Although our country has a relatively small carbon footprint, it can make a substantial contribution to the green transition, going beyond the ambitious European targets for a 55% reduction in emissions by 2030.
With global trade expected to increase by 8% this year, after a 5.3% decline in 2020, and the world’s supply chain under pressure, COP26 highlighted the weaknesses and challenges of the global system that are directly linked to Climate Change. The ongoing natural gas price crisis is a wake-up call that must accelerate the country’s decarbonization and the financing of the green transition. The need to move toward a zero-emission economy aligned with the goals of the Paris Agreement creates an urgent demand for new clean energy solutions. However, the green transition is a capital-intensive transformation. Despite its small carbon footprint, our country can contribute significantly to this transition, beyond the ambitious European targets for a 55% reduction in emissions by 2030.
The Government’s ambitious plan to mobilize substantial European resources to address the impacts of climate change constitutes a major development pillar and, at the same time, a challenge for the market and society to understand that this transition must not only be swift but, above all, fair. For decades, Greece was built through the electricity and heating provided by lignite. Concrete commitments have already been made in this regard.
Beyond the classic RES—such as onshore wind and solar parks—the transition to offshore wind energy opens a window of opportunity for our country to become a leading clean-energy player in the Mediterranean. Yet we must not stop there. The geomorphology of Greece offers a unique opportunity to invest in hydroelectric energy and to fully explore investment potential in geothermal energy—a sector that also falls within the scope of the Hellenic Survey of Geology and Mineral Exploration (EAGME), where we are already running specific projects.
And because we must not forget the part of the map where we stand, Greece must invest in cross-border energy interconnection infrastructure. The recent agreement with Egypt for a new electricity interconnection should serve as a “pilot project,” enabling our country to become both an energy export hub and a gateway to the European market for green hydrogen produced in the Middle East and North Africa.
Smart, interoperable infrastructures are themselves a major challenge directly linked to competitiveness and innovation. The private sector now has a unique opportunity to take advantage of new incentives for investment in Research and Development, soon reaping added value from the growth of green technology and interconnection infrastructure. If we succeed, the benefits of the green transition will be sufficient to finance the country’s overall transformation into a new era.
The article by the General Director of H.S.G.M.E., Andreas Tsokos, was published on ot.gr. Retrieval date: November 30, 2021.