ECONOMY

Greece wants to woo €25 bln in green investments

greece-wants-to-woo-e25-bln-in-green-investments

As part of the European Union, Greece has also committed to make Europe the first climate-neutral continent by 2050, Greek Prime Minister Kyriakos Mitsotakis said on Monday evening, speaking at the Middle East Green Initiative Summit in Riyadh.

“The most significant of these initiatives is assuring that we will have stopped producing electricity from coal at the latest by 2028,” Mitsotakis said, while the country is also expanding efforts to increase the rate of renewable energy sources.

“We hope to be one of the first Mediterranean countries to introduce a specific framework for the production of electric power through offshore wind parks in our country, and we hope to have the related legislative document ready for public consultation within the following weeks. Our hope is to have 2 gigawatts of offshore wind energy as part of the mix of producing electric power by 2030,” he noted, adding that the plans call for over 25 billion euros in investments to achieve the green transition.

The Greek premier also revealed that “if there is interest in exporting hydrogen to Europe, Greece will be the first country to welcome these hydrogen exports and will guarantee they are transported to the European market.”

He said efforts will also focus on encouraging shipowners to lead the reduction in greenhouse gases in the shipping sector, as “Greece controls 50% of the commercial fleet of Europe,” while the country is also taking advantage of tremendous opportunities to turn its numerous islands climate-neutral, with ongoing pilot programs, he said.