New responsibilities were added to the Hellenic Hydrocarbon Management Company – EDEY.
In particular, since April 15, EDEY is the competent national authority for the licensing and monitoring of carbon dioxide storage (CCS) projects as well as other gas and liquid storage projects. This is provided by the amendment of the Ministry of Environment and Energy that was voted in Parliament.
In particular, with the bill of the Ministry of Finance (Law no. 4920/2022, Government Gazette A ’74 / 15.04.2002), an amendment of the Ministry of Environment and Energy was voted in the Parliament (Chapter B, article 228), which expands the purpose of EDEY SA and its founding law changes.
As mentioned in this provision, EDEY SA is defined as the competent authority “for the issuance of licenses for exploration and storage of carbon dioxide in geological formations and the general management of the rights of the Greek State regarding the exploitation of geological formations for the storage of carbon dioxide and other gases or liquids and including the conclusion and monitoring of the implementation of the relevant contracts “. To the purposes of EDEY is added the monitoring of the safe operation of the relevant projects, as well as the suggestion to the competent Ministers for the issuance of the foreseen regulations.
Landmark amendment
This amendment to the constituent law of EDEY SA is a milestone for the operation of the Company and strengthens its role in achieving the goals of Greece for the energy transition. Aristophanes Stefatos, CEO of EDEY, said: “CCS is introducing practical short- and medium-term solutions for domestic industries that need to reduce their carbon footprint, which makes them both competitive in the domestic and international markets,” he added. »
CO2 storage is a technology for mitigating climate change, as it allows the reduction of CO2 emissions and is going to play a key role in tackling global warming. The CCS involves a three-step process: (1) CO2 capture from industrial activities such as electricity generation, cement, steel and aluminum, petrochemicals, etc. (2) transport of bound CO2 by ship or pipeline to a specified storage area and (3) the permanent storage of CO2 in specific geological formations. CCS technologies may also include the removal of existing CO2 from the atmosphere.
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.