Greece has released a revised national energy and climate plan that significantly raises its renewable energy targets compared to the former one. The new target aims for renewables to account for 82% of electricity generation by 2030, which is an increase from the 66% target set in the 2019 plan. The new plan is yet to be submitted to the European Commission for approval. 

To meet the new target, Greece is estimated to require more than €95 billion in additional investment by 2030 to fund improvements in energy efficiency for building and expansion of solar and wind power capacity. This creates an attractive opportunity for private equity/credit firms, asset managers and impact investors to invest in the energy sector that may be poised for additional growth.

Let's explore the new climate plan released by Greece in detail. 

About the climate plan of Greece

Adopted in 2019, the climate plan of Greece is a framework encapsulated in the National Energy and Climate Plan (NECP). It outlines a comprehensive strategy that aims for a significant reduction of greenhouse gas emissions by more than 59% by 2030 (updated in the new plan) and achieving net-zero emissions by 2050. While the guidelines and targets set in 2019 were more than enough to achieve climate goals, the latest targets introduced in the climate plan position the country as a leader in climate action within the region. 

Key aspects of the new climate plan by Greece

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  Greece is targeting a 58.6% reduction in greenhouse gas emissions by 2030, exceeding the 43% reduction goal set in the earlier plan, which also exceeds the 55% goal of the European Commission. 

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  Greece is one of the major contributors to the European Union's objective of greenhouse gas reduction; it has doubled its solar and wind power output since 2014 and also shut down most of its coal-fired power plants.   

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  The total investment in energy is expected to reach €330 billion by 2050, supporting Greece's long-term objective of achieving climate neutrality. 

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  The updated climate plan may not fully address the impacts of climate change, as the country is already going through a climate crisis. Addressing this, Greek Energy and Environment Minister Theodore Skylakakis said, "The prevailing opinion is that we will be able to prevent the climate crisis before it occurs… but the climate crisis is already here, with huge economic and fiscal implications,"

Next steps

The revised climate plan of Greece sets a clear roadmap for the country's transition to a more sustainable future. The ambitious targets set a strong example for EU member states and signal huge opportunities for investors in the renewable energy sector. 

While you’re here…

The new climate change plan introduced by the Greece government presents potential new opportunities for financial institutions, private equity and credit firms, asset managers, and impact investors to invest in renewable energy projects while contributing positively to the environment. 

However, keeping up with developments like this and assessing such potential opportunities accurately can be challenging. This is where Auquan comes into play. 

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Let's explore how Auquan can help you and your team eliminate tedious and time-consuming manual data work and focus more on what you do best.