Greece ranked as top destination for renewable energy investments
Greece has emerged as one of the world’s most dynamic investment destinations for renewable energy – and even the world’s top destination – as the government continues to rapidly promote the country’s clean energy transition.
In its latest survey, consultancy EY notes Greece’s steps to promote solar power projects by individual homeowners and farms, plus its new policies to expand locations for wind turbines. “The government continues to implement policy to support the growth of renewable energy,” according to EY’s Renewable Energy Country Attractiveness Index.
These efforts have now made Greece the most attractive investment destination in the world for renewable energy investments relative to the size of its economy, says the consultancy. And, regardless of size, Greece is ranked 16th among the Top 40 countries in the world for such investments.
In the last ten years, Greece has undertaken a remarkable transition. From one of Europe’s dirtiest power-producing sectors, the country now boasts one of the cleanest. Since 2005, when the European Union first set up its emissions trading scheme, Greece’s emissions from electricity production have fallen by 64%.
Increasingly, renewables are gaining market share as they replace fossil fuels, particularly lignite. In May, renewables accounted for more than half of the country’s energy mix – a new record − with 54% of total electricity demand being met by solar, wind and hydro sources.
Greece’s latest National Energy and Climate Plan raises the country’s targets for renewable energy to 28 GW by 2030, up from 19 GW under the previous plan, aiming to achieve 80% penetration of renewables in the country’s energy mix by 2030. The country’s National Hydrogen Strategy is also in the pipeline and preparations for the development of offshore wind farms are underway, attracting the interest of global energy heavyweights. Solar is another key source of energy with Greece leading Europe in installed solar capacity thanks to its sunny, Mediterranean climate.