Who will get the money and how

As the Recovery Fund draws to a close, the Social Climate Fund is coming into force, bringing measures to support vulnerable households and micro-enterprises, with the aim, among other things, of reducing energy costs.

The approval of Greece’s plan paves the way for the construction of social housing, energy-efficiency upgrades for micro-enterprises, low-rent leasing schemes for electric vehicles, the replacement of conventional taxis with electric ones, and the acceleration of the rollout of electric city buses in Athens and Thessaloniki starting this year.

Greece’s plan includes a total of 25 measures benefiting 1.5 million households and 70,000 small businesses. It involves mobilizing €4.77 billion through 2032, of which €3.57 billion (75%) will come from the European Union and €1.2 billion (25%) from national resources. Including VAT, the total amount will reach €5.3 billion.

As European officials clarified, the funds will be disbursed to Greece after checks confirm that the agreed milestones have been met. The Greek plan not only outlines the measures but also specifies precisely the timeframe for completion of each action. For example, the call for applications to support energy-efficiency upgrades for vulnerable micro-enterprises is scheduled for the first quarter of 2027. As with the Recovery Fund, Greece will also be able to revise its Climate Plan if deemed necessary, subject to consultation with the European Commission.

The first funds are expected to be disbursed to Greece in 2027, following an assessment by the European Commission. The fund is particularly important because the Emissions Trading System (ETS2) is due to be expanded in 2027, putting further pressure on oil and natural gas costs.

At the same time, Greece has high levels of energy poverty, particularly in rural areas and among lower-income groups, combined with an aging building stock and heavy reliance on fossil fuels for transport and heating. The Social Climate Fund was designed precisely to cushion this impact before it hits the most vulnerable households.

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