Greece and EIB committed to strengthen climate action and Just Transition cooperation

• Deputy Minister of Development and Investments meets EIB Vice President and experts 
• Greece and EIB to discuss Project Advisory Support Service Agreement
• Agreement to create dedicated project support
• Technical cooperation follows discussions in Athens with Prime Minister last month

The Greek government and European Investment Bank have agreed to enhance technical cooperation to strengthen implementation of climate action and Just Transition Mechanism investment across Greece and work towards a Project Advisory Support Service Agreement to speed up new investments. This initiative being defined under the EU Partnership Agreement 2021-27 and will benefit from European Structural and Investment Funds.

The commitment to continue working towards a Project Advisory Support Service Agreement was formally agreed by Ioannis Tsakiris, Deputy Minister of Development and Investments and EIB Vice President Christian Kettel Thomsen during a visit to the Luxembourg headquarters of the European Investment Bank yesterday. The visit also provided an opportunity for detailed discussions on future climate action and Just Transition investment with EIB technical, financing and sector experts and sharing best practice to implement Greek climate action and Just Transition projects in accordance with the guiding principles set in the Partnership Agreement.

“Over the last two years the Greek government and the European Investment Bank have worked closely together to support climate action in the framework of Paris alignment. The commitment to advance on a Project Advisory Support Service Agreement supported by EU 2021-27 Structural and Investment Funds, as part of detailed new cooperation between Greece and the European Investment Bank will enable technical, financial and sector best practice gained from the EIB’s experience across Europe to be shared in climate action and Just Transition sectors in Greece.” said Ioannis Tsakiris, Deputy Minister of Development and Investments of the Hellenic Republic.

“Greece has taken bold steps to end lignite power generation and the EIB stands ready to accompany Greece in the energy transformation this decision entails. The discussions today confirm the intention of an even closer technical cooperation between Greek partners and EIB experts to that end. Providing Project Advisory Support will strengthen work to identify, implement and finance investments supporting just transition across the country in the years ahead” said Christian Kettel Thomsen, Vice President of the European Investment Bank.

Following yesterday’s discussions experts from the European Investment Bank are expected to work with  the Ministry of Development and Investments and Ministry of Energy and Environment to support identification and implementation of high-impact climate and Just Transition projects across Greece.

The visit comes two weeks after EIB President Werner Hoyer and Vice President Thomsen visited Athens and confirmed EIB support for EUR 1.9 billion of new public and private investment, alongside sharing technical best practice.

Supporting Just Transition and Climate Action investment through PASSA

Greece and the EIB have discussed finalisation of a Project Advisory Support Service Agreement (PASSA).

The dedicated PASSA team is expected to be based within both the Greek Ministry of the Environment and Energy, and Ministry of Development and Investments, and provide technical support for sustainable transport, environment and climate action, wastewater, solid waste and energy as well as urban and regional development.

The EIB is owned directly by the 27 EU member states. In 2020, the EIB Group provided EUR 2.8 billion of new support for high-impact private and public investment in Greece, representing the second largest per capita engagement in the European Union.