Investing in “green growth” can help catalyze Greece’s economic growth and attract outside investment into the nation’s ailing economy, officials say.
Greece’s €12 billion investment plan includes urban improvement projects, new natural gas pipelines and storage facilities in northern Greece. The government hopes to attract a total of €22 billion in external private investment in the coming decade. Environment Minister Tina Birbili hopes the program will “decisively contribute to face recession and lead to dynamic economic growth.”
Although Greece has ample wind and solar resources, renewable energy contributed only 4% of the nation’s electricity generation in 2009. However, by 2020 Greece has pledged to ramp up renewables’ share to 40% of its total electrical output.