European Energy Security and Greece’s Key Role
European Energy Security and Greece’s Key Role

Summary/Abstract: The energy transition period towards 2030 will need six times the current amount of critical minerals, a fourfold increase of investment in clean energy, and a big effort to make the market independent from Russian natural gas and China’s renewables and critical materials. The necessity of huge investments in green energy requires a new global agreement among the big multilateral financial organizations. The EU will need to learn from the current energy crisis to avoid making the same mistakes in the future. Mainly, the EU needs to understand the huge importance of natural gas as the only transition fuel towards a carbon neutral 2050. Hence, it has to adopt a new energy doctrine, based on three equivalent pillars: green transition + energy safety + avoidance of energy poverty. Greece has rich natural gas deposits, the value of which may be more than 250 billion euros. At the same time, Greece can become an important European energy hub, thanks to pipelines such as TAP, EastMed, LNG FSRU in Alexandroupolis and others. This infrastructure, together with the natural gas deposits of the Ionian Sea and Southern Crete may constitute the basis for its new energy role in supporting a revised European Energy Doctrine.

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