The European Commission and EIB have approved a €2 billion fund to support grid interconnections, renewable energy, storage and electric mobility across Greece’s islands.
The program aims to reduce reliance on costly oil-fired generation while strengthening island energy security and accelerating decarbonization.
The European Commission and the European Investment Bank (EIB) have approved the investment program for a €2 billion ($2.3 billion) Islands Decarbonization Fund established specifically for Greece.
The Islands Decarbonization Fund is a financing framework developed jointly by the Greek government, the European Commission and the EIB. It will finance electricity interconnections between the Greek islands and the mainland grid, as well as clean energy, energy storage and electric mobility projects on the islands.
Greece’s Ministry of Environment and Energy said in a press release that the approved investment program includes projects and initiatives totaling about €2.3 billion.
