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Greece and EU Launch Major Fund to Boost Sustainable Energy on Islands

Maggie Johnson

Image Credit: “The 10 best Greek Islands to visit in 2020,” available at Yahoo Images (11/25/2024).

Greece has formed a major partnership with the European Investment Bank (EIB) and the European Union (EU) to launch a €5.6 billion ($2.11 billion) fund aimed at helping its tourism-dependent islands transition to renewable energy. Announced by Prime Minister Kyriakos Mitsotakis on the island of Naxos, the initiative will focus on developing wind and solar power stations, battery storage systems, hydroelectric power reservoirs, and charging stations for ships. The goal is to reduce the islands' reliance on expensive and inefficient oil-fired power plants, which often struggle to meet increased energy demand during the peak tourist season.

Although Greece has made substantial strides in increasing its renewable energy share, with nearly half of its electricity now coming from sustainable sources, the country still faces challenges. Many of its islands remain heavily dependent on imported oil and gas, which raises energy costs and limits their sustainability. This new fund will support the modernization of energy infrastructure, improving power connections between the islands and the mainland, stabilizing the energy supply, and enhancing grid resilience.

The fund is also expected to stimulate local economies by creating new jobs in the sustainable energy sector, helping diversify and strengthen island communities. As Greece transitions to greener energy sources, it aims to reduce energy costs for both businesses and residents, making the islands even more attractive to tourists. The EIB, with its extensive experience in supporting Greece’s development projects, will provide the technical expertise and funding necessary to ensure the successful implementation of this green energy transition.

This initiative will not only strengthen Greece’s energy security by reducing dependence on fossil fuels but also contribute to the EU’s broader climate goals. By positioning the islands as models for sustainable development, Greece hopes to inspire other regions to follow suit in adopting renewable energy solutions.

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