Greece Set to Earn Billions from Carbon Emissions Allowance Sales

Greece is poised to generate billions of euros in revenue through the sale of surplus carbon emissions allowances to other European countries struggling to meet their climate targets. With around 40 million tonnes of carbon credits available for sale, Greece could earn between €3 billion and €5 billion, depending on market prices and future agreements.

The first confirmed buyer is Cyprus, which has entered into advanced talks with the Greek Ministry of Environment and Energy to purchase part of Greece’s surplus. These discussions began under the former energy minister and have continued under the current minister, Stavros Papastavrou. Other countries that have expressed interest include Sweden and Norway, with exploratory discussions also underway with Germany and Italy.

A Lucrative Market

The current market price for one tonne of CO₂ emissions is approximately €76, a price that has been steadily rising since late 2021. Analysts predict that prices could reach as high as €129 per tonne by 2030, making the potential value of Greece’s surplus even more significant. Even at today’s rates, selling all 40 million tonnes could bring in over €3 billion, while future prices could boost that figure closer to €5 billion.