Executive Vice-President Šefčovič signs agreement between Greece, European Investment Bank and the Commission on a Decarbonisation Fund for Greek islands

This Fund will be financed through the auctioning of up to 25 million allowances from the EU Emission Trading System (ETS), estimated to be worth around €2 billion. More than half will be invested in new renewable energy supply on the islands, including photovoltaic systems, offshore wind farms and stand-alone storage systems. The Fund will also support the demand and distribution of renewable energy through projects such as charging stations for electric vehicles and electricity interconnections. Finally, it will contribute to climate adaptation and building resilience to extreme weather events. This is especially important for Greece which is one of the most vulnerable Member States in terms of climate risks.

During the signing ceremony, Executive Vice-President Šefčovič said: “Today’s signature of the trilateral agreement with Greece and the European Investment Bank is a key landmark to enable the financing of investments in the decarbonisation of the Greek islands. Greece has a very ambitious project portfolio in the making that will not only help reducing emissions and dependencies on fossil fuels, but also generate significant socio-economic benefits. It will be supported by the EU emission trading system. This is a great example of the opportunities created by carbon pricing to facilitate green investments. The Commission stands ready to continue supporting Greece in ensuring that climate policy goes hand in hand with just transition and industrial competitiveness.”

Greek Minister of Environment and Energy, Theodoros Skylakakis, and EIB Vice-President, Ioannis Tsakiris co-signed the joint agreement today. You can find the Executive Vice-President’s full remarks online.