EU approves €150 million for Greece's carbon storage project
- The European Commission approved €150 million for Greece's carbon storage initiative under the Recovery and Resilience Facility.
- The project involves constructing infrastructure to transport 1 million tonnes of CO2 annually from industrial sources to offshore storage.
- The funding underscores Greece's commitment to climate goals and aligns with the EU's strategy for carbon management and sustainability.
Greece has received significant support from the EU to bolster its carbon storage initiatives, essential for meeting climate objectives under the European Green Deal. The European Commission greenlit a measure funded by the Recovery and Resilience Facility (RRF), amounting to €150 million, aimed at constructing a carbon storage structure in Prinos. This funding is designed to assist in channeling up to 1 million tonnes of industrial CO2 emissions annually through a new pipeline system that connects onshore and offshore facilities. Construction will commence in two phases, with the current funding addressing only the first phase. Furthermore, safeguards such as a claw-back mechanism have been incorporated to minimize competitive distortions, ensuring that successful operations can reimburse part of the funding if applicable. The Commission's approval stems from its assessment that the initiative will foster economic growth and align with broader EU strategies aimed at environmental sustainability. This funding opportunity reflects a strategic alliance between national and EU climate goals, reinforcing Greece's commitments to reducing emissions. The move is perceived as vital not only for Greece’s local climate strategies but also for the EU's overarching climate ambitions. As countries collectively aim for a sustainable future, such support is instrumental in accelerating the transition to cleaner energy systems and innovative carbon management solutions.