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Italian Economic Diplomacy 09 December: latest news from the world

National energy plan released in Greece

In recent days, the Greek government approved a national energy plan aimed at considerably reducing its dependence on fossil fuels, diversifying the sources of energy supplies (over 65% of total energy consumption in Greece now comes from gas and oil imports) and focusing on renewable energy sources to an increasing extent.

To that end, Greece counts on generating investments of approximately 44 billion euros, including approximately 9 billion euros for wind, solar and hydroelectric energy which the Greek authorities expect to meet the 2030 goal of 35% of national energy requirements (starting from 15% in 2016).

This confirms the attention paid by the Greek government to environmental issues. Greece has planned a high-level conference for 2020, to be attended by heads of state, heads of government and international organisations, along with people from the world of science and academia to discuss the connection between climate change and the conservation of global cultural heritage.

The country, which is highly vulnerable and exposed to environmental risks, will also invest about 2 billion euros in the next 10 years to help combat natural catastrophes caused by climate change such as floods and forest fires.

The national energy plan will open up important investment opportunities for companies, also encouraged by the approval of an energy law which will pave the way for greater deregulation of the energy market, with privatisation of the Public Gas Company and modernisation of the public Power Corporation, in addition to the introduction of an ambitious renewable energy programme for the country’s energy production at regulatory level.

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