Greece announces € 35 billion m investment in energy transition

Release Time:2019-04-09

The Greek Ministry of Energy has finally submitted a new national energy and climate plan to the European Commission, which aims to reduce dependence on lignite for power generation and increase the use of renewable energy.
The submission of the plan to the European Commission was delayed by a month. The plan states that the transition to a green economy will be based on institution-building, such as energy exchange, market transformation and consumer support.
According to the Greek Minister of Environment and Energy Stathakis, the first pillar of the plan is a radical change in the energy mix in favor of renewable energy, so that renewable energy accounts for 32% of final consumption.
To achieve this goal, the plan foresees a radical transformation of the power industry, with renewable energy replacing fossil fuels, accounting for more than 55% of final electricity consumption.
The plan says lignite will be gradually reduced, but it continues to help reduce the country's dependence on imports, while natural gas will continue to be used for electricity by providing the necessary flexibility.
Stathakis added that the second pillar is energy conservation, which will account for 1/3 of the current total consumption by 2030. This effectively means that by 2030, 10% of residential buildings will be renovated and retrofitted to achieve a new near-zero energy consumption.
Every year, at least 40000 residential buildings will be upgraded or replaced by new energy-efficient buildings.
Environmentalists, however, are not happy with the plan. They particularly criticized the government for not explicitly ending fossil fuels.
Overall, the plan is consistent with a global warming 3.1 of -3.7°C.