The sustainability sector is evolving rapidly, which is encouraging, with $30.3tn held in sustainable assets worldwide, according to research by the Global Sustainable Investment Alliance.

The ultra-wealthy investors are increasingly factoring sustainability into their long-term strategies. According to UBS Global Family Office Report, 2024, almost half (49%) of 320 family offices, which control assets of more than $600bn, consider climate change a significant risk in the next five years while investing.

These assets should be directed towards significant emitters like the transport industry.

The transport industry is a major polluter and carbon emitter that requires immediate action, while the pace of change is lackluster.

Transport was responsible for a quarter of the CO2 emissions in 2019, of which 71.7% came from road transportation, according to a report from the European Environment Agency.

Europe aims to achieve a 90% reduction in greenhouse gas emissions by 2050 under the European Green Road map.

However, transport is the only sector where greenhouse emissions have risen in the last decades. And it is not getter better.

Recently, we have seen significant car makers like Volvo and Volkswagen scaling back on the production of EVs due to a lack of demand driven by the inadequacy and capacity of batteries, infrastructure, reduced government incentives and pricing.

In July, deliveries of battery-powered cars fell more than 10% across the region, mainly due to a 37% plunge in Germany — the region’s biggest market.

The lack of long-term planning by European governments and carmakers means a tepid future for the industry. Taking action toward developing and implementing the new generation of batteries and the necessary infrastructure in charging facilities will take us to the next step of electromobility.

Private wealth, with its significant potential, should play a critical role in supporting this change, empowering us to make a substantial difference in the transition to electromobility.

Currently, emphasis is placed on meeting standards and ratings and complying with frameworks, but revolutionizing solutions still needs to be improved.

What is happening with the EV industry also applies to the energy sector and oil production companies, indicating that sustainability, to be practical and meet the climate goals, should be a collective and arranged approach among governments, companies, funding institutions and investors.

It’s crucial that we all understand the urgency and importance of our role in this collective effort.

In Greece, SirecEnery, the private equity firm is investing in electromobility space, together with government subsidized and flexible funding, aims to reduce the carbon emissions in a city that is highly impacted by pollution.

Dionisis Alissandratos, Managing Director of Sirec Energy private equity firm commented:

“We support sustainability investments with a purpose to tackle climate change. Private wealth and sustainable investing will play a critical role in the energy transition and, together with governments, combat the deterioration of the environment.  Our latest investment, soon to be launched, will revolutionize the transportation industry in Athens, reducing carbon emissions. We are announcing this investment soon, providing the vehicle owners with a full package of benefits. It’s a collective effort, and we all share the responsibility to transform Athens into a greener city.”