Trilateral agreement on the implementation of a national Decarbonisation Fund for the Greek islands

Executive Vice-President for the European Green Deal Maroš Šefčovič has signed a landmark agreement with Greece and the European Investment Bank (EIB) on the implementation of a national Decarbonisation Fund for the Greek islands, in Naxos (Greece).

The fund will be financed through the auctioning of up to 25 million allowances from the EU Emission Trading System (ETS), estimated to be worth around €2 billion. More than half will be invested in new renewable energy supply on the islands, including photovoltaic systems, offshore wind farms and stand-alone storage systems. The Fund will also play a crucial role in supporting the demand and distribution of renewable energy through projects such as charging stations for electric vehicles and electricity interconnections. Importantly, it will significantly contribute to climate adaptation and building resilience to extreme weather events, providing a strong foundation for Greece's future. This is especially important for Greece which is one of the most vulnerable Member States in terms of climate risks.

Find the Executive Vice-President’s full remarks