Greece to spend 5 billion euros to phase out coal by 2028

Greece will spend 5 billion euros ($5.9 billion) to offset the impact of ditching coal in power generation by 2028 and cutting carbon emissions in line with European Union climate targets by 2050.

The funds will be spent on infrastructure projects, subsidies to new businesses, and training, to help western Macedonia and Megalopoli in Southern Peloponnese switch to green energy, agriculture and tourism. Further, Greece has pledged to switch off 80 per cent of state utility Public Power Corporation’s coal capacity by 2023 to reduce its carbon footprint.

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