Green Investments: Growth opportunities for the Greek economy
Greece’s comprehensive Green Deal is one of the most ambitious worldwide, as outlined by Environment and Energy Minister Kostas Skrekas at the recent Leaders Summit on Climate Change, and will be one of the themes of this summer’s 4th InvestGR Forum.
Over the last decade, Greece has undertaken one of the most dramatic transformations in its energy sector since the electrification of the country after World War II. Significant reforms have reshaped the energy market to make it more competitive, while major infrastructure projects are under way to connect the grid to Europe, and the mainland to the islands. Combined with investments in natural gas and other supply infrastructure, Greece’s new energy sector could play a major role in supplying Southeast Europe.
The new national strategy of renewable energy, e-mobility and energy efficiency promises to create an entirely new industrial sector that will succeed the state-driven energy sector of the 1950s.
The plan foresees 43.8 billion euros being invested in the coming decade, and has already drawn multinational investment from Germany and China. A recent study, by the Foundation for Economic and Industrial Research (IOBE) and diaNEOsis, projects that over the next decade, investment in Greece’s Green Deal could result in an additional €2.6 billion in GDP and the creation of 35,000 jobs.
InvestGR Forum founder Andreas Yannopoulos says: “The Green Deal has the potential to set off a wave of sustainable development and green investments, which represents a tremendous growth opportunity for Greece. This also presents a significant opportunity for investors, and is why sustainability and green investments will be one of the key themes at the 4th InvestGR Forum 2021: Reforming the Greek Economy, in July.”
According to the study, the largest share of energy consumption in Greece is in transportation, at 36.7% of the total.
The plan also calls for upgrading the energy efficiency of the country’s real estate, and encouraging RES sourcing for heating and cooling needs. Currently, only 6.4% of Greek homes meet the EU top standards for energy efficiency, and 60% of household energy goes to heating. The upgrade will reduce energy consumption, but will also provide a boost to the country’s construction and building materials sectors.
