Greece to invest € 5 bln to offset costs of coal decommissioning by 2028
Greek Minister of Energy Kostis Hatzidakis has announced a budget of € 5 bln to offset the costs of ending coal-fired power generation by 2028. This budget includes measures to reduce carbon emissions in line with European Union climate targets by 2050.
Athens, Greece: 9 September 2020
According to the Minister of Energy Kostis Hatzidakis, the total spending will include Greek state money, European Union Funds and loans from the European Investment Bank.
The funds will be spent on infrastructure projects and subsidies to new businesses and training. The priority will be to help the Greek regions of Western Macedonia and Megapoli in Southern Peloponnese switch to green energy, agriculture and tourism. These regions are the main suppliers of the lignite resources Greece relies on for coal-fired power generation.
Greece’s government has pledged to decommission 80% of the state-owned Public Power Corporation’s (PPC) coal-fired energy production by 2023 to reduce its carbon footprint.
According to Minister Hatzidakis, 16 private investments in renewables and other activities are in the pipeline and are expected to create more than 8,000 jobs in western Macedonia and Megapoli.
Investments include a plan by PPC to build solar parks in Western Macedonia with generating capacity of 2.3 gigawatts and a € 130 mln solar power project by Hellenic Petroleum in the same region.
PPC has already decommissioned two coal units with a total capacity of 550 megawatts in Macedonia, and will switch off the remaining 10 by 2023.
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