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GreeceBusinessInternational Energy Agency commends Greece for its response to energy crisis

International Energy Agency commends Greece for its response to energy crisis

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Greece is to be commended for its response to the global energy crisis triggered by Russia’s invasion of Ukraine, the International Energy Agency (IEA) said in a report released on Thursday.

IEA also commended Greece for its National Climate Law, which sets ambitious decade-by-decade targets for bringing down greenhouse gas emissions to net zero by 2050.

Greece has made notable progress towards meeting these goals, including significantly reducing the share of lignite in its power mix, and setting a binding target to end the use of lignite for electricity generation by 2028. At the same time, Greece has taken clear steps to ensure a just transition in its lignite-mining regions, the report noted. Despite these successes, challenges remain – fossil fuels still account for most of Greece’s energy supply and stronger efforts are needed on energy efficiency, the Agency said.

It also noted that recommendations set out in the report will help Greece accelerate its energy transition while ensuring affordable and secure energy supplies.

In its key recommendations, IEA said the government of Greece should:

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– Reassess the need for investments in fossil fuel infrastructure, taking into account the risk of stranded assets and the need to direct limited capital to investments supporting the energy transition.

– Ensure transparent and stable legal and regulatory frameworks, which enable renewables and electricity infrastructure projects to be implemented within a reasonable time frame. Streamline the procedures for spatial planning and licences to facilitate the timely deployment of projects.

– Adjust taxes, market regulations and financial support measures so that energy prices drive behaviour and investment towards a just energy transition, increase system flexibility and reduce the risk of stranded assets.

– Focus building renovation programmes on deep renovations that combine thermal insulation with heat pumps to deliver maximum benefits for energy savings and reducing bills. Vulnerable households should receive priority and adequate resources.

– Promote the replacement of old vehicles, especially freight trucks, by providing incentives, including a scrapping programme to trade-in older vehicles for more efficient ones.

SOURCE; ANA-MPA

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