Greece to get extra funds through REPowerEU
An Ecofin decision to incorporate the REPowerEU program in an update of national Recovery and Resilience (R&R) plans will allow for the strengthening of strategic energy infrastructure which will further enhance the national advantage of diversifying energy sources and routes, along with cross-border connections, boosting the energy economy, reducing our environmental footprint and enhancing the country’s regional role on the energy map, Finance Minister Christos Staikouras said on Wednesday.
Staikouras said the initiative was announced by the European Commission on May 18, with the aim of speeding up the transition of Europe’s energy system in order to address energy shortfalls and the climate crisis and to stop the EU’s dependence on fossil fuel, mostly from Russia.
The minister added that the measures in the REPowerEU plan are expected to meet this ambition, through energy saving, altering energy supply and speeding up the expansion of renewable energy sources to replace fossil fuels and help boost economic growth, security and climate action.
Staikouras said measures already included in the approved national R&R plans could be included in the new fund and receive extra funding.
Under the plan, Greece will be allowed to get 3.85% of the new funds resulting from the distribution of around €225 billion of non-distributed funds from the R&R Facility.
