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Economy

EU Funds to Greece for the Fight against Energy Poverty

BRUSSELS – More than 4 billion euros to fight energy poverty are expected to flow into Greece from the Social Climate Fund, which is being set up to address the effects of rising energy prices on carbon pricing.

The funds will be used to finance actions that will support the most vulnerable groups and will probably include subsidies for energy upgrades of buildings, the installation of renewable energy sources and the supply of electric vehicles.

These estimates were made on Thursday by sources close to the European Commission, in view of the preparation for the implementation of the new legislation for the reduction of greenhouse gas emissions presented by the Commission in July 2021.

Electricity producers as well as a number of industries (refineries, metallurgy, etc.) are obliged to have carbon dioxide emission rights for the CO2 they emit. This obligation extends to transport and buildings as of 2025, which means that gasoline, diesel and heating and natural gas will bear the cost of carbon dioxide emitted into the atmosphere during combustion. The Social Climate Fund will allocate a total of 72.2 billion euros over the period 2025-2032 to support social groups most affected by rising energy costs.

According to the same sources, Greece is included in the top five countries that will absorb significant funds from the Social Fund for Climate, as for the period 2025-2032 they are three times higher than the corresponding ones based on the emissions from buildings and transport.

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