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Greece’s Environment and Energy ministry has given the green-light to an initiative to establish a Decarbonisation Fund, with the selection of the contractor who will undertake to assist in its management as well as the establishment of a monitoring mechanism for the implementation of the planned actions.

The relevant electronic tender was finally awarded to PricewaterhouseCoopers (PwC) which, if there are no objections, will start work immediately.

  The Fund was established about 18 months ago and it is expected that during spring, agreed actions and resources will pass the approval of DG CLIMA (Directorate General for Climate Action) and the European Investment Bank (EIB), so that projects can begin.

The idea of a Fund for the country’s islands originated from the country’s right to claim resources, asking the European Commission to auction 25m unused pollution rights. 

It will collect the funds from the auctions of the unused allowances, which are estimated to range between Euro 1.8bn and Euro 2bn, with an allowance price of Euro 72/tonne to Euro 80/tonne (prices of pollutants have fluctuated at these levels in the last two months). In fact, with a leverage of 50%, it is estimated that around Euro 4bn will be directed to projects and actions for the decarbonisation of the islands’ economy.

Filed: 2023-01-06