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Greece announces plans to phase out coal

  • 8 days ago (2020-09-11)
  • David Flin
Coal 147 Europe 790

The Greek Government has announced plans to invest €5 billion in phasing out coal-fired power generation by 2028. The country will also minimise carbon emissions to meet the European Union climate targets by 2050.

Kostis Hatzidakis, Energy Minister for Greece, said that the investment will include state money, EU funds, and loans from the European Investment Bank (EIB). The Government will use the funds to construct new infrastructure projects and provide subsidies to businesses. The funds will also be used to provide training in green energy construction for people in Macedonia and Megalopoli, in southern Peloponnese, a key region in Greece for coal generation, with significant lignite resources. The training stimulus intends to shift the area towards green energy use.

Hatzidakis said that currently around 16 private investments in renewables are in development in the area. He said these projects have the potential to create 8000 jobs. He also added: “The number of jobs that will be created in Western Macedonia and Megalopoli will be more than those that will be lost.”

The Government has set a target that over the next two years, it will stop generation at 80 per cent of state utility Public Power Corporation s’ (PPC) coal capacity. PPC intends to build solar power parks with capacity of 2.3 GW in Western Macedonia and invest €130 million in Hellenic Petroleum ’s nearby solar power project. PPC has reported that it has closed two coal units with a combined capacity of 550 MW in Macedonia, and plans to close its ten remaining units by 2023.