Prof. Ioannis Ioannou: Cyprus should do more towards green development

Professor Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship at London Business School, has expressed the position that Cyprus needs to make much more use of the potential it has through Renewable Energy Sources (RES).

He also advised that Cyprus protect its coasts more intensively, at a time when humanity is approaching the point of crisis.

In a discussion with the Academic Director of the European Institute of Management and Finance (EIMF) Adonis Pegasiou, at AKEL’s 3rd Economic Forum , the professor warned that humanity is at a point of crisis and that we are now approaching the point of no return.

Despite the negative news, he said, however, scientists argue there is a small window of opportunity for governments and citizens to act.

"We have a short period of time to address these challenges," he reiterated.

Connecting the above positions with the situation in Cyprus, the Professor said that the country is doing well, but much more needs to be done to protect nature, marine life and green development more broadly. "I don't think we have achieved our plan in the long term," he commented, referring to the environmental issue.

He did not fail to comment on the fact that in Cyprus the possibilities of using RES, especially solar energy, are not sufficiently utilized.

The cost of switching is small compared to doing nothing and not facing up to the problem, he argues.

Earlier, and in a more theoretical discussion, the professor commented that capitalism is not the same in every country and that it is a broad term.

He argued that capitalism is in constant evolution and that humanity has reached the point where it has to pay for the waste, the violation of human rights and that, now, it seems that "capitalism is unsustainable".

"We need interventions from all sides, from the right to the left, as well as a compliance framework in every economic system," he answered after being asked about the ways to deal with the problem.

In his concluding comments, Ioannou underlined that the transition should be made entirely in the economy and not partially, which according to him means that any improvement changes should not be made considering only the high income strata.

(Source: InBusinessNews)