Discussion Overview – Sustainable Future IV: Beyond Green – Navigating the Future of Sustainability & Innovation
On May 16, 2025, the educational seminar “Sustainable Future IV: Beyond Green – Navigating the Future of Sustainability & Innovation” was held at the Serafio Center of the City of Athens.
The event aimed to bring together young people, universities, the market, and institutional stakeholders to highlight the multifaceted challenges and opportunities arising from the integration of ESG principles across key sectors of society and the economy – namely energy, infrastructure, and the financial system.
This event would not have been possible without the invaluable support of PwC Greece, PPC, Piraeus Bank, EY Greece, and Motor Oil.
Here, we highlight the positions key takeaways and views shared by all speakers. We are greatly honoured to have speakers such as Ms. Kiara Konti, Partner, Sustainability Services Leader, EY Greece, Ms. Helena Athoussaki, Chief Sustainability Officer, Motor Oil Group, Mr. Achilleas Ioakimides, Chief Sustainability Officer, PPC Group, Mr. Dimitris Sakipis, Director, ESG, Sustainability & Climate Change Services, PwC Greece, Mr. Francesco Cometa, Senior Officer, Review and Evaluation Process Department, European Investment Bank, Ms. Katerina Paisiou, Sustainable Finance Expert, Climate Change and Sustainability Centre, Bank of Greece, Mr. Dimitris Kazazoglou-Skouras, Group ESG Coordinator, Alpha Services & Holdings S.A., Mr. Dimitrios Dimopoulos, Head of ESG, Piraeus Financial Holdings, Ms. Stavroula Aggelopoulou, Sustainability & Corporate Responsibility Director, OTE Group, Mr. Alexis Galinos, Vice President, Develop Athens S.A., Mr. Apostolos Elekidis, Dr. Chemical Engineer & Warehousing Manager, Mr. Andreas Papandreou, Professor of Environmental Economics, National and Kapodistrian University of Athens and Ms. Anna Vasila, Sustainability and Industry Affairs Manager, Athens International Airport.
Fireside Discussion: Understanding Sustainabillity
Ms. Kiara Konti opened the event’s speaker sessions by emphasizing the importance of sustainable development and the need to create value through methods that ensure equal opportunities and access to resources for future generations. Sustainability, she noted, is a global issue that affects all aspects of society and business.
Ms. Konti explained that sustainable development spans three key pillars—society, environment, and economy – each of which carries its own complex challenges and subtopics. She stressed the importance of embedding sustainability into the day-to-day operations of companies and underscored the significance of the Corporate Sustainability Reporting Directive (CSRD) adopted in Europe. This directive has led to a growing number of companies disclosing their ESG-related actions, performance, and targets.
According to a recent EY Hellas survey, climate change and working conditions for their own employees are top priorities for businesses in Greece. Ms. Konti emphasized the critical importance of integrating sustainability into core business strategy.
She also noted that today’s senior executives have a much clearer understanding of their role in promoting and implementing sustainable practices compared to the past. In this context, she pointed to the opportunity to accelerate the sustainable transformation by harnessing the potential of artificial intelligence.
In conclusion, Ms. Konti highlighted that business activity is inextricably linked to society and the environment, and that sustainability has now become a driving force for growth, innovation, and the achievement of long-term objectives.
Panel Discussion: “Powering the Future of Sustainability – Impacts, Risks and Opportunities”
Ms. Elena Athousaki began her speech by highlighting the dynamic opportunities and challenges brought about by the green transition. She acknowledged the initial difficulties in adopting new practices but strongly emphasized the pivotal role of younger generations as the driving force behind this transformation.
She noted that the Motor Oil Group is taking a leading role in the transition by making significant investments in green initiatives and integrating innovative, alternative solutions. While acknowledging that cultural change requires both time and expertise, she described it as a transformative journey that is already well underway.
Ms. Athousaki expressed optimism about the growing awareness of sustainability in Greece, even though the country is not yet fully oriented toward sustainable practices, predicting meaningful progress over time. She also stressed that sustainability strategies must constantly evolve, incorporating new insights and best practices while adapting to both internal and external developments—such as geopolitical shifts. This adaptability, she explained, ensures the effectiveness and relevance of Motor Oil’s sustainability policies.
She underscored the need for deeper integration of sustainability criteria into corporate strategy, emphasizing the importance of embedding issues such as social equity and inclusion into business planning. She proposed that universities incorporate sustainability into their curricula—either through the creation of new, specialized courses or by enriching existing programs—while also offering valuable internship opportunities.
