Brussels approves Greek partial compensation scheme for energy-intensive enterprises

The European Commission has approved in accordance with the rules of state aid EU the Greek government’s scheme to partially compensate energy-intensive enterprises for higher electricity prices resulting from the cost of indirect emissions under the EU Emissions Trading Scheme (ETS).

The support measure aims to limit the risk of “carbon leakage” or shifting production by companies to countries outside the EU with less ambitious climate policies, leading to more greenhouse gas emissions worldwide.

“This €1.36bn scheme allows Greece to mitigate the risk of energy-intensive companies shifting their activities outside the EU with less ambitious climate policies. The scheme supports incentives for the cost-effective decarbonization of the Greek economy in line with the objectives of the European Green Deal, while ensuring that competition distortions are kept to a minimum,” said Margrethe Vestager, Executive Vice President in charge of Competition Policy at the Commission.

Source link