Greece sets ambitious new targets to cut emissions

Greece has set ambitious new targets to cut emissions of greenhouse gases and expand the use of renewable energy under its revised National Energy and Climate Plan, which foresees hundreds of billions of euros of investment through 2050.
The new strategy aims for a 58% reduction in greenhouse gases by 2030, an 80% reduction by 2040, and complete neutrality by 2050. The revised NECP for 2025-2050 will also ensure full energy independence for Greece by then. The plan foresees that the share of renewable energy sources in electricity generation – currently around 57% – will increase to 75% by 2030 and 95.6% by 2035.

The roll out of new renewable energy projects, new technologies, new power interconnections, and energy conservation measures will require combined investments of €436 billion by 2050. This will contribute €6 billion annually to gross value added and boost GDP by 2.5% through the middle of the century. It is forecast that 210,000 new jobs will be created each year from 2025.

The plan is divided into three sub-periods. The first, in 2025-2030, foresees the continued, rapid penetration of wind and solar projects, the accelerated adoption of electricity in urban transport, and energy efficiency in buildings. The next five years will also lay the groundwork for next-generation technologies and projects such as biomethane, hydrogen and offshore wind farms, as well as carbon capture and storage, and the roll out of large-scale heat pumps.

The second period, from 2030 to 2040, foresees the further greening of power production, accelerated energy conservation in buildings and electrification in transport, as well as the wider adoption of new generation energy sources and technologies. The third period, from 2040 to 2050, foresees the adoption of cleaner energy sources in industry, shipping and aviation, as well as new fuels and technologies like hydrogen and synthetic fuels.