LOCATION Orites, near Paphos

SPEAKER Brian Olley, the Deputy High Commissioner

DATE 30/09/2009

Delighted to be here representing the British High Commission.  I can think of no better partnership for collaboration on renewable energy than the UK and Cyprus.  We in the UK have the wind and the rain - Cyprus has the sunshine.  Although given the conditions this afternoon perhaps this should be the other way round.  But clearly there must be some wind here as well as the technical case for building a wind farm has been made and we stand here today able to imagine 82 MW of power being generated by what would a few years ago have been called windmills, and now wind turbines.  

More seriously though, I should like to make 2 points:
First.  It is no surprise that this windfarm project turned to the UK to assist with the financing.   London remains the single most internationally-focused financial marketplace bar none.   It is an extraordinary economic powerhouse
• In London alone, the sector employs some 338,000 people, a third of all those working in the sector in the UK.
• This unique critical mass of capital and expertise continues to attract international financial institutions seeking a European base for their operations.
• A presence in London is crucial to all financial services companies who wish to be serious operators in the world’s markets. Every major bank and financial institution has a significant presence in London.
•  The UK is the source of 25% of total European investment banking fee revenue. Half of the world’s investment banking activity is conducted in London. • The London foreign exchange market is the largest in the world, with an average daily turnover of $2 billion or 32% of the global market - more than New York and Tokyo combined.

And again the UK /Cyprus connection here is obvious.  Cyprus has been successful over the past few years in consolidating its place as a financial centre for the region.  And I look forward to increased cooperation and joint projects in the future.

My second point.  We have just 9 weeks to go before the UN Framework Convention on Climate Change in Copenhagen which starts on 30 November.  To quote our Prime Minister Gordon Brown  “This is the moment, now, to limit and reverse the climate change we are inflicting on future generations. Not later, at another conference, in another decade, after we have lost ten years to inaction and delay”. The scientific evidence of irreversible damage being done to the planet is clear.  Every country has a duty to reduce carbon emissions.  Even more than that the EU has a duty to set the standard for the rest of the world.  We have already benefited from a 'dirty industrial revolution'.  The explosion in living standards that we have seen over the past 10, 20, 30 years has largely been on the back of ever increasing carbon emissions, petrol and oil consumption, more cars, more heating, more air-conditioning.  Unless we show we are taking reductions in carbon emissions seriously then there is no chance of convincing the rest of the world to do so.  In the UK we are one of the first countries in the world to embed lower carbon targets into our legislation.  But still we need more.  And before the end of this year it is vital that we all achieve a successful, and challenging, agreement in Copenhagen.

What we see here today is a very important step forward in Cyprus' development of renewable energy sources - an area of huge importance to each one of us. I welcome the collaboration between Cypriot and UK companies - the sharing of expertise and know how - which has helped make this possible.  And I am delighted to be here to witness this historic event.

Thank you.

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