The Greek government projects that transforming the economy into a green one by 2050 will require investments totaling €436 billion. Energy Minister Thodoros Skylakakis emphasized that this substantial cost represents one of the biggest challenges of the revised National Plan for Energy and Climate, which signals an end to state subsidies.
Minister Skylakakis highlighted the importance of high-yield investments, noting that healthy institutions are essential for borrowing and repaying these investments. He cautioned against repeating past mistakes, pointing to previous government subsidies that funded large facilities now slated for closure, such as the Ptolemaida V lignite-fired unit, which cost around €2 billion and is set to be retired in 2026 as part of PPC’s decarbonization efforts.
The Minister also mentioned that the national plan to adapt Greece’s economy to the new climate reality falls short in addressing the adjustments required for climate change, attributing this to weaknesses in European policy. He stressed that the prevailing attitude in Europe has been to prevent climate change before it manifests, rather than preparing for its impacts.
Skylakakis concluded that there is no comprehensive plan for addressing the fiscal implications of climate adaptation in Europe, leaving Greece to navigate and mitigate the damage caused by the climate crisis.
