The European Commission’s Directorate General for Competition has approved a request submitted by Greece’s Ministry of Environment, Energy & Climate Change (YPEKA) for the compensation of indirect costs related to carbon dioxide emissions (CO2).

“Reducing the cost of energy for the industrial sector is a definite objective and intention at the ministry, so that we can bolster its competitiveness, defend and create new jobs,” noted the Environment, Energy & Climate Change Minister, Mr. Yannis Maniatis. “Approval of the measure for compensation of indirect costs concerning CO2 emissions not only reduces the energy cost for industries, but also offers protection against large and sudden CO2 price fluctuations. It is a long-term measure that is valid until 2020, and is consistent with the ministry’s policy for structural and long-term changes in the energy market, which will reduce the overall energy cost for industry and the average consumer.”

The ministry had submitted a request to the Directorate General for Competition in mid-April concerning the strengthening of industries exposed to greater carbon-leakage risk as a result of indirect costs of emissions resulting from the implementation of the European Union’s Emissions Trading System.

The aid concerns sectors covered by the relevant guidelines for state support. The measure’s cost is estimated at between 15 and 20 million euro per year for the period 2013 to 2020.