Greece notified the commission, under Section 6.1 of the CISAF, a €400 million (~$472 million) scheme to support strategic investments that add Cleantech manufacturing capacity, contributing to the objectives of the Clean Industrial Deal.
The European Commission has approved a €400 million (~$472 million) Greek state aid scheme under the Clean Industrial Deal State Aid Framework (CISAF) to boost clean technology manufacturing.
This measure supports production of net-zero technologies, key components, and critical raw materials through grants and tax incentives until December 31, 2030.
The purpose of the scheme is to grant aid for investments that add manufacturing capacity for the production, including with secondary raw materials, of net-zero technologies and their main specific components listed in annex II of the CISAF, as well as the production of new or recovered related critical raw materials necessary for the production of the final products or main specific components. The aid will take the form of direct grants and tax advantages. The measure will be open to companies in the whole territory of Greece. The aid may be granted until December 31, 2030, EC said in a press release.
The commission found that the Greek scheme is in line with the conditions set out in the CISAF. In particular, the aid will incentivise the production of clean technologies, as well as their main specific components and related critical raw materials.
The commission concluded that the Greek scheme is necessary, appropriate and proportionate to accelerate the transition towards a net-zero economy and facilitate the development of certain economic activities, which are of importance for the implementation of the Clean Industrial Deal. This is in line with article 107(3)(c) of the treaty on the Functioning of the EU and the conditions set out in the CISAF.
On this basis, the commission approved the aid measure under EU State aid rules.
“This scheme will ensure additional clean technology manufacturing capacity in Greece. The Greek state can provide €400 million (~$472 million) in support for key investments in the sector, using a range of different measures. This new manufacturing potential will contribute to reaching the goals of the Clean Industrial Deal, while ensuring that potential competition distortions are kept to a minimum,” said Teresa Ribera, executive vice-president for Clean, Just and Competitive Transition.
Fibre2Fashion News Desk (RR)
