“Greece supports the EU initiative for strategic autonomy and can contribute, by extracting critical raw materials and of rare earths that exist in its subsoil, in this effort”, pointed out the Minister of Environment and Energy Theodore Skylakakis attending the Informal Council of Ministers of Environment and Energy held in Valladolid, Spain.

He also noted that Greece is one of the largest producers of bauxite in the EU, while the country’s potential in antimony is important, as well as in elements used for the production of batteries (nickel, cobalt and manganese). and that the mining of rare earths and critical-strategic metals could be facilitated by the REPowerEU Scheme, which is designed to also contribute to additional investment in the battery sector.

The minister underlined that public awareness of the importance of rare earth mining in the green transition, is a prerequisite for European strategic autonomy, as is a technology-neutral approach to storage. He also referred to the increased investments in the battery sector in Greece, through the tools of the Recovery Fund, which include the creation of important new innovative battery factories.

During the Council, the contribution of the energy sector to the goals of COP28, the expectations from it, as well as issues such as strengthening the value chains of critical raw materials and achieving an integrated digital energy system were discussed.

Mr. Skylakakis pointed out that Renewable Energy Sources (RES) constitute, now, a cheaper solution than conventional sources of energy, a message that the EU must pass on to third countries, and indeed not only to the Ministers of Environment and Energy, but also to the Ministers of Finance, explaining that it is also beneficial from an economic point of view.

In addition, the Minister of Environment and Energy emphasized that the problem is the assessment of the credit risk of these countries, which cannot attract the required funds due to the high credit risk. As he said: “Tools should be found to reduce the credit risk for RES investments in these countries, so that they adopt the green transition as a fundamental policy for their economic development”.

The Greek delegation was attended by the Deputy Minister of Environment and Energy, Alexandra Sdoukou, and the General Secretary of Natural Environment and Water, Petros Varelidis.