Finally, addressing the young audience, Ms. Athousaki highlighted the increasing demand for skilled professionals in the field of sustainability, stressing their critical role in securing a growth-oriented and sustainable future for businesses.
Mr. Achilleas Ioakeimidis emphasized the importance of sustainable transformation, noting that achieving true sustainability requires investment, strong leadership, sound governance, and a corporate culture that embraces change. He highlighted that sustainability cannot be achieved in isolation—it demands collaboration and the active involvement of various departments across all levels of an organization.
He pointed out that the starting point for a sustainable transition lies in assessing both the risks and opportunities associated with sustainability. At the Public Power Corporation (PPC), this transition is built on investments in renewable energy sources (RES), battery storage, and green hydrogen.
PPC is pursuing a transformation strategy from a traditional energy company to a powertech company, by investing in new technologies and infrastructures such as data centers. Despite short-term volatility, its strategy is long-term, aiming to deliver energy that is both green and affordable for all.
Mr. Ioakeimidis also addressed the shift from greenwashing—the practice of making vague, misleading, or unfounded environmental claims—to greenhushing, a newer phenomenon where companies refrain from communicating their sustainability actions due to fear of backlash or misinterpretation.
Concluding his remarks to the young audience, he stressed the critical importance of lifelong learning and acquiring specialized knowledge, as working in sustainability requires individuals to stay well-informed on developments both within and beyond the corporate sphere.
Mr. Dimitrios Sakipis began his speech by noting that when sustainability first emerged as a pillar for development in the economy, there was no formal certification or specialized training in the field. Instead, the market itself cultivated the necessary skillset for sustainability professionals. He emphasized that sustainable development touches many facets of business operations and is directly linked to economic value.
According to Mr. Sakipis, sustainability is now fully embedded in the strategic planning of large organizations and is beginning to influence even smaller businesses. However, he pointed out that these smaller enterprises often struggle to respond to sustainability-related questionnaires, particularly facing challenges in the area of corporate governance.
The integration of sustainability criteria into small businesses remains incomplete. Mr. Sakipis stressed the need for a holistic plan that covers all dimensions of sustainability—from emissions reduction to customer management. At the same time, he cautioned that many companies, even relatively large ones, set sustainability targets—such as achieving net zero emissions by 2050—without basing them on scientific evidence. He also highlighted the challenges that arise from the implementation of new regulations and frameworks.
He drew attention to the critical distinction between reporting and actual transition planning, noting that many businesses confuse the two. Despite bold commitments for 2030 and 2050, most companies are not progressing at the level required.
In closing, Mr. Sakipis addressed the younger audience, emphasizing that they will likely need to change careers every five years. Therefore, adaptability and the ability to specialize will be crucial for both business success and personal career development.
Panel Discussion: “Money Meets Sustainability – AI, ESG & The Future of Finance”
Mr. Dimitris Kazazoglou-Skouras, in his speech, emphasized the importance of meeting supervisory expectations and embedding sustainability strategies into the daily operations of banks. This integration, he explained, is essential for building long-term relationships with both clients and suppliers. He highlighted that analyzing customer data is critical for understanding the direction of financing and whether it aligns with sustainability principles—an area where technology plays a decisive role. For larger organizations such as banks, Mr. Kazazoglou-Skouras noted they possess the necessary capital, infrastructure, expertise, and access to specialized advisory services necessary to advance the green transition. In contrast, smaller businesses require greater support. Nonetheless, he underlined that technology is a vital enabler of the green transition for companies of all sizes.
Regarding the topic of Sustainable Finance, he pointed out that investors now prioritize sustainability, conducting in-depth assessments of companies’ ESG performance before shaping their portfolios. This approach enables more responsible investing and also results in portfolio differentiation, as companies with weaker ESG performance may be excluded. In conclusion, Mr. Kazazoglou-Skouras stressed that banks must be capable of assessing the ESG impact of their investments and incorporating sustainability into their core strategic planning.
Mr. Dimitrios Dimopoulos began his speech by focusing on how banks are now integrating ESG principles into every operating level. He emphasized the shift from merely assessing risks to actively aligning their portfolios with sustainability goals. Clients and suppliers are evaluated based on their readiness for the sustainable transition, while demand for ESG data continues to rise. Strengthening regulatory frameworks is seen as a positive development, as it drives action and helps guide banks in the right direction.
Mr. Dimopoulos stressed that sustainability will be an integral part of every career in the future and highlighted the need to incorporate it into professional development pathways. He expressed optimism that advancements on the business side of sustainability will lead to a significant reduction in emissions, noting that climate change is a reality that must be addressed through a shift to renewable energy and the adoption of innovative green technologies.
