What Is the Macroeconomic Impact of Higher Decarbonization Speeds? The Case of Greece

In alignment with the European Union’s legislation, Greece submitted its final 10-year National Energy and Climate Plan (NECP) in December 2019, setting more ambitious energy climate targets than those originally proposed draft version of document. Apart from higher penetration renewable sources (RES), NECP projects also zero carbon use power generation till 2030. Although decarbonization has long been regarded beneficial for economies that base their production on coal, as it is case Greece, macroeconomic societal ramifications faster transitions to carbon-free remain highly unexplored. Under this context, paper, we soft-link models, namely Times-Greece Primes, a model, Global Trade Analysis Project (GTAP), measure effects NECPs Greek economy evaluate impact speeds. We find transition scenario displays both economic merits, increasing Gross Domestic Product (GDP) household income by about 1% 7%, respectively.