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
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted