Jacek Czerniak, ING: Poland is still one of the best places to invest
– Poland is still one of the best places for investment and I think this will probably not change in the near future. Labor costs are still lower here than in other places in Europe. After the Covid period, we are also a great place to fill the gap left by broken supply chains. However, the geopolitical risk related to the war in Ukraine certainly influences investors to make their decisions more slowly, says Jacek Czerniak, Head of Sectors&Coverage, Wholesale Banking, ING Bank Śląski SA.
How does ING bank support Poland’s energy transformation?
For ING Bank Śląski, the energy sector is of strategic importance. Within the bank’s structures, we have a special, separate team of specialists intended exclusively to support the energy transformation in Poland.
Do you only support large offshore projects, such as Baltica 2, or do you also help small and medium-sized enterprises to become more energy efficient?
In the area that I personally manage, we focus only on the largest projects. However, as an institution, as part of our entire strategy, we try to support all projects that are “bankable” and support the development of the energy sector.
What are we missing to make the energy transformation progress faster?
Certainly more focus on making the energy transformation in Poland more sustainable. Today, over 60 percent basic power units in Poland are still coal-fired. They were built in the 1960s and 1970s and will need to be replaced. In recent years, we have been focusing on photovoltaics. There is a lot of talk about the atom. There is talk of supporting wind farms on land. It is said that these are the areas in which it would be good if we accelerated – less talking and more implementation would be useful.
In your opinion, Poland is still a good place to invest?
Poland is still one of the best places to invest and I think this will probably not change in the near future. Labor costs are still lower here than in other places in Europe. After the Covid period, we are also a great place to fill the gap left by broken supply chains. However, the geopolitical risk related to the war in Ukraine certainly influences investors to make their decisions more slowly. A lot of work on our side to make the offer more attractive for them and make sure they want to come to us.
The transformation itself is not only energy security, but also cybersecurity. Is this also an area in which ING participates?
For me, the energy transition is simply part of the big concept of security. It is not only about building a nuclear power plant, but also about defense, infrastructure and cybersecurity. A safe energy system is crucial to maintaining the ability to function in other areas.
