The agreement for the establishment of the Islands Decarbonization Fund will be signed on May 27 on the island of Naxos, in the presence of Prime Minister Kyriakos Mitsotakis, ANA reports.
The Fund was recently announced by Mitsotakis during the 9th “Our Ocean Conference” organized in Athens.
It will be financed by revenues from the European Emissions Trading System. Depending on the international carbon emission rights prices, the funds could amount to 2 billion euros. The Fund will finance projects to interconnect the islands, energy storage, and renewable energy sources, while it will also contribute to the construction of multi-use water tanks.
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