Greece is set to receive funds totaling 1.2 billion euros from the Modernization Fund by 2030 by submitting proposals for subsidized programs in the framework of the European Union’s climate neutrality goals.
To this end, the Secretary-General for Energy, Aristotelis Aivaliotis, recently visited Brussels to discuss Greece’s actions with European officials moving forward.
The Modernization Fund was established to support EU member states with a GDP per capita below 60% of the EU average in achieving the goals of decarbonization and transitioning to a zero-emission economy. Currently, ten countries benefit from the fund, and as of early 2024, Greece, Portugal, and Slovenia have been added to the list of beneficiary member states.
The revised fund aims to help 13 lower-income EU countries modernize their energy systems and improve energy efficiency (Bulgaria, Czechia, Estonia, Croatia, Greece, Hungary, Latvia, Lithuania, Portugal, Poland, Romania, Slovakia and Slovenia) and will receive an additional 2.5% of the overall amount of Emissions Trading System (ETS) allowances over 2024-2030.
Greece is estimated to claim around 130 million euros in 2024 via investment proposals it can submit for approval in October to the Fund’s Investment Committee. Overall, Greece could access approximately 1.2 billion euros by 2030 – potentially reaching 2 billion if the cost of emission allowances increases again -, collected from auctions of emission allowances the country is entitled to, calculated at an average price of around 60 euros per ton of CO2.
Since its establishment in 2021, the Modernization Fund dispersed funds totaling 9.68 billion euros for 137 confirmed plans accelerating the green transition.
Priority investments, comprising 70% of the Fund’s resources, include projects related to renewable energy production and use, energy storage, improving energy efficiency in transportation, buildings, agriculture, modernizing energy networks, and supporting a just transition for regions towards decarbonization.
Before each Investment Committee meeting, the European Investment Bank calculates the available funds for each eligible member state. After the meeting, the Investment Committee issues a single disbursement decision for all proposals, and one month after the disbursement decision date, the European Investment Bank transfers the respective amounts to the beneficiary member states.
Source: tovima.com
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.