Greece has solidified its position among the top three global markets for renewable energy sources (RES), as per Ernst & Young’s Renewable Energy Country Attractiveness Index (RECAI). This index, assessing 40 leading world economies in terms of investment allure for renewable energy opportunities, offers a refined perspective by adjusting rankings according to each country’s GDP size. This adjustment provides a more equitable evaluation of countries’ achievements relative to their economic scales, countering the inherent bias favoring larger economies in the primary index.
Despite currently holding the third spot in the adjusted GDP index, Greece’s standing is significant, considering its previous top position. Denmark now leads this index, followed by Morocco, showcasing Greece’s resilient presence among the top contenders. Simultaneously, Greece maintains its standing within the top 20 globally, securing the 18th position in the overall ranking.
The accompanying report highlights Greece’s significant steps towards the 2030 and 2050 green energy targets. The country has surpassed 11 GW in installed RES capacity, with plans for 1.7 GW in green hydrogen electrolyzer projects.
Tasos Iosifidis, Partner and Head of Corporate Strategy at EY Greece, highlighted Greece’s consistent appeal as a promising RES market: “Greece’s sustained presence among the most attractive markets for RES investments reaffirms the country’s capability to meet ambitious goals for transitioning our economy towards sustainability. Greece stands among the global leaders in integrating renewable energy into electricity production, offering immense potential for economic, trade, and environmental benefits through further utilization of offshore wind potential, grid enhancements, and energy storage investments.”
Furthermore, the report signals potential disruptions in offshore wind energy, impacting future construction and financing of major energy projects. Worldwide, project costs have surged by 39% since 2019, potentially adding $280 billion in capital expenses for the sector over the next decade.
Despite challenges, the report maintains that Greece’s pursuit of renewable energy aligns with its sustainable energy ambitions, positioning it as a promising player in the global renewable energy landscape.