He went on to highlight the importance of developing comparable ESG Key Performance Indicators (KPIs) in so that investors can better understand and assess banks’ sustainability performance. Mr. Dimopoulos acknowledged that ESG rating systems, provided by specialized rating agencies, will likely remain diverse, as well as that different banks and investors focus on different datasets and goals.
In conclusion, he stated that sustainable development cannot exist without economic viability, and he emphasized the critical importance of collaboration among people with diverse mindsets, backgrounds, and complementary skills. This diversity, he noted, is a key driving force in achieving the ambitious goals of sustainability.
In his speech, Mr. Francesco Cometa explained that since 2020, the European Central Bank (ECB) has issued guidelines on environmental and climate-related risks. Under these guidelines, banks are required to assess and manage both physical risks (such as those arising from climate change) and transition risks (linked to the shift toward a green economy). By 2023, most banking institutions complied with the ECB’s guidance, although there is still room for improvement.
Mr. Cometa emphasized that the ECB applies a stepped supervisory approach to address non-compliance with these guidelines. This approach includes increasingly stringent measures such as on-site inspections, in-depth assessments, and climate-related stress tests. Managing climate risk remains one of the top three priorities in the ECB’s annual supervisory cycle.
He went on to highlight that ESG ratings vary significantly between different rating agencies, making comparisons difficult. There is no standardized scoring system across ESG agencies, and each bank tends to focus on different indicators depending on its business model. Transparency, as well as the use of meaningful, standardized, and objective performance indicators, is essential to building investor trust.
Finally, Mr. Cometa stressed the serious risk of greenwashing, stating that “you can’t supervise what you can’t see”. He noted that the ECB’s supervision applies to all significant financial institutions across the 20 Eurozone countries.
Ms. Katerina Paisiou highlighted the important initiative undertaken by the Bank of Greece, which began in 2009 with the establishment of the Climate Change Impacts Study Committee. This committee has brought together over 100 scientists and is responsible for the largest climate adaptation simulation project in Greece. At the same time, the Bank actively participates in national forums, collaborates closely with the scientific community, and develops and publishes scenarios to help prepare the financial sector for future climate-related risks.
As part of its broader efforts, the Bank of Greece has also created an exhibition at its museum focused on the economic dimension of climate change. All materials are freely accessible to the public, significantly contributing to the promotion of climate literacy.
Ms. Paisiou noted that technology can play a vital role in improving the collection and analysis of climate-related data, as well as in the design of response strategies. She also acknowledged that large corporations are typically better prepared, whereas smaller businesses often require more guidance and support.
She stressed the critical need for banks to build internal expertise and to educate both their staff and clients on sustainability and climate-related issues. Although mature technologies for managing the green transition already exist, there is currently a lack of the necessary skills and competencies within the banking sector. Moreover, while digital innovation can enhance ESG transition planning, it also introduces new risks that must be proactively managed and supervised.
Fireside Discussion: “Bridging Gaps, Building Futures: The Role of Social Sustainability”
In her speech, Ms. Stavroula Angelopoulou pointed out that the concept of sustainability does not have a single, universally accepted definition. Terms such as CSR, CR, ESG, and social responsibility are often used interchangeably or even competitively, creating confusion. However, sustainable development represents the broader concept—it refers to economic activity that does not disrupt the environment or society.
She explained that ESG, originally developed as a framework for assessing environmental, social, and governance practices, has evolved into a critical tool not only for attracting investment but also for ensuring the long-term viability and smooth operation of companies.
The influence of sustainability on corporate decision-making is growing rapidly, with investors placing increasing importance on ESG reports. These reports have expanded significantly in both scope and detail in recent years. A notable example is BlackRock, which now fully integrates ESG into its investment strategy. OTE (Hellenic Telecommunications Organization), she noted, has committed to becoming carbon neutral by 2040 and has developed concrete transition plans.
Ms. Angelopoulou also highlighted the risks of greenwashing and the need for meaningful, business-linked disclosures, supported by robust oversight to prevent misleading claims. She emphasized the importance of financial sustainability, strong corporate governance, and the key role human capital plays in the social pillar of sustainability.
Finally, she underscored the value of communication and active listening for every company’s Sustainability Officer. Effective collaboration across departments requires flexibility and a clear understanding of the different perspectives within an organization.
Fireside Discussion: “Crisis Mode – Infrastructure Under Pressure”
Mr. Alexis Galinos spoke about the history of development agencies in Greece, which were established in the 1990s to support local governments in implementing projects funded by European funds.
