Endowed with 25 million CO2 emission rights from the EU’s greenhouse gas emissions trading system, which at current prices are valued at 1.6 billion euros, the Islands Decarbonization Fund is set to get to work, leveraging investments of €3.8 billion for the 2025-2032 period.

The fund’s available resources, if the forecasts for the increase in the price of rights in the next two years, when they will be auctioned, are taken into account, could reach almost €3 billion, raising the total investments respectively to over €7 billion.

At least half of the fund’s total budget concerns development and storage projects on the islands. Eligible projects include small investments aimed at self-consumption of homes and businesses, as well as larger ones, such as hybrid energy production systems that combine RES with storage systems. Emphasis is also placed on financing the development of offshore wind farms.

The third pillar will allocate resources for the development of cold-ironing systems in ports, with the aim of supplying ships with electricity while they remain in port, and for the development of charging infrastructure for electric vehicles. Other important projects concern the construction of reservoirs on islands, which simultaneously aim at both electricity generation and storage as well as better management of water reserves. The Strategic Contracts Unit of TAIPED will manage the projects.

Source: Ekathimerini.com