DEF IX - Energy Minister: We must proceed cautiously with RES investments, given climate crisis' unpredictability

Skylakakis said that the subsidies provided in the past were much higher the market anticipated, and this led to strong investment interest. Although it delighted investors, he said, "it turned out to be the the worst for consumers," he noted. "Investment interest must match demand, otherwise either investors will be subjected to cuts or consumers will be called on to cover huge deficits," he warned.

Greece should invest at the right time, prioritizing sectors with a competitive advantage such as offshore wind parks, since it has better wind opportunities than other Mediterranean countries. "Let us be prudent in investments, and wait wherever we have no competitive advantage. Let us not get into the logic that we have to have hydrogen or ammonia, but let us respond to technological and economic signals," the minister added.

Skylakakis stressed that there is not enough funding to support both the energy transition and the climate adaptation. "Climate adaptation - of which we know very little - involves appalling costs. Last year, it reached 2% of GDP from the storm 'Daniel' alone. That is why we must move a lot more prudently, more effectively, and not set more ambitious targets than the ones we have, to put aside funding for the adaptation and to press for a more dynamic international negotiation. It is not possible to have Europe saying it will move faster when the rest of the planet lags behind," he noted.