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Investments over 5 billion euros in renewable power sources, electrical interconnections, and water provide infrastructure on the islands, in addition to aid of electrical energy payments for all customers from the gradual limitation of prices for Common Service Obligations, would be the outcomes of the operation of the Island Decarbonization Fund. The settlement for the institution of the Fund was signed in Naxos, within the presence of Prime Minister Kyriakos Mitsotakis.
The fund contains capital of 1.6 billion euros, which can leverage non-public assets to finance investments of over 5 billion euros in three sectors:
1. Interconnections of the islands of the North Aegean and Dodecanese, carried out by ADMIE in addition to smaller islands (Kymi, Patmos, Kythnos, Amorgos) by DEDDIE.
2. Renewable power tasks and power storage by households and companies (photovoltaics, batteries, pumped storage, offshore wind, reservoirs for water storage and power manufacturing). For the 6 largest non-interconnected islands (Rhodes, Kos, Kalymnos, Samos, Chios, and Lesvos) competitions for the set up of renewable power models mixed with batteries shall be introduced in 2025.
3. Electrical car charging infrastructure and primarily electrical energy provide of huge ships (chilly ironing) approaching the island ports.
Talking on the occasion, the Minister of Setting and Vitality Thodoros Skylakakis emphasised that to deal with the local weather disaster, ample and low cost power is required, a purpose served by the brand new fund, which additionally improves the competitiveness of the islands and the Greek economic system as an entire. He famous Greece’s pioneering position within the inexperienced transition, which signifies that the Greek electrical energy system operates like a “guinea pig” with excessive penetration of renewable power, whereas he confused that with the completion of the tasks, the Greek islands shall be among the many few on the earth that may have the “inexperienced stamp” with what which means for his or her attractiveness as a vacationer vacation spot. As he identified, islanders will discover the profit of their every day lives and their electrical energy payments.
The Deputy Minister Alexandra Sdoukou referred to a “mini Restoration Fund” noting that the brand new monetary instrument was created solely for the Greek islands. “We’re upgrading,” she stated, “the general high quality of lifetime of islanders and tens of millions of holiday makers.” She herself estimated the profit to customers from the discount of USO to 2.2 billion for the Dodecanese and 1.6 billion from the North Aegean over 25 years, with the interconnections anticipated to be accomplished by 2029.
The Vice-President of the EU Maroš Šefčovič estimated that the quantity that our nation can safe from the sale of emission rights (a key supply of financing for the Fund) might attain 2 billion euros. He famous the significance of the tasks for tackling water shortage on the islands and emphasised that the EU expects venture proposals for inclusion quickly.
The Vice-President of the European Funding Financial institution Giannis Tsakiris talked about that the settlement demonstrates Europe’s and Greece’s dedication to the inexperienced transition and marks a milestone for our nation’s cooperation with the EIB, which has allotted a complete of fifty billion euros for over 400 tasks throughout the nation.
Greetings on the occasion have been delivered by the Governor of the South Aegean Area Giorgos Hatzimarkos, who referred to the plan and political will of the prime minister for the implementation of the biggest community of infrastructure tasks on the islands, in addition to the Mayor of Naxos Dimitris Lianos, who emphasised the necessity for a steadiness between financial growth and environmental safety. (21/11/2024)
Okay. Voutsadakis
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