Greece Announces €2bn Decarbonization Fund for the Greek Islands

The 9th Our Ocean Conference in Athens family photo of all the heads of delegations coming together to drive positive change for the ocean. Photo source: Prime Minister Press Office

Demonstrating Greece’s commitment to transitioning to ensuring the sustainable use of ocean resources, Greek Prime Minister Kyriakos Mitsotakis announced during the 9th “Our Ocean Conference (OOC)” held at the Stavros Niarchos Foundation Cultural Center in Athens this week, the launch of a dedicated Decarbonization Fund for the Greek islands.

The new fund, valued at 2 billion euros and to be supported by the EU Emissions Trading System (EU ETS), will support the connection of the Greek islands to the mainland grid, fund storage and renewables, including offshore wind, and help build multipurpose water reservoirs.

“On top of its ‘infinite blue’, the Greek ‘Polynesia’ must and will become greener,” said Mitsotakis, adding that the government has also identified 21 actions towards a ‘bluer’ economy budgeted at 780 million euros.

Mitsotakis said that Greece has expanded its commitments to include the establishment of two additional national marine parks in the Ionian and the Aegean which once completed will increase the size of the country’s protected marine areas by 80% and cover about one-third of its territorial marine waters; banning bottom trawling in national marine parks by 2026 and in protected marine areas by 2030; setting up an advanced surveillance system powered by drones, satellites, and artificial intelligence to patrol these areas by 2026; and remove plastic from its waters by 50 percent, and microplastic by 30 percent by 2030.

Greek Prime Minister Kyriakos Mitsotakis at the 9th “Our Ocean Conference (OOC)”. Photo source: Prime Minister Press Office

“Long before we understood climate change, the ocean was already under attack from over-exploitation and from pollution. It has been for many years the destination – the dumping ground, really – for our farms and factories. For people who make a trip to the beach, for cities and their waste, for ships that cross the ocean to deliver the goods that we need. So, we meet today with a new sense of urgency,” said Mitsotakis.

Additionally, the Greek PM also referred to recent legislation aimed at protecting hundreds of beaches and shorelines across the country. “Some areas must remain untouched and completely unaffected by mass tourism,” he said.

Greece’s commitments to the seas and the ocean refer to 21 crucial focus points of actions and are presented here.

Addressing the event, former United States special presidential envoy for climate John Kerry said the 9^th Our Ocean Conference in Athens had achieved over 400 pledges, exceeding 10 billion dollars in value. The an annual OOC was set up in 2014 by Kerry.

The theme of the 9th Our Ocean Conference (OOC) was “An Ocean of Potential” and focused on six areas of action: promoting marine protected areas, fostering a sustainable blue economy, addressing the climate crisis, supporting maritime security, advancing sustainable fisheries, and combating marine pollution.