy market to locally managed markets based on grassroots initiatives is a major challenge, but above all an opportunity, Poland’s Climate Minister said.