The European Commission and the European Investment Bank (EIB) have approved a pound 2.0 billion investment fund to support the decarbonization of Greece’s islands through electricity interconnections, renewable energy, energy storage and electric mobility.
The Islands Decarbonization Fund, developed jointly by the Greek government, the European Commission and the EIB, will fi nance projects aimed at reducing the islands’ reliance on costly diesel-fi red power generation while improving energy security and accelerating the country’s green transition.
About pound 1.1 billion of the fund will be allocated to electricity interconnections and related infrastructure in the Dodecanese, Cyclades and northeastern Aegean islands.