Greece has asked the European Commission to extend the scope of the existing National Escape Clause to include measures aimed at strengthening the country's energy resilience, Economy and Finance Minister Kyriakos Pierrakakis said on Thursday.
The government expects the additional investments enabled by the measure to exceed 1 billion euros by 2028, according to a statement from the Ministry of National Economy and Finance.
The investments will be financed through national resources and will be excluded from the ceiling on the growth of net primary expenditure under the EU's economic governance framework, up to 0.3% of GDP annually and a cumulative 0.6% of GDP by 2028.
The ministry clarified that the related spending will still be included in calculations of the primary fiscal balance and public debt.
The request follows a European Commission decision to broaden the existing National Escape Clause, originally introduced for defence-related spending, to also cover measures aimed at strengthening the resilience of Europe's energy system and accelerating the transition away from fossil fuels.
The Greek government said the move is part of its strategy to boost the country's energy security within the European framework.
Planned investments will include renewable energy storage projects, energy efficiency measures, building upgrades and infrastructure projects designed to improve Greece's energy resilience. Specific projects will be selected in cooperation with the relevant ministries in the coming period.
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