BAKU, Azerbaijan, January 25. The European Investment Bank (EIB) has committed to providing technical assistance to five regions in Greece as part of the country’s efforts to phase out lignite by 2026 and transition to climate neutrality, Trend reports.
Through the InvestEU Advisory Hub, the EIB will guide Western Macedonia, Megalopolis, Crete, and the North and South Aegean Islands in addressing the socio-economic challenges of the green transition.
The EIB’s 2.75 million euro support will help these regions design investment programs to revitalize local economies, promote renewable energy, and create sustainable job opportunities. Greece’s lignite phase-out, which will end the use of this high-emission energy source, requires strategic planning to ensure the regions affected by the closure of coal plants and mines are not left behind.
“The EIB remains committed to helping Greece navigate the challenges of the green transition, ensuring that no region is left behind,” said Yannis Tsakiris, EIB Vice-President. The bank will provide expertise on investment planning, institutional strengthening, project management, and grant application preparation, aligning with EU goals and the European Green Deal.
This initiative is part of Greece’s “Just Transition Plan” and the EU’s Just Transition Mechanism, which seeks to help areas most impacted by the transition to low-carbon economies. The EIB’s work builds on previous support for similar efforts in Germany, Poland, and the Czech Republic.