Econostrum | Economic News in the Mediterranean

Greece gets €1.63bn from Europe to help with energy and climate transition

Written by Eric Apim on Friday, June 17th 2022 à 09:00 | Read 329 times

Western Macedonia - here Kastoria - will benefit from the JTF (photo: Region of Western Macedonia)
Western Macedonia - here Kastoria - will benefit from the JTF (photo: Region of Western Macedonia)
GREECE. Greece will benefit from the Just Transition Fund (FTJ) programme adopted by the European Commission on Thursday 16 June 2022 in Brussels. The country will receive €1.63bn to "mitigate the effects of the energy and climate transition on the local economy and society", as stated in a statement by the institution.

"Greece is the first Member State whose 2021-2027 Partnership Agreement has been approved and is also the first country whose programme and plans for a just transition have been adopted. Greece is making rapid progress towards green and fair growth for all," said Elisa Ferreira, European Commissioner for Cohesion and Reform.

The FTJ programme will support decarbonisation in Western Macedonia as well as in Megalopolis and adjacent municipalities. Fossil fuel power plants will also be phased out on the northern and southern Aegean islands and on Crete.

These Greek territories are the most affected by the energy and climate transition. Two major initiatives will take place there. The first will take the form of an "innovation zone" in Western Macedonia for the development of infrastructure and actions in favour of innovative entrepreneurship. The second will be the creation of a "Bioeconomy 360°" platform in the cities of Megalopolis, Gortynia, Oichalia and Tripoli to foster the growth of business activities - such as agri-food, circular and digital economy - along the bioeconomy value chain.

20.4% of the envelope for employment

The JTF envelope will also support the energy transition, land use adaptation and the circular economy (improving energy efficiency, strengthening self-generation through energy communities, renewable energy sources, electromobility and energy storage systems).

"The Just Transition Fund will promote economic diversification and modernisation, including job creation, and the upgrading and retraining of those affected by the transition," the statement said. In these regions, 20.4% of the total amount received will be dedicated to strengthening human resources, workforce skills, and employment promotion.

"The urgency of Europe's transition to clean energy has increased significantly in the wake of Russia's war of aggression against Ukraine. We need to turn the page on fossil fuels faster than expected and protect vulnerable groups from unaffordable energy bills by accelerating the deployment of renewable energy," commented Frans Timmermans.

For the European Commission's Executive Vice-President in charge of the Green Pact for Europe, "given the high energy prices, the risk of widening disparities is becoming a reality (...) Greece will now receive additional support to build a green, inclusive and resilient economy with decent jobs for all. This is good news for Greece, its regions and all its citizens!"


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