Latest News

Greece establishes fund to decarbonise its islands, reduce hefty fuel imports

Greece signed a handle the European Commission and the European Investment Bank (EIB) on Thursday to set up a fund that will help its tourismreliant islands wean off fossil fuel and lower power expenses, the Greek government said.

Greek Prime Minister Kyriakos Mitsotakis fulfilled EIB's Chair Nadia Calviño on Thursday. Mitsotakis then went to a ceremony for the signing of the agreement on the island of Naxos.

Most of Greece's rocky and sun-drenched islands in the Aegean and the Ionian Sea in southern Europe depend on costly oil-fired stations to generate electricity that periodically break down when demand peaks with the arrival of thousands of tourists in the summer season.

Greece has actually made strides in expanding cheap renewable energy to nearly half of its power generation. However Mitsotakis stated the Mediterranean nation still relied heavily on costly oil and gas imports.

The fund we exist today is a monetary tool which will facilitate our islands to make green shift a reality, Mitsotakis told the event in Naxos at the presence of senior European Union and EIB authorities.

The goal of the deal is to allow Greece mobilise 5.6 billion euros ($ 2.11 billion) to speed up the construction of power links and wind and solar stations with batteries and financing water tanks for hydroelectric power and charging stations for docking ships on the islands, a senior EIB authorities informed the very same occasion.

The EIB has actually invested nearly 50 billion euros in little and medium-sized business, facilities, tourist and energy in Greece because 1963.

(source: Reuters)