Greece requires an investment of €32 billion to reach its 2030 energy targets, Giorgos Stathakis, the country's energy minister said on Monday.
Speaking at Athens Energy Forum, Stathakis said the country plans to boost the use of renewable energy up to 32 percent out of total consumption by 2030.
According to Stathakis, these ambitious targets require €32 billion investment - approximately €9 billion for infrastructure, €8.5 billion on renewables, around €4 billion on natural gas and €9 billion for energy efficiency and savings.
The minister also revealed that renewable energy sources would replace the 17 lignite power plants in the country in the event of closure.
Commenting on plans for the usage of other energy sources, Stathakis said the construction of the Greece-Bulgaria inter-connector (IGB) for natural gas transmission would start this year.
In addition, he announced the official agreement for the East-Med pipeline, which aims to carry east Mediterranean gas under the sea to Greece and Italy, would be signed in the next couple of months on the Greek island of Crete.
The controversial project between with the Greek Cypriots and Israel faces technical and financial complexities because of the length of range, and depth of the sea in which the pipeline will be laid.
The pipeline needs to cover a length of 2,100 kilometers at a depth of 3.5 kilometers, which raises the project cost to $7 billion.
By Furkan Naci Top in Athens
Anadolu Agency
energy@aa.com.tr