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Red tape, infrastructure woes and recent economic turmoil are holding Greece back from fully reaping the benefits of a much-needed energy transition
The array of institutional investors circling the renewables market in Greece indicates a rich vein of natural energy resources just waiting to be exploited. The government, by tearing down long existing barriers to investment, could unleash a simmering green revolution that would put the troubled country on track for a solid economic recovery
A COUNTRY AT RISK
With around 6000 islands, Greece is one of the countries most at risk of feeling the effects of catastrophic climate change
COAL FREE
Plans to phase out coal from its energy mix place a spotlight firmly on renewables, but time is short if Greece is not to default on its EU carbon reduction obligations
KEY QUOTE
All state bodies need to cut red tape procedures for investments to go ahead, not just the energy ministry ...
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Debt markets and capital markets both notoriously struggle to prepare for external shocks. The covid-19-induced economic crisis is no exception, says Dileimy Orozco from climate change think tank E3G
Research into energy poverty initiatives often ignores society’s most vulnerable groups. In order to fulfill the just transition, all members of society across geography, gender and income need to be included, says Sergio Tirado Herrero of the Institute of Environmental Science and Technologies (ICTA) at the Universitat Autònoma de Barcelona (UAB) and the EmpowerMed research project
As economic activity declined under the pandemic so did demand for electricity. Fossil fuel generation was squeezed off the grid by renewable energy projects with lower marginal costs. Fears that the higher proportion of fluctuating supply would destabilise power systems proved unfounded and grids remained stable. If renewables are to be tasked with keeping the grid secure, alternative mechanisms, already available, must be introduced soon
Many believe the ECB and other central banks should bring climate considerations into the rulebook governing what they support and how
Despite the massive economic downfall as a result of the Covid-19 pandemic and lockdown, there remains strong demand for renewable energy assets, suggesting the sector will not suffer as it did after the 2008 recession
To create demand for sustainable finance, governments should integrate climate criteria into their procurement and in how they draft policies and regulations
The coronavirus is a deadly human tragedy, causing untold grief and pain. It is also rocking the world’s economies as people lose income and businesses struggle to stay afloat. Yet there are lessons to be learned for the climate crisis
Europe is considering taking the bold step of introducing a border carbon adjustment tariff on goods imported from regions where carbon pricing is lacking, placing trade right in the middle of its climate ambitions
The European Commission’s plan to increase the emissions reduction target to 55% lacks ambition and would miss out on additional benefits that a higher goal would present, argues WWF’s Imke Lübbeke