One of the most significant initiatives of Development Athens S.A. is the creation of the “THIS IS ATHENS” brand, which promotes the city’s creative industries and fosters social inclusion. Mr. Galinos emphasized the link between sustainable development and the growth of tourism in Athens, noting that concerns about overtourism do not always align with the actual data. Specifically, a recent study covering all neighborhoods of Athens did not identify signs of overtourism yet, but there are clear indications that the city is moving in that direction.
This trend highlights the need for forward-looking urban planning and the development of appropriate infrastructure to ensure the resilience and long-term sustainability of tourism in the city. It presents an opportunity for Athens to manage its tourism growth in a way that benefits both residents and visitors, creating a balanced and positive experience for all. Key actions include upgrading the energy efficiency of buildings, designing a public bike-sharing network, and enhancing urban green spaces.
Finally, Mr. Galinos underlined the importance of developing smart cities and fostering collaboration between local authorities and citizens in order to achieve sustainable development.
Fireside Discussion: The Green Consumer – Sustainability, Ethics & Production
Mr. Apostolos Elekidis discussed the concept of ESG as a fundamental factor influencing a company’s profitability, emphasizing that sustainability is present at every stage of the production and distribution process. He acknowledged that aligning procedures across the entire supply chain is particularly challenging, but noted that significant progress has already been made. Practices such as material recycling and actions toward sustainable development help strengthen economies of scale.
To achieve true sustainability, Mr. Elekidis stressed the need for political pressure and the creation of market trends. He highlighted that a significant portion of produced goods never reach consumption—not due to quality issues, but for various other reasons. He also underlined the importance of developing economies of scale and reducing both energy and inventory management costs to make sustainable products more affordable for consumers.
He emphasized that political will and appropriate incentives are essential to promote sustainable products. As a practical solution, Mr. Elekidis proposed the creation of “ambassadors” for sustainable products—individuals who can inspire consumer behavior toward more responsible choices.
Furthermore, he underscored the importance of continuous learning and skill development, stating that curiosity and willingness to accept constructive criticism are crucial for adapting to emerging challenges. While artificial intelligence is not expected to replace the human workforce, he warned that individuals who fail to understand and utilize it effectively may be replaced by those who do.
Fireside Discussion: Ο Ρόλος των Πανεπιστημίων και οι Διεθνείς Τάσεις στη Βιωσιμότητα
Mr. Andreas Papandreou emphasized the importance of core sustainability concepts such as intra-generational and intergenerational equity. He advocated for a holistic approach to economics—one in which prosperity is measured not only by GDP but also by parameters of the environment and society. Sustainability, he argued, must be translated into practical solutions and embedded in daily operations and business processes, with collaboration being the key to success.
Mr. Papandreou highlighted the significance of the 2015 Paris Agreement on climate change and the United Nations 2030 Agenda for Sustainable Development. He stressed the urgent need to transition to new, sustainable technologies and practices, pointing out that China has taken the lead in this domain, while Europe and the U.S. must accelerate innovation and strengthen the link between education and entrepreneurship.
He also spoke about the importance of harnessing renewable energy sources, noting that solar power is now starting to compete with oil. However, he cautioned that new risks are also emerging from these energy sources, underscoring the need for systemic and holistic sustainability policies.
In closing, Mr. Papandreou emphasized the value of curiosity and lifelong learning in successfully implementing sustainability policies—and underscored the ethical dimension of sustainability as a guiding principle for future action.
Fireside Discussion: “Athens International Airport: Our Path to Sustainable Growth
In her speech, Ms. Anna Vasila emphasized the importance of continuous learning and the pursuit of new knowledge, two essential elements for both personal and professional growth. In a corporate setting, she highlighted that two-way communication and bottom-up collaboration are critical for the successful implementation of sustainable practices.
Ms. Vasila noted that while sustainability and ESG disclosures are required under EU directives, they should not be treated merely as communication tools. Instead, they must be the result of coordinated efforts across all departments and serve as a meaningful foundation for strategic decision-making.
She explained that Athens International Airport has fully integrated sustainability reporting into its strategy, reflecting the company’s commitment to integrity and transparency. As part of its sustainability goals, the airport is working toward achieving Net Zero, having already made significant investments in solar energy. It is also addressing aircraft emissions through the use of Sustainable Aviation Fuel (SAF), though the cost remains high.
Ms. Vasila went on to underline the importance of EU subsidies and legislation—such as targets for sustainable fuels—as critical drivers for future progress in the aviation sector.
Finally, she stressed the value of building teams with diverse skills and individuals who are willing to take initiative and contribute innovative solutions to sustainability challenges.
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