Greece announced the establishment of a €2 billion island decarbonization fund, designed to reduce power costs and catalyze Greece’s green transition on islands from fossil fuels to renewable energy.
The agreement was made between Greece’s Ministry of Environment and Energy, the European Commission and the European Investment Bank, in the presence of Greece’s Prime Minister Kyriakos Mitsotakis.
The announcement was made on Thursday, November 21, and a signing ceremony was organized on the Greek island of Naxos.
The fund will allow Greece to mobilize €5.6 bln to accelerate the laying of electrical cables between the islands and the mainland, and wind and power stations with batteries, according to Reuters.
It will also finance hydroelectic power generation and cold-ironing at ports (electrical charging stations for ships).
