- EIB Advisory supports five Greek regions in social and green transformation projects following the gradual phase-out of lignite in Greece’s energy production
- The goal is to improve living standards through investments in renewable energy, reskilling and urban development
- The EIB Advisory service is supported by the InvestEU Advisory Hub
The European Investment Bank (EIB) will advise five regions in Greece for investment programmes aimed at mitigating the social and economic impacts of lignite phase-out and facilitating the country’s transition to climate neutrality.
Through the InvestEU Advisory Hub, the EIB will assist Western Macedonia, Megalopolis in the Peloponnese, Crete, and the North and South Aegean Islands, address economic and social aspects of the green transition.
The EIB’s technical assistance, which is valued initially at €2.75 million, will be offered to the five regions. Greece plans to end, by 2026, the use of lignite which generates about a third of the country’s electricity, as it has been proven to be more harmful than other fossil fuels, causing climate change. The EIB have already previously provided similar support to help Germany, Poland and the Czech Republic cope with the permanent closure of lignite mines.
“The European Investment Bank remains focused in its commitment to support Greece in addressing the complex challenges of the green transition, ensuring no region is left behind,” said EIB Vice-President Yannis Tsakiris. “Through the Advisory Hub, we are equipping the five regions with the technical expertise necessary to design and implement long-term investment plans, that will drive social and economic cohesion, foster renewable energy projects, and create sustainable job opportunities. This collaboration is a vital step toward mitigating the socio-economic impacts of the lignite phase-out while laying the groundwork for a climate-neutral future.”
The EIB’s advisory services aim to:
- Support and develop investment programmes that aim to revitalize and strengthen local economies.
- Enhance institutional frameworks by providing training and sharing best practices from other EU Member States.
- Ensure effective project management and compliance with EU standards.
- Assist the regions in preparing grant applications, with a submission deadline of 11 September 2025, to secure the necessary funding.
The accord, which comes under the InvestEU programme, builds on the Greek government’s commitment to social and economic cohesion efforts across the country and to align with European Union goals. It is also part of the European Green Deal and the Just Transition Mechanism (JTM), which aim to transform the European Union into the world’s first climate-neutral region by 2050 through mobilizing €100 billion in investments to assist areas most affected by the transition to low-carbon and climate-resilient economies.
The regions receiving this support are covered by Greece’s “Just Transition Plan”. Following, are more details about the five areas:
- Western Macedonia: Historically Greece’s energy powerhouse, it is heavily impacted by coal plant decommissioning. The main goal for the next day is to transform it into an "alternative clean energy hub" and to attract investment in new and dynamic sectors of national importance.
- Megalopolis, Peloponnese: Renowned for lignite mining and power generation, requiring a transition to sustainable energy sources. The main goal is to promote the area as an "entrepreneurship hub" with an emphasis on new and innovative productive activities around the bioeconomy value chain (agriculture, circular and digital economy)
- Crete: Focuses on integrating renewable energy sources and phasing out autonomous power plants. Additionally, the goal is to achieve “greener” development for the island and transform its business activities into more sustainable models.
- North Aegean Islands: Relies on agriculture and tourism, with necessary investments in sustainable practices, including the blue economy, as well as the phasing out of autonomous power plants.
- South Aegean Islands: The transformation of the tourism-driven economy is anticipated, while promoting green development initiatives and supporting the growth of business activities related to the clean energy value chain
EIB’s role in supporting a climate-neutral Europe
As the EU’s climate bank, the EIB plays a critical role in financing and advising projects under the Sustainable Europe Investment Plan (SEIP). The SEIP’s objective is to mobilise €1trillion in sustainable investments by 2030, with the JTM serving as a cornerstone for ensuring a just and inclusive transition across Europe.
About InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Through advisory support offered to project developers, the InvestEU Advisory Hub mproves the quality of investment projects and their alignment with the EU long term policy goals.
Background information
About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where the per capita income is lower. This underscores the Bank's commitment to foster inclusive growth and converge the living standards.
