Greece's Development of Renewable Energy

Greece's Development of Renewable Energy

In order to overcome the energy crisis and achieve economic recovery, Greece attaches great importance to the development of a green economy and hopes to achieve sustainable development through reforming the current state of the energy market. For this reason, Greece focuses on expanding renewable energy sources such as solar and wind energy, as well as improving the energy utilization efficiency of buildings and infrastructure.

In recent years, the Greek economy has suffered heavy losses due to the dual impact of the COVID-19 and geopolitical factors. In order to overcome the energy crisis and achieve economic recovery, Greece attaches great importance to the development of a green economy and hopes to achieve sustainable development through reforming the current state of the energy market. Greek Prime Minister Mizotakis stated that Greece is already a leader in the field of renewable energy and can play an important role in solving Europe's energy challenges.

One of Greece's key areas of focus is the expansion of renewable energy sources such as solar and wind energy. Relying on its natural resource advantages, Greece has made significant progress in the field of renewable energy, with renewable energy consumption accounting for 20% of its total energy consumption in 2019. In 2022, 13% of Greece's electricity comes from photovoltaic power generation. According to data from Greek power distribution network operators, the renewable energy generation capacity in the Greek distribution network has increased from 4 gigawatts in 2019 to 6.5 gigawatts in 2022, and is expected to reach 8.7 gigawatts in 2023. A report from the International Energy Agency shows that Greece has a photovoltaic penetration rate of 17.5%, ranking second in the world in terms of power generation potential, only behind Spain's 19.1%. According to the targets set in the Greek National Energy and Climate Plan, it is expected that by 2030, the share of renewable energy in Greece's domestic energy consumption will increase from 35% to 50%, and the proportion of participation in power generation will increase to 79%.

To further accelerate energy transformation, Greece has launched a series of incentive and support mechanisms, including subsidies for rooftop photovoltaic cells, feed-in electricity prices, net metered electricity prices, and tax exemptions for investors in renewable energy projects. In addition, in order to improve the installation and utilization rate of renewable energy, Greece is also striving to simplify the installation licensing process and strive to increase the domestic renewable energy installation rate by 10 times within 4 years.

Another key area for Greece to develop a green economy is to improve energy efficiency in buildings and infrastructure. Currently, buildings in Greece account for approximately 40% of energy consumption and 36% of carbon dioxide emissions. Therefore, Greece hopes to improve energy efficiency, reduce greenhouse gas emissions, and reduce dependence on fossil fuels by renovating residential, commercial, public, and private buildings, installing smart meters, adopting more advanced energy management systems, promoting energy-saving building materials and technologies, and other measures. In 2020, with the financial support of the European Bank for Reconstruction and Development, Greek developers spent 100 million euros on a comprehensive renovation of Piraefsta, which was founded in 1972. The fa ç ade of the building that has received "rebirth" is covered with "sun deflection fins", the insulation windows are made of recycled glass, and each basement parking space has an electric vehicle charging point. At the same time, sensors can transmit microclimate measurement data at any time to help maintain the operation of green spaces. This 22 story, nearly 100 meter high landmark building has become a model of sustainable design in Greece, representing the most innovative and advanced green practices in Greece and even Europe.

Investing in green technology and infrastructure can also help Greece create new job opportunities and stimulate economic growth. A recent study by the International Renewable Energy Agency shows that as of 2030, the renewable energy industry has the potential to create over 100000 new jobs in Greece, including manufacturing, installation, maintenance of renewable energy systems, and research and development of green technologies.

In addition, developing a green economy can also attract foreign investment and enhance Greece's competitiveness on the global stage. By positioning itself as a leader in renewable energy and green technology, Greece is expected to attract a large number of international companies and investors interested in sustainable economic solutions, and increase exports and create new markets for Greek products and services.