In TAIPED, the Greek islands’ coalification fund – How it will work

The green transition and the fulfilment of Greece’s climate objectives, with the establishment of the island coalification, under the European Green Agreement, as stated in its information note . The fund was set up, following the signing of the tripartite contract between the Ministry of Environment and Energy, the European Commission and the European Investment Bank, at a special event today in Naxos, in the presence of Prime Minister Kyriakos Mitsotakis. TAIPEDE’s Strategic Meanings Unit has undertaken the management of the project (project management), as it was designated by the Government Committee as a body for the maturation of projects, conducting competitions and monitoring the execution of contracts. Sustainable investments will be financed through the Fund to strengthen the energy autonomy of the Greek islands, by creating more durable infrastructure, sustainable water management, promoting electricity and the green transformation of agriculture, tourism and shipping. The Fund will be financed from the expected revenue from the 25 million allowances auction of the Emissions Trading System (Emissions Trading System) currently estimated at EUR 1.6 billion, while the timetable for implementation of the actions is set by the fourth quarter of 2032. Investors who undertake to implement the projects can receive funding up to 60% from the Fund. The overall budget of the Fund will be divided into three pillars, as defined by the Ministry of Environment and Energy, and include concrete actions. The three pillars are: New RES Island network interconnections Facilities to increase penetration of RES. The actions that have been prioritised to be implemented concern the following: Photovoltaic systems combined with battery energy storage systems for energy autonomy Hybrid RES systems Offshore wind farms and island interconnection Installation of autonomous storage systems Decommissions/ Pumping/fragments/multipurpose reservoirs Interfaces and electrical infrastructure in the Dodecanese Undersea islands in the Cyclades and the Dodecanese Portable Ships Electricity Infrastructure Electric vehicle charging stations. According to TAIPED, the country will prepare its proposals for the above actions within three months and send them for approval after their specialisation has been carried out. The development of projects will then gradually begin, alongside the finalisation of the final form of individual actions. The aim is for the first projects to mature the Strategic Meaning Contracts Unit (PPF) of TAIPEDE to be auctioned by the end of the third quarter 2025. The programme will be completed in 2032, when all actions have been auctioned. The new projects to be implemented through the Fund promote a new sustainable development model, while contributing to economic and social cohesion and the creation of new jobs. The actions will benefit households and businesses, but also the primary sector, as it will achieve: Reduction of dependence on the production of fossil fuels. Reduction of greenhouse gas emissions, replacing the production of electricity from fossil fuels with clean renewable energy sources. Reduction in the operational, and in particular the energy costs of businesses, households and agricultural activities, while improving access to electricity in rural and remote areas. Ensure energy autonomy by storing surplus energy produced by Renewable Energy Sources. Creation of new industries related to the green transition, helping to strengthen the national industry and create new jobs. Source: RES – ICM