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- Greece unveils an ambitious plan to increase renewable energy to 82% of electricity generation by 2030, up from the previous target of 66%.
- An estimated €95 billion ($104 billion) in additional investment is needed by 2030 to achieve the new targets.
- The plan aligns with the EU’s goal of cutting greenhouse gas emissions by at least 55% by 2030.
Greece has presented a revised national energy and climate plan that significantly raises its renewable energy targets, aiming for renewables to account for 82% of electricity generation by 2030. This is a substantial increase from the 66% target set in the 2019 plan. The updated proposal will be submitted to the European Commission for approval.
Why it matters:
This move positions Greece as a leading contributor to the European Union’s broader objective of reducing greenhouse gas emissions by at least 55% by 2030. Each EU member state’s energy and climate plan outlines its specific contribution to this collective target, providing a roadmap for energy sector investments.
The details:
- Renewable Potential: With abundant sunshine and favorable conditions, Greece has more than doubled its solar and wind power output since 2014 and has shut down most of its coal-fired power plants.
- Minister’s Statement: Greek Energy and Environment Minister Theodore Skylakakis highlighted the country’s progress: “Greece has already surpassed its previous targets for renewable energy use and emissions reductions.”
Between the lines:
Despite the ambitious targets, Minister Skylakakis cautioned that the updated plan may not fully address the immediate impacts of climate change already affecting the country.
“The prevailing opinion is that we will be able to prevent the climate crisis before it occurs… but the climate crisis is already here, with huge economic and fiscal implications,” he stated during a news conference, noting unseasonably high temperatures of 34°C (93°F) in October.
Context:
Greece has recently faced catastrophic wildfires and floods, events that scientists associate with rising global temperatures. These disasters have strained the nation’s finances, which are still recovering from the economic crisis of 2015. The government is now grappling with the costs of repairing damages and upgrading infrastructure to withstand extreme weather.
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What’s next:
- Investment Needs: To meet the new targets, Greece will require an estimated €95 billion ($104 billion) in additional investment by 2030. This investment will fund improvements in energy efficiency for buildings, expansion of solar and wind power capacity, and enhancement of energy storage systems.
- Long-Term Goals: By 2050, total investment is projected to reach €330 billion ($363 billion), supporting Greece’s long-term objective of achieving climate neutrality.
- Enhanced Emission Reductions: The revised plan increases Greece’s emissions reduction target to 58.6% by 2030, significantly higher than the 43% reduction set in the 2019 plan.
The bottom line:
Greece’s updated energy and climate plan underscores its commitment to addressing the climate crisis and accelerating its transition to renewable energy. The ambitious targets set a strong example for other EU member states and signal significant opportunities for investors and stakeholders in the renewable energy sector.