This article was contributed by Grigoris Chatziantoniou of FCC partner IDEC
In the Green Transition of Greek companies, approximately 40% of the total credits of the projects are related to measures to support the climate goals, some of which even significantly exceed the climate goal of 37% defined in the European regulation.
The total climate expenditure in the 22 plans approved so far amounts to €177.4 billion.
In addition, the plans include EUR 16.3 billion of additional environmental spending, bringing the total amount of spending labeled as contributing to either climate or environmental objectives to EUR 193.7 billion (or 43.5 % of the total credits), as calculated according to the methodology for monitoring climate targets.
Plenty of new investment programs for the climate are expected in Greece in the near future.
- Subsidizing existing businesses affected by the pandemic, in areas that suffered major natural disasters.
- Prevention – utilization of food waste in the catering sector in South Athens.
The Recovery and Resilience Plan contributes to Greece’s green transition by devoting 38% of the estimated budget to achieving climate goals.
At the same time, all the reforms and investments included in the plan comply with the principle of “not causing significant harm” in the sense of Article 17 of Regulation (EU) 2020/852, contributing significantly to the achievement of the EU Green Deal, to achieve of climate neutrality until 2050.
Together with Greece’s national plans for the Just Developmental Transition of lignite areas, Reforestation, Circular Economy and Biodiversity, they form the strategy that supports the Plan’s contribution to the green transition, while they also contribute significantly to tackling energy poverty.
In order to address the country’s key challenges and realize its strategic goals, the reforms and investments included in the plan aimed at achieving them are served by the following four axes:
- Axis 1.1 – Transition to a new environmentally friendly energy model
- Axis 1.2. – Energy upgrading of the country’s building stock and zoning reform
- Axis 1.3. – Transition to a green and sustainable transport system
- Axis 1.4. – Sustainable use of resources, resilience to climate change and conservation of biodiversity
To serve the four axes, the following actions have been approved:
- “I SAVE AS AN ENTREPRENEUR” program
Reinforcement of actions to improve the energy efficiency of the operation of small and medium enterprises with the aim of saving at least 30%.
Included are building energy upgrades, energy upgrading of production processes, heat recovery systems within production processes, installation of “smart” energy systems, electric distribution vehicles, etc.
- Bank financing for green transition
Securing loans from the Recovery and Resilience Fund (RRF) and co-financing from the banks for projects related to the green transition, the green economy and renewable energy sources, with funds that contribute to the energy upgrade of businesses.
Greek businesses are in the process of transitioning to both the digital and the green era, expanding their business horizons with the aim of fighting climate change.
In the Green Transition of Greek companies, approximately 40% of the total credits of the projects are related to measures to support the climate goals, some of which even significantly exceed the climate goal of 37% defined in the European regulation.
The total climate expenditure in the 22 plans approved so far amounts to €177.4 billion.
In addition, the plans include EUR 16.3 billion of additional environmental spending, bringing the total amount of spending labeled as contributing to either climate or environmental objectives to EUR 193.7 billion (or 43.5 % of the total credits), as calculated according to the methodology for monitoring climate targets.
Plenty of new investment programs for the climate are expected in Greece in the near future.
- Subsidizing existing businesses affected by the pandemic, in areas that suffered major natural disasters.
- Prevention – utilization of food waste in the catering sector in South Athens.
The Recovery and Resilience Plan contributes to Greece’s green transition by devoting 38% of the estimated budget to achieving climate goals.
At the same time, all the reforms and investments included in the plan comply with the principle of “not causing significant harm” in the sense of Article 17 of Regulation (EU) 2020/852, contributing significantly to the achievement of the EU Green Deal, to achieve of climate neutrality until 2050.
Together with Greece’s national plans for the Just Developmental Transition of lignite areas, Reforestation, Circular Economy and Biodiversity, they form the strategy that supports the Plan’s contribution to the green transition, while they also contribute significantly to tackling energy poverty.
In order to address the country’s key challenges and realize its strategic goals, the reforms and investments included in the plan aimed at achieving them are served by the following four axes:
- Axis 1.1 – Transition to a new environmentally friendly energy model
- Axis 1.2. – Energy upgrading of the country’s building stock and zoning reform
- Axis 1.3. – Transition to a green and sustainable transport system
- Axis 1.4. – Sustainable use of resources, resilience to climate change and conservation of biodiversity
To serve the four axes, the following actions have been approved:
- “I SAVE AS AN ENTREPRENEUR” program
Reinforcement of actions to improve the energy efficiency of the operation of small and medium enterprises with the aim of saving at least 30%.
Included are building energy upgrades, energy upgrading of production processes, heat recovery systems within production processes, installation of “smart” energy systems, electric distribution vehicles, etc.
- Bank financing for green transition
Securing loans from the Recovery and Resilience Fund (RRF) and co-financing from the banks for projects related to the green transition, the green economy and renewable energy sources, with funds that contribute to the energy upgrade of businesses.
Greek businesses are in the process of transitioning to both the digital and the green era, expanding their business horizons with the aim of fighting climate change.
