This improvement, according to the report, is due to Greece’s goal of doubling the installed capacity of renewable energy production.
A top priority for governments, amid geopolitical instability and sharp increases in the price of gas, has been energy security. As a result, governments around the world are looking for ways to accelerate and expand national renewable energy programs (RES), in order to reduce the degree of dependence on energy imports, according to the 59th edition of the EY Semi-Annual Global Report, Renewable Energy Country Attractiveness Index (RECAI).
The report explores how emerging renewable energy technologies and green fuels have the potential to substantially reduce the share of natural gas in the energy mix, creating a ideal investment environment for RES. In Europe, for example, the increase in liquefied natural gas (LNG) import capacity seems to have developed momentum, as has the growth of green gas production, as well as the development of other, alternative fuels. The report notes that, although importing gas from other markets with the aim of reducing dependence on Russian gas is not an immediate process, the significant momentum that has developed is now evident.
Greece’s attractiveness for investments in RES, increased significantly in the period between the previous edition of the report in October 2021, with the country “winning” three more places in the relevant ranking, occupying the 21st place, among 40 other countries – a historically high performance, for the third consecutive edition of the RECAI index.
This improvement, according to the EY report, is due to Greece’s goal of doubling the installed capacity of renewable energy production, to about 19GW, by 2030, and the recent operation of a 204MW double-sided photovoltaic park, one of the largest of its kind in Europe.
The report also examines the opportunities created by waterborne technologies. Offshore wind power generation still has high potential for investment, as the cost of electricity generated is expected to fall to $ 70 / MWh or lower by 2030. In addition to the 11 floating offshore wind farms already in operation, more than a hundred more – with a combined capacity of over 26,300 MW – are either under construction, have secured financial / regulatory approval, or are still in the early stages of design.
At the same time, offshore solar power generation is gaining more attention, as the cost of photovoltaic panels has dropped dramatically, and global capacity has increased more than 100-fold in the last five years. To date, most floating photovoltaic projects have been developed in artificial freshwater bodies, in a relatively controlled environment, but there are plans for their offshore movement, with the aim of utilizing the infinitely richer resources of the high seas.
While the US and China remain the two most attractive countries for RES investment, there have been several changes in the top ten of the EY index, with the United Kingdom climbing two places (3rd place), Germany three places (4th place), and Spain (9th place) and the Netherlands (10th place) to climb one place. Some of the markets that have made significant progress, according to this version of the report, include Denmark (+4 positions), Poland (+3), Finland (+7) and Austria (+7).
Commenting on Greece’s performance, Tassos Iosifidis, Partner and Head of EY Greece’s Corporate Strategy and Transactions Advisors Department, said: the shift to renewable energy sources. The fact that in this environment, Greece continues to significantly improve its position as an attractive destination for investment in RES, confirms that we are moving in the right direction. However, in order to achieve the ambitious goals we have set, further interventions in the regulatory and licensing framework will be needed. There is no room for complacency. “