Greece’s comprehensive Green Deal is one of the most ambitious in the world, as Environment and Energy Minister Kostas Skrekas highlighted at the recent Leaders’ Summit on Climate Change, and will be the one of the themes of the 4th InvestGR Forum this summer.
Over the past decade, Greece has undergone one of the most dramatic transformations of its energy sector since the electrification of the country after World War II. Major reforms have reshaped the energy market to make it more competitive, while major infrastructure projects are underway to connect the grid to Europe, and the continent to the islands. Combined with investments in natural gas and other supply infrastructure, the new Greek energy sector could play a major role in supplying South East Europe.
The new national strategy for renewable energy, electric mobility and energy efficiency promises to create an entirely new industrial sector that will succeed the state energy sector of the 1950s.
The plan calls for 43.8 billion euros to be invested over the next decade and has already attracted multinational investment from Germany and China. A recent study, by the Foundation for Economic and Industrial Research (IOBE) and diaNEOsis, predicts that over the next decade, investment in Greece’s Green Deal could result in an additional GDP of 2. 6 billion euros and the creation of 35,000 jobs.
InvestGR Forum Founder, Andreas Yannopoulos, says, “The Green Deal has the potential to trigger a wave of sustainable development and green investments, which represents a tremendous growth opportunity for Greece. This also represents an important opportunity for investors, and that is why sustainability and green investments will be one of the key themes of the 4th InvestGR Forum 2021: Reforming the Greek Economy, in July. »
According to the study, the largest share of energy consumption in Greece is for transport, at 36.7% of the total.
The plan also calls for improving the energy efficiency of the country’s real estate and encouraging the supply of RES for heating and cooling needs. Currently, only 6.4% of Greek homes meet the highest European standards for energy efficiency, and 60% of household energy is used for heating. The modernization will reduce energy consumption, but will also boost the country’s construction and building materials sectors